City of Xenia Revolving Loan Fund
A limited, public-sector loan program that can be used in conjunction with conventional financing for:
- Real property (land and/or building) acquisition and improvements
- Purchase of machinery and equipment
Ohio Enterprise Zone Program (Tax Abatement)
The City of Xenia has established an Ohio Enterprise Zone Program. This program provides for up to 75% tax abatement of real property taxes for a 10-year period. This program is available for industrial expansions, including new facilities involving manufacturing, warehouse/distribution, research and development, and office operations. Residential and retail projects are not eligible.
Xenia Income Tax Rebate Program
The Xenia Income Tax Rebate Program returns a portion of income taxes collected from non-retail businesses creating at least 45 new full time jobs with a wage of 150% of the federal minimum wage (which equates to $10.88 per hour), or 20 jobs at 400% of the federal minimum wage (which equates to $28 per hour) or some combination of the 2, so long as total payroll exceeds $750,000 for those jobs paying in excess of 150% of the federal minimum wage.
If a company adds the requisite number of employees, they may receive a rebate equal to 44% of the income taxes collected on the payroll. Eligible companies receive a rebate for up to 5 years, if they commit to staying in Xenia for at least 10 years, and claw back provisions are in effect.
Qualifying businesses are non-retail business involved in manufacturing, distribution, research and development, or technology firms. Companies are required to provide annually employment data including total jobs by classification, wage rate per job, and residency of employees to ensure0 thresholds are being met.
Community Reinvestment Area (CRA) Tax AbatementThe City of Xenia offers real property tax abatements for residential or commercial construction, expansion or remodeling in designated areas. This program is administered by the Planning and Zoning Department. Click here to learn more!
Property Assessed Clean Energy (PACE) FinancingThe City of Xenia has established an Energy Special Improvement District (ESID) in order to implement Property Assessed Clean Energy financing for qualifying projects.
PACE allows the City to levy special assessments on property making qualified energy improvements. While usually associated with redevelopment projects, PACE can be used for new construction, if the building exceeds IECC Code.
The special assessments on the property taxes are made in installments sized to repay the loan and associated financing costs of the PACE project. In order to levy these special assessments, Ohio law provides for the creation of an ESID. The ESID provides for the PACE project by working with the property owner to develop a plan for the project. Once levied, the special assessments are added to the property owner’s tax bill. The special assessments are collected by the county with the rest of the property taxes and settled under its normal processes. The amount of the special assessment for that period is transferred to the lender to repay the loan as provided for in the financing documents. If any current special assessments are not paid, then a lien is placed on the property by operation of law for the amount of the unpaid special assessment. This lien has the same priority as unpaid property taxes, which is the highest priority in Ohio, and is ahead of a first mortgage lien position. Because the PACE financing is repaid through a property tax assessment, the loan does not have to be paid off at sale, but rather remains as an assessment on the property until paid off. Property owners interested in PACE financing can work with a qualified consultant of their choice to develop the project and financing plans.
There are numerous state incentives for which your company may qualify. We can help you research these incentives.
For complete program information on any of the available business incentive programs, contact the City of Xenia's Department of Development.