The distribution industry is continuing to boom at rapid rates, as companies push to keep up with consumers’ ever-growing and round-the-clock demands. In fact, research from Wells Fargo found that in 2018, the number of unique visitors to online marketplace Amazon represents a staggering 74% of all internet users in the U.S.
This trend is no different in Ohio, where distribution is always on the rise as retailers, in particular, are looking to take advantage of what the Buckeye State offers in terms of talent and accessibility. As CNBC reported, “Ohio checks off a number of key items for e-commerce: geographic location, a key transportation network, tax incentives and skilled labor.”
The Finance Authority has helped lay the groundwork for several local high impact distribution developments, including:
Rickenbacker West 2
The Finance Authority issued $4 million in tax increment financing (TIF) revenue bonds through its Central Ohio Bond Fund for The Pizzuti Companies’ second phase of their Rickenbacker West project. The TIF bond structure allows Pizzuti to benefit from the building value their project provides, while using the increased property tax to help finance the necessary public infrastructure around the site. This is in addition to the $26 million phase one capital lease financing through the Finance Authority, its 4th financing with Pizzuti Companies.
The Finance Authority partnered with NorthPoint Developers again for the development of a Class A institutional grade distribution and manufacturing park located west of Ashville Pike, south of Airbase Road in Pickaway County. $57 million in capital lease financing was issued to support three phases of the project. This is NorthPoint’s 5th financing through the Finance Authority.