H.B. 96 Interested Party Testimony of Jim Russell, The Pizzuti Companies — House Development Committee

Summary

Interested party testimony before the House Development Committee on H.B. 96, from Jim Russell, CEcD, Executive Vice President of The Pizzuti Companies, dated March 5, 2025. The testimony advocates continuing the State's Transformational Mixed-Use Development (TMUD) Tax Credit program through inclusion in HB96, Ohio's next operating budget. It states that the program was enacted with the passage of SB39 during the 133 rd General Assembly. It also states that the TMUD program has awarded $400 million in tax credits to 49 projects in 19 counties, spurring an estimated $8.3 Billion in community investments.

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“H.B. 96 Interested Party Testimony of Jim Russell, The Pizzuti Companies — House Development Committee.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2025-03-05-development-testimony-testimony-2406-cc0db17f80/, SHA-256 7046620e3ad08ac9608051aeb257225d2fe8c4b9bb06389c8166ca5a66adbd1d.

Full text

Before the House Development Committee
Representative Jim Hoops, Chair
H.B. 96 Interested Party Testimony of Jim Russell, CEcD
Executive Vice President, The Pizzuti Companies
March 5th 2025

Chairman Hoops, Vice Chair Lorenz, Ranking Member Abdullahi and members of the
House Development Committee, my name is Jim Russell, I am a Certiﬁed Economic
Developer (CEcD), which is a designation bestowed by the International Economic
Development Council. I also have the privilege of serving as a member of the Ohio
Economic Development Association (OEDA), a founding member of the Mid-Ohio
Development Exchange and I lead instruction in Real Estate Development for the IEDC and
the Ohio Economic Development Council. I am currently the Executive Vice President of
The Pizzuti Companies, a real estate development company operating for nearly 50 years
headquartered here in Columbus.

Thank you for the opportunity to provide testimony today as an interested party advocating
for the continuation of the State’s Transformational Mixed-Use Development (TMUD) Tax
Credit program by inclusion into HB96, Ohio’s next operating budget.

The TMUD Tax Credit program was enacted with the passage of SB39 during the 133 rd
General Assembly to provide funding for development projects that help local communities
bring long-term change to underutilized areas by transforming vacant buildings,
constructing new business and recreation spaces, creating more housing, and bringing in
thousands of new jobs to Ohio. The TMUD program recently expired with its 4 th round of
investments and there is wide support for its extension going forward. Since its inception,
the TMUD program has awarded $400 million in tax credits to 49 di erent projects in 19
counties throughout the state, spurring an estimated $8.3 Billion in community
investments. This e ort has been supported and overseen by the Ohio Department of
Development and the immense work of their team, and the credits certiﬁed by the Ohio Tax
Credit Authority (OTCA).

These funds have been critical to the ongoing revitalization of many of Ohio’s great cities,
supporting endeavors such as the Hall of Fame Village in Canton, Cleveland’s Historic
Playhouse Square, Dayton’s Arcade District, the Cincinnati Convention Hotel and most
recently the Capital Square Renaissance just outside these walls.

As Ohio continues to emerge as a national leader in Economic Development and seeks to
attract new industries and investment, projects like the ones supported by TMUD are vital
to sustainably transform our great state.

The Economic Development community is committed to working with stakeholders here in
the legislature, the Department of Development and others in both the private and public
sectors to support and enhance these unique investments. I strongly encourage
consideration for the continuation and renewal of the TMUD program in the state’s next
operating budget as we all work towards the growth and prosperity of Ohio.

Thank you once again for the opportunity to testify, I’d be glad to answer any questions from
the committee.

Respectfully submitted,
Jim Russell

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