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Ohioan’s personal income growing at slower pace than neighbors

Published: Tuesday, November 14, 2017 @ 10:53 AM


            CONTRIBUTED
CONTRIBUTED

Ohio’s personal income growth rate over the past year is slower than the national average.

The state’s personal incomes grew by 0.5 percent from the second quarter of 2016 through the second quarter of 2017, according to Pew Charitable Trusts.

That compares to an average 1.2 percent average annual growth rate over the past decade.

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Personal income includes Ohio residents’ paychecks, Social Security benefits, employers’ contributions to retirement plans and health insurance, income from rent and other property, and benefits from public assistance programs such as Medicare and Medicaid.

Federal officials use state personal income to determine how to allocate support to states for certain programs, including funds for Medicaid. State governments use personal income statistics to project tax revenue for budget planning, set spending limits, and estimate the need for public services.

Compared to its neighbors, Indiana personal incomes grew 1.8 percent over the past year, Michigan incomes saw 1.4 percent growth, Pennsylvania had 1.1 percent growth and Kentucky also reported 0.5 percent growth.

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Nationally, growth in personal income has been lower than its historical pace, according to Pew.

U.S. personal income increased by the equivalent of 1.6 percent a year from the fourth quarter of 2007 through the second quarter of 2017, compared with the equivalent of 2.7 percent a year over the past 30 years, after accounting for inflation.

North Dakota has enjoyed the fastest annualized growth since the start of the recession at 4 percent, but the state’s personal income has trended down for nearly three years.

Connecticut’s expansion since the end of 2007 slowed to the equivalent of 0.6 percent a years, the lowest in any state.

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DP&L distribution settlement may mean rate increase

Published: Tuesday, June 19, 2018 @ 1:47 PM

A shot during a Dayton Power & Light helicopter inspection in August 2016 of area power lines. THOMAS GNAU/STAFF
A shot during a Dayton Power & Light helicopter inspection in August 2016 of area power lines. THOMAS GNAU/STAFF

If a new settlement on Dayton Power and Light’s distribution charges is approved by state regulators, bills for consumers who use 1,000 kilowatt-hours of power a month will go up $2.64.

DP&L said it has filed a stipulation in its distribution rate case with the Public Utilities Commission of Ohio (PUCO), which was signed by 15 parties and PUCO staff.

If the stipulation is approved by the PUCO, the average residential customer in DP&L’s service area, using 1,000 kWh on DP&L’s “standard service” offer, can expect a monthly bill increase of $2.64.

 

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The utility says the stipulation balances “the interests of residential, commercial, and industrial customers.

“The stipulation allows DP&L the opportunity to meet the needs of its customers and support the company’s investments to maintain reliability and customer service,” the company said in a statement Tuesday.

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DP&L said the stipulation also resolves issues tied to last year’s federal corporate tax cut. Some observers, including the PUCO, said Ohio utilities should cut rates commensurate with those lowered taxes.

“The resolution includes an agreement to return the tax savings associated with the act,” DP&L said in its statement. The utility said the agreement also includes a “commitment to return to its customers no less than $4 million per year for five years.”

A spokeswoman for the Office of Ohio Consumers’ Counsel said her office agreed to the stipulation.

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DP&L says it maintains the lowest residential rates of the investor-owned utilities in Ohio.

“This proposed settlement represents a compromise among the parties, while allowing DP&L to provide ongoing, essential system maintenance to the poles, wires, transformers, substations and other infrastructure that safely deliver electricity to our customers,” DP&L President and Chief Executive Craig Jackson said in the utility’s release.

“We take pride in serving our customers and if approved by the (PUCO), this settlement is critical to ensuring our customers continue to have the safe, reliable service they have known and come to expect,” Jackson added.

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5 things to know about the momentum behind the Dayton Arcade project

Published: Tuesday, June 19, 2018 @ 9:25 AM

An artist’s rendering of what the rotunda inside the Dayton Arcade will look like when renovated. CONTRIBUTED
An artist’s rendering of what the rotunda inside the Dayton Arcade will look like when renovated. CONTRIBUTED

It’s looking increasingly like a serious renewal of the historic Dayton Arcade is all but a sure bet. 

Developers are pushing the project forward. And the site is getting private and public support.

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It’s a complicated, multi-piece effort for a complicated, multi-piece site — and there are no guarantees.

But here’s what to know about the Arcade project right now.

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1. It’s big. 

The Arcade itself is some nine buildings, with some structures stretching back more than 100 years. But it has been in a state of disuse for nearly 30 years.

Dayton Arcade Partners LLC and its affiliated partners look to acquire some four acres of real estate and some 400,000 square feet of building space, according to Dayton-Montgomery County Port Authority documents.

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2. It’s a team effort. 

