Ohio’s Contract Statute of Limitations Likely to Change Again

House Bill 251 (the Bill regarding Contract Action Statutes of Limitations) has been favorably reported out of the Senate Judiciary Committee (receiving only only one dissent).  If that Bill becomes law, it would further reduce Ohio’s statute of limitations for a breach of contract action from 8 years to 6 years.

To review HB 251, click here.

Sikora and Craven Names Ohio Super Lawyers, Again

Congratulations to our very own Mike Sikora and Rick Craven for receiving 2021 distinctions from Super Lawyers.  Mike was named a Super Lawyer, a distinction only given to no more than 5% of attorneys in each state, and Rick Craven’s Rising Star selection is only given to a maximum of 2.5% of attorneys in each state who are no more than 40 years old or who have been practicing law for no more than 10 years.  We are grateful to have Mike and Rick as leaders of our firm.

JobsOhio Issues Initial OSIP Awards

JobsOhio issued its initial awards under its new Ohio Site Inventory Program (commonly referred to as OSIP).  The OSIP Program provides grants and low interest loans to support speculative warehouse/industrial and office development projects throughout Ohio.  The initial round of awards ended-up being extremely competitive – with only approximately 10% of applicants receiving any form of award.  The vast majority of the development projects that received awards were warehouse/industrial projects.  JobsOhio is currently slated to re-open the application process for the next round of awards beginning July 2021.

 

 

 

 

Click here to learn how Sikora Law helps Developers & Owners of Commercial Real Estate streamline their legal needs.

Ohio Opportunity Zone Law Amendments Being Considered

NAIOP Ohio’s Board hosted the Ohio Development Services Agency Director, Lydia Mihalik, for a Zoom session.  The Ohio Development Services Agency administers several programs that are of critical importance to the commercial real estate industry in Ohio, including Ohio’s Opportunity Zone Program and Ohio’s Historic Tax Credit Program.  Mike Sikora led a discussion with Director Mihalik on several proposed enhancements to Ohio’s Opportunity Zone Program that are being considered.

Our firm obtained for our Clients approximately 20% of all Ohio Opportunity Zone tax credits awarded during Ohio’s inaugural round of OZ awards.  We are now working on many Opportunity Zone Applications for Round 2 for our Clients, based upon their 2020 Opportunity Zone development activity.

 

 

 

Click here to learn how Sikora Law helps Developers & Owners of Commercial Real Estate streamline their legal needs.

Transformational Mixed-use Development Bill Nears Passage

Last week, Senate Bill 39 – the Transformational Mixed-use Development Tax Credit Bill – was favorably voted out of the Ohio House Economic and Workforce Development Committee by a vote of 10-1. Yesterday, that Bill passed on the House floor by a vote of 82-1.  This extremely important Bill for the commercial real estate industry is now poised to move to the Ohio Senate for concurrence with the House amendments and then to the Governor’s desk for signature.

This Bill would incentivize mixed-use developments with $50,000,000 or more in total project costs (and 15 stories or 350,000 square feet) for developments in or around cities with a population of 100,000 or more, or smaller scale but still transformational mixed-use developments that are located more than 10 miles outside of a major city.

Our firm drafted portions of Senate Bill 39. Unlike any other commercial real estate economic development law – it includes a first of its kind, built-in return on investment calculation and methodology to ensure that additional state and local taxes generated by the development will exceed the amount of the tax credits awarded to the developer.

If this Bill becomes law, it will be help stimulate the economy and the commercial real estate business, in particular, by promoting additional commercial real estate development activity of significance – that is, by definition, transformative.