What's Happening?
The Dayton city commission has approved a $350,000 development agreement with the law firm Horenstein, Nicholson and Blumenthal. This agreement is designed to fund office modifications contingent upon the firm retaining its current Dayton jobs and creating
10 new positions over the next three years. The law firm, which specializes in personal injury, veterans’ disability, and workers’ compensation, has signed a 10-year lease for office space in the CareSource BallPark Village Building. The firm moved to this location last year, seeking a more accessible space for its clients. The development deal is part of Dayton's economic incentive program, which has supported around 20 companies since its inception in 2014. The agreement aims to retain at least 47 full-time jobs and support the creation of new positions, ensuring continued payroll and city income tax revenue.
Why It's Important?
This development agreement is significant as it underscores Dayton's commitment to retaining and expanding its business base, which is crucial for the city's economic health. The law firm’s decision to remain and expand in Dayton helps maintain the city’s status as an economic engine, generating a substantial portion of the general fund. The agreement also reflects broader trends in the business world, where companies are reassessing their office space needs post-pandemic. By securing this deal, Dayton not only retains jobs but also positions itself as a competitive location for business operations, potentially attracting more firms in the future. The performance-based nature of the grant ensures accountability and aligns with the city’s strategic goals to foster economic growth.
What's Next?
The law firm plans to invest nearly $1.5 million in building improvements, including electrical, plumbing, and HVAC systems, as well as new machinery and equipment. The creation of new positions, including attorneys and paralegals, is expected over the next three years. The city will monitor the firm’s compliance with the agreement, ensuring job retention and creation targets are met. As companies continue to navigate post-pandemic realities, Dayton may see more businesses returning to physical office spaces, potentially leading to further economic development initiatives.
