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Akron is again demonstrating how multiple communities can benefit through revenue sharing.
Akron City Council recently approved a $6.75 million loan to InfoCision to expand and add nearly 400 local jobs. More details are available in this story for the Akron Beacon Journal.
Akron has been a pionner in using Joint Economic Development Districts (JEDDs) to spur economic growth.
As part of the JEDD, Bath Township receives property taxes from the businesses while Akron and Fairlawn split the income taxes of employees.
The council is providing loan financing for the purchase over 23 years and in exchange, InfoCision has agreed to retain its headquarters in the JEDD for another 15 years. In addition, about 200 of those jobs are expected to go to Akron residents, which will pay about $40,000 a year.
JEDDs represent a smaller version of the more ambitious regional planning and revenue sharing effort being advocated by the Northeast Ohio Mayors & City Managers Association. Learn more about that effort here. If revenue sharing can work in Summit County, can it work in all of Northeast Ohio?
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