Authorize creation of natural gas pipeline incentive areas

HB 349 creates a program called EnergizeOhio to encourage the development of natural gas pipelines and related infrastructure by offering two main types of support to local governments and development organizations. First, it allows municipalities and counties to request that specific areas be designated as incentive zones, which would exempt up to 75% of qualifying property within those zones from certain taxes if the director determines that a lack of natural gas infrastructure is hurting local economic growth. Second, the bill establishes a loan fund that can provide interest-free loans for up to five years to help eligible entities purchase or lease land easements for building these pipelines, with the expectation that the loans will be repaid using revenue from selling or leasing those easements. Local governments must apply for these designations and loans, and the director of development is responsible for reviewing applications, making decisions, and managing the fund.