How Concord-Painesville JEDD can help your business.

Painesville Electric Plant photo

The Concord-Painesville JEDD is unique among other JEDDs in the State of Ohio in that it will be providing economic development incentives to businesses.

A major incentive is the future lower cost of electricity. Electricity can be provided through Painesville City’s electric power utility. This is often at a significant discount as compared to other providers.

In addition, lower water utility rates will be available.

And, qualifying businesses may be eligible for TIF (Tax Increment Financing) benefits.

TIF (Tax Increment Financing)

  • The tax revenue generated by the undeveloped or underutilized property does not change.
  • Tax revenue is allocated at the same amount to the same recipients as before tax incentive financing is put in place.
  • It only applies to tax revenue that exists because of the new development or redevelopment.
  • Spurs development and finances infrastructure projects and improvements, including new roads and public works projects.
  • TIF is not tax abatement.
  • Taxes are paid and communities receive more tax revenue, increasing economic activity.
  • Tax money generated is redirected to pay for public infrastructure within the TIF.
  • Generates additional taxes from increased value of new development or redeveloped properties.

Concord-Painesville JEDD
7229 Ravenna Road
Concord Township, OH 44077
Phone: 440.354.7500