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City staff explains enterprise zones; none currently active in Lorain
Summary
At the Feb. 13 meeting staff described enterprise zone agreements as a job-creation focused incentive the city can offer developers; no enterprise zones are currently in effect and the department said it may offer this tool for future projects.
City staff told the Tax Incentive Review Council on Feb. 13 that the enterprise zone is a flexible economic incentive the city can use to encourage development, particularly projects that create jobs.
Matt Kuzner, representing the city’s building, housing and planning department, said an enterprise zone agreement is negotiated on a case-by-case basis and can function like a hybrid of property tax abatements and TIFs. The city evaluates prospective agreements on job creation and payroll impacts and then presents recommended incentives to city council.
Council members were told the city currently has no active enterprise zone agreements. Staff said the tool is typically offered to incoming developers where a negotiated package—sometimes involving local, regional and state partners—can improve project feasibility. The department indicated enterprise zones are one of several incentives it markets to developers alongside state programs and regional partners.
No formal action was taken on enterprise zones at the meeting; the discussion was informational.
