NORTH OLMSTED

Economic incentive programs like the Community Reinvestment Area, Job Creation Grant Program, Fix Our Fronts, and Land Bank programs fuel economic diversification and the revitalization of commercial areas in North Olmsted.

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THE CITY OF NORTH OLMSTED

North Olmsted combines economic vigor with suburban charm, leveraging its strategic
location near Cleveland Hopkins Airport and major highways. The city proactively fosters business growth, providing comprehensive support ranging from recruitment and training to expansion funding and site selection, all augmented by incentive programs like the Community Reinvestment Area and Job Creation Grant Program. These initiatives, alongside the Fix Our Fronts and Land Bank programs, fuel economic diversification and the revitalization of commercial areas.

North Olmsted is in the process of updating its Master Plan, with the goal of creating a more multimodal-friendly community. The city’s community visioning exercises are designed to ensure that the voices of residents are integral to this future-forward planning process.

North Olmsted’s economic landscape is poised for a significant boost with the strategic job creation grant intended to attract R.E. Warner & Associates. This initiative is expected to not only contribute to local economic vitality through new job opportunities and property development but also anchor the city as a hub for architectural and engineering excellence. In conjunction, the tax revenue-sharing agreement with the North Olmsted City School District aligns with the construction of a new, large-scale development, promising a surge in job creation and economic activity that will benefit the entire community. The city’s proposed Tax Increment Financing District is set to harness the increased property value from the upscale townhome development, The Enclave. This financial strategy will channel funds into enhancing public infrastructure, attracting further investment.

Education remains a central pillar in North Olmsted’s progression, with a keen focus on STEM learning. The North Olmsted City Schools’ receipt of the Stronger Connections Grant and the launch of the STEAM Showcase underscore a comprehensive educational strategy designed to cultivate a homegrown talent pipeline, vital for regional economic development.

North Olmsted’s proximity to Cleveland Metroparks, which contributes significantly to the local economy and enhances the quality of life, offers excellent recreational opportunities and has been found to attract talented workers, making it an ideal location for businesses looking to draw and retain top talent in the region.

Nicole Dailey Jones

Mayor, City of North Olmsted

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Max Upton

Economic and Community Development Director

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NORTH OLMSTED BY THE NUMBERS

Choosing the Aerozone means more than just finding a new location for your business. It’s about becoming part of a dynamic community that’s at the forefront of innovation and growth.

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ECONOMIC INCENTIVES

North Olmsted provides an attractive suite of economic incentives to bolster business growth and development. These programs are designed to encourage commercial and industrial investments, offering a mix of tax exemptions, grants, and financing options that support both new and existing businesses.

Community Reinvestment Area (CRA): Offers up to 100% tax exemption for commercial, industrial, office, and multi-unit housing properties, with terms up to 15 years for new constructions and 12 years for renovations, provided the property complies with CRA terms and construction starts post-approval by the City Council.
Job Creation Grant Program (JCG): Provides annual grants based on a portion of payroll taxes for new employee payroll, with eligibility for office and industrial businesses (and some retail) that can create a minimum of $500,000 additional payroll over three years, with maximum grant terms up to 10 years, determined case by case.
Tax Increment Financing District: Is set to harness the increased property value from the upscale townhome development, The Enclave. This financial strategy will channel funds into enhancing public infrastructure, attracting further investment.
Fix Our Fronts Storefront Renovation Grant Program: A program to aid commercial/retail districts in becoming more attractive, economically viable, and diverse places to visit and shop. Provides grants of up to $20,000 per building.
North Olmsted Land Bank: The North Olmsted Land Reutilization Corporation was formed to facilitate reutilization of nonproductive land situated within the City of North Olmsted. From time to time, the City of North Olmsted may have property for sale in accordance with the procedures outlined in the ORC.