The City of Canal Winchester has tried to create a business friendly environment to help businesses thrive, but we understand that locating your business is a big decision and there is a lot of competition from other communities. Within this context the City has created a number of incentives to assist business owners with making their decision to locate in Canal Winchester.
Property Tax Exemptions
Property tax exemptions are the most valuable incentive that the City of Canal Winchester can offer a business. These exemptions are available with established Community Reinvestment Areas (CRA) of the City. The CRA Program allows the city to exempt up to 100% of property taxes assessed on the value of improvements made to commercial or industrial property for up to 15 years within these designated areas. These areas include historic Old Town, some commercial and industrial areas on Gender Road and all of Canal Pointe Industry and Commerce Park. These areas can be viewed on the attached map.
The City of Canal Winchester has a limited pool of resources to assist businesses with improvements to proposed facilities or with acquiring new equipment that will lead to new employees being located within the City. Canal Winchester can provide these grants to eligible office or industrial businesses that are expanding or newly locating within the city. The eligibility and amount of the grant is based on projected payroll that is subject to City of Canal Winchester income taxes. Businesses that have a minimum of 25 full-time employees or annual payroll of not less than $1,500,000 can be considered for this program. Companies that are under those amounts, but commit to meeting them within three years, are also considered for the grant. Contact the Development Director to find out if your company is eligible.
Tax Increment Financing
Canal Winchester’s Tax Increment Financing (TIF) Program locks in the taxable value of real property in place at the time the city authorizes the TIF. Taxes on the new value created by new investment are redirected to a separate fund that can be used to pay for improvements on land, to public infrastructure or other public purpose investments in the development or redevelopment area. The City of Canal Winchester currently has four established TIF Districts, one on Diley Road, Gender Road, Busey Road, and Bixby Road. Contact the Development Director to find out if a TIF could benefit your project.