Late last month, the city of Dayton agreed to loan $10 million to an Arcade development team led by Baltimore-based Cross Street Partners.

And on Monday, the Port Authority’s Board of Trustees agreed to enter into capital lease agreements with four limited liability companies that own the Arcade’s component parcels. Jerry Brunswick, executive director of the Port Authority, said those agreements will save an estimated $1 million in sales taxes on materials used to improve and build up the Arcade.

MOREPort Authority pacts to save Arcade effort about $1 million. 

3. Dayton’s Miller-Valentine Group still has a role in the project.

Dayton-based Miller Valentine Group is still engaged with leasing and funding support of the Arcade project, said Dave Dickerson, the company’s Dayton market president.

The company did step away from the housing piece of the effort, this news outlet reported in March. 

Two urban redevelopment firms — Cincinnati-based Model Group and St. Louis-based McCormack Baron Salazar — signed on as partners in the Arcade work after Miller-Valentine’s withdrawal.

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4. The Arcade vision has multiple elements.

There will be residential apartments and commercial elements. At different points, the University of Dayton, The Entrepreneurs Center and Sinclair Community College — as well as brewer Warped Wing, Boston Stoker coffee shop and the Dayton Visual Arts Center — have all been identified as possible tenants or have expressed interest in having a place at the new Arcade.

The Arcade itself could be home to 150 businesses — most of them quite small — and hundreds of workers, according to some estimates.

5. There’s now a timeline attached to the project.

Matters are moving quickly now.

The city of Dayton did agree to the aforementioned $10 million loan to the project. But that agreement requires that the developer begin construction on the commercial components of the southern section of the Arcade by the end of this year — and finish by March 31, 2020.

However, Cross Street says the goal is to finish those parts by November of 2019.

We’ll see what happens next.

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Massive Toys ‘R’ Us giraffe mascot given away through liquidation sale

Published: Tuesday, June 19, 2018 @ 7:00 AM

Toys ‘R’ Us May Close All U.S. Stores

Toys “R” Us mascot Geoffrey the Giraffe has a new home.

The toy store chain is undergoing the process of liquidating all of its stores after filing for bankruptcy earlier this year. The retailer sold off its 16-ft., 550-pound fiberglass statue of the giraffe mascot to a children’s hospital. Myers Squibb Children’s Hospital in New Brunswick, New Jersey acquired the statue through the retailer’s liquidation advisor Malfitano Partners, according to Bloomberg.

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Malfitano Partners anted to find children’s hospital to take it, but it was becoming difficult due to the expense it would take to remove and transport the massive giraffe statue.

Joseph Malfitano agreed tod onate $10,000 to remove, pack and ship the giraffe to New Brunswick. He is also paying Toys “R” Us an undisclosed sum, according to Bloomberg.

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Port Authority to boost Arcade improvements, save project $1M

Published: Monday, June 18, 2018 @ 2:50 PM

The Dayton Arcade rotunda, perhaps the most recognizable part of the Arcade. FILE
The Dayton Arcade rotunda, perhaps the most recognizable part of the Arcade. FILE

On Monday, the Dayton Montgomery Port Authority Board of Trustees voted to have the Port support the downtown Dayton Arcade development project, agreeing to enter into four ground leases for four component parcels of the Arcade.

The Port will enter into capital lease agreements with four limited liability companies that own the Arcade’s component parcels, said Jerry Brunswick, executive director of the Port Authority.

The support will help save an estimated $1 million in sales taxes on materials used to improve Arcade, Brunswick said.

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“That’s valuable,” he said.

The trustees voted unanimously to participate in redevelopment of the historic downtown Arcade after a closed executive session lasting more than an hour. The vote took place without public discussion.

Consisting of nine buildings covering more than 330,000 square feet — including structures that go back nearly 120 years — the newly re-developed Arcade is expected to have commercial, retail, educational and residential elements. Key possible tenants such as the University of Dayton and Dayton brewer Warped Wing have expressed interest in a place at the Arcade, as have Boston Stoker and the Dayton Visual Arts Center.

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Just last month, the city of Dayton agreed to loan $10 million to the Cross Street Partners-led development partnership that said it now has secured nearly all of the financing it needs for a $95 million rehab of the southern portions of the Arcade.

When the Port Authority owns land, it can offer construction companies and developers several tools to boost construction projects, including a shield from expensive sales taxes on construction materials.

“Our ownership facilitates sales tax exemptions for these properties,” Brunswick said. “That will save them, the project operators, somewhere in the neighborhood of $1 million.

“You can see that as part of the overall source of financing for the project,” he added.

He noted that the resolution trustees approved holds that the Port Authority’s participation is contingent on all the participating entities “coming together.”

“Our board’s approval of this means we’re one step closer — and it’s a significant step closer,” Brunswick said.

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