The Concord Township-City of Painesville Joint Economic Development District (JEDD) was created in 2008 as a partnership between the two communities. The goal of the JEDD is to further economic development within the Auburn-Crile Road Business Corridor, an area located south of the intersection of Interstate 90 and State Route 44.
This economic opportunity was the result of economic deficits created in both communities when Lake Health system closed its Painesville hospital and built the new TriPoint Medical Center in Concord Township. The city lost the income taxes that the hospital generated and Concord found itself with infrastructure that was incapable of handling the traffic demands that the hospital, and additional development, created.
The collaboration generates an income stream to Painesville and allows Painesville to provide water and electric service to members of the JEDD. The agreement provides Concord the financial resources to address the infrastructure and safety demands that the current and future developments create.
The original participants in the JEDD included Concord Township, the City of Painesville, University Hospital’s Concord Health Center and most of the properties of Lake Health. These entities, along with new businesses that join the JEDD, have the opportunity to obtain discounted water and electric services, when employees working in the JEDD pay a 1.75% local income tax to the JEDD.
Income tax revenue from the JEDD is being shared between the JEDD itself, Concord and Painesville. Concord, which is the prime recipient of the funds, intends to use those funds to address infrastructure and safety issues in the corridor, as well as general economic development projects. Painesville receives a portion of the tax revenue and the smallest percentage goes to the JEDD Board itself, which is currently focusing its efforts and finances on economic development in the corridor.
The Concord-Painesville JEDD was awarded the 2011 Team NEO Award for
Regionalism & Cross Border Collaboration
NEO Award Article: Inside Business Magazine
Learn more about the Concord-Painesville JEDD by clicking on the link below: