In Circleville, the concept of Joint Economic Development Districts (JEDDs) has emerged as a pivotal strategy in driving economic growth and community development. With a recent success story involving Sofidel’s arrival in 2018, local stakeholders are poised to leverage JEDDs for the city’s benefit.
Understanding JEDDs:
JEDDs represent a partnership between municipalities and townships, aimed at stimulating economic development within designated areas. This collaboration facilitates the sharing of resources, services, and revenue generated from economic activities within the district.
Partnership Success with Sofidel:
In 2018, Circleville, Pickaway Township, and Logan Elm School Board orchestrated a JEDD to facilitate the arrival of Sofidel, a significant economic player, with a $20 million gas line extension project. This collaborative effort also involved Columbia Gas in executing the pipeline infrastructure.
According to Glen Reeser, a representative on the JEDD board, the partnership has functioned smoothly since its inception six years ago, albeit with recent considerations prompting amendments to the original agreement.
Economic Impact and Revenue Sharing:
Tim Colburn, the Economic Development Director, outlined the substantial benefits brought by Sofidel’s expansion. With an investment totaling nearly $700 million, including the ongoing $185 million expansion, Sofidel’s presence is expected to generate 600 jobs, significantly boosting the local economy.
Revenue generated from businesses operating within the JEDD is shared among the participating entities, including municipalities, townships, and the school district, in accordance with the agreement’s terms. These funds are utilized to repay the gas line infrastructure costs, complemented by a $4.8 million contribution from Sofidel.
Future Prospects and Expansion:
Looking ahead, Colburn envisions further utilization of the JEDD framework to attract new businesses to the area. He emphasizes the importance of proactive planning to capitalize on future opportunities, urging stakeholders to prepare for potential greenfield developments.
As the Sofidel gas line repayment progresses, discussions revolve around reallocating tax revenues to support various community initiatives. Upon completion in January 2025, anticipated adjustments in revenue distribution are expected to channel additional resources into Circleville, Pickaway Township, and the school district, fostering continued growth and prosperity. Circleville’s piece of that pie is 35% after the gas line is paid off and is estimated to be more than 300,000 dollars and will increase as Sofidel becomes even more successful. Pickaway Township will also share in the benefit at 40%, Logan Elm will receive 24%.
With Circleville’s success story serving as a testament to the potential of JEDDs, local leaders are committed to maximizing the benefits of collaborative economic development initiatives, ensuring sustained progress and vitality for the community.
