Van Wert County Incentives

Enterprise Zone Tax Exemption

Up to 100 percent of local real estate property taxes may be abated for as long as 15 years for qualifying manufacturing, distribution or service related projects locating within a Van Wert County Enterprise Zone. The entire county is within an established Enterprise Zone.

Community Reinvestment Area Program

The Community Reinvestment Area Program is a direct incentive tax exemption program benefiting property owners who renovate existing or construct new buildings. The program permits municipalities to designate areas as a CRA to encourage revitalization and the development of new structures. Companies may receive a property tax exemption of up to 100 percent of improvement value for up to 15 years. A minimum $5,000 investment must be made by the company.

Opportunity Zones/New Market Tax Credits

Van Wert County has two census tracts designated as Opportunity Zones. These areas will be eligible for “Opportunity Funds” to be used for economic development and receive a 10-year federal tax break. Three census tracts in the county are also eligible for the New Market Tax Credit Program.

Job Creation Incentive Program

The city of Van Wert offers an incentive for non-retail projects that create new payroll of at least $250,000 and 10 jobs. Companies with average wages at least 150 percent above federal minimum wage are eligible to receive a payment from the city equal to 30 or 50 percent of the company’s municipal income tax amount. The payment is made to the company for a term of 5, 10, or more years, depending on the total annual payroll.

Jobs-for-Land Credit

Companies locating to Vision Industrial Park just off U.S. 30 may receive a credit of $500 per job per year for five years to go toward land purchase. City-owned lots are available for $12,000 per acre with no down payment needed. The job creation credits are applied at the end of the five-year term.

Rural Renewal Community/Work Opportunity Tax Credit

All residents of Van Wert County who are between 18 and 39 years old are automatically included in a designated group that allows an employer to seek federal Work Opportunity Tax Credits.

Van Wert County Revolving Loan Program

The county Revolving Loan Fund supplies gap funding for new or existing companies pursuing building acquisition, construction, equipment purchases and working capital based on job retention and creation. Borrowers may seek up to 50 percent of the total project cost; maximum $25,000 per job created. The interest rate is fixed as low as 2 percent.

Terms are five to seven years for the purchase of machinery and equipment, and 15 to 20 years for real estate acquisition.

Lease-to-Own Building Purchase Option

The Van Wert County Business Development Corporation is available to assist companies with lease-back arrangements for new projects.