Ohio’s NewEconomic Development Approach Ohio Department of Development• Attraction • Housing & Partnerships• Site Selection • Job Ready Sites (JRS)• International Business • Historic Pres Tax Credits• Incentives • Ohio Third Frontier• Loans/Grants • Energy Office• Clean Ohio • Small & Minority Business• Regional Partners • Loans/Grants
Creating a Long TermCompetitive Northeast Ohio Coming together to create a vibrant, sustainable and competitive Northeast Ohio
NEOSCC Outcomes Enable NEO universitiesEnable local communities and intermediaries toto develop collaborative provide better research & solutions to the a deeper bench of young challenges they face. professional talent. Enable NEO to become Enable MPOs and other more globally critical actors to make competitive, nationallymore strategic decisions. attractive and socially equitable.
Funded by a highly competitive $4.25M federal grant from the U.S. Department of Housing and Urban Development, plus matching funds of $500,000 from the Fund for our Economic Future 12 county region including Ashtabula, Cuyahoga, Geauga, Lake, Lorain, Mahoning, Medina, Portage, Summit, Stark, Trumbull , Wayne 23 public and private entities joining together Consortium members have pledged a total of $2.45 million in funds and in-kind match in the form of staff time and operating expense contributions.
LONG TERM STRATEGIC INVESTMENTS 10 – 20 Years Investments Changing the Quality of the Assets Improved quality of assets including people, place and knowledge STRATEGIC ADVANTAGE: Invest in interventions that improve the quality of the regions assets Advocate to influence and innovate public policy
Step One: Economic Analysis Traditional Base – GRP Growth v. LQ % Growth GRP 2010-2019 2010 Location Quotient 2006-2010 GRP Growth >5%Source: CSU Center for Economic Development; Moody’s economy.com <5% 16