http://jobs-ohio.com/images/JobsOhio_Econ_Grant.pdf, http://ohiodnr.com/tabid/10762/Default.aspx#parks, http://jobs-ohio.com/images/JobsOhio_Revitalization_Summary_Phase_Two.pdf. Retained b. An eligible site is an abandoned or under-utilized contiguous property where redevelopment for the immediate and primary purpose of job creation or retention are complicated by significant redevelopment challenges. The JobsOhio Revitalization Program is focused on helping revitalize sites in preparation for end-users that support future job creation opportunities for Ohioans. The program, comprised of both loans and grants, is available to public and private entities seeking to cleanup and redevelop sites across Ohio. Interested to learn if your company qualifies for the JobsOhio Revitalization program? Jobs (private sector jobs) a. Phase II services including environmental testing, lab fees, and work completed by certified professionals for completion of a Voluntary Action Program or American Society for Testing and Materials Phase II environmental property assessment. Business, non-profits or local governments where the entity committing the jobs has signed an agreement such as a letter of intent, option, lease or holds title for the project site and has a specific business plan, financing plan and schedule for redevelopment and job creation to occur. Priority will be given to job creation and retention projects within JobsOhio targeted industry sectors, those making additional capital investment beyond remediation and redevelopment and/or projects with wages higher than the average local wage rate. Funds are available only to projects where job creation will begin within a negotiated period not to exceed 5 years. The JobsOhio Economic Development Grant was created to promote economic development, business expansion, and job creation by providing funding for eligible projects in the State of Ohio. JobsOhio Review Criteria Three criteria for evaluating redevelopment projects: 1. Demonstrations of redevelopment readiness might include end user interest in the site, locations that are attractive to JobsOhio targeted industry projects, areas already undergoing redevelopment with other nearby job creation momentum, market studies and the like.
JobsOhio Revitalization Program Highlights . Great things are happening in Ohio. All Rights Reserved. JobsOhio, a private nonprofit corporation that drives capital investment and job creation in Ohio, offers loans and grants through its revitalization program to companies that want to revitalize old buildings and brownfield sites. Priority will be given to job creation and retention projects within JobsOhio targeted industry sectors.
Eligibility –Typically coupled with Revitalization Loans and provided to fill funding gaps where remediation costs exceed the anticipated net gain in land and improvement value, making successful redevelopment unfeasible. The JobsOhio Revitalization Program offers loans and grants to companies to redevelop underutilized properties — both land and buildings — and put them back into productive use. JobsOhio offers a program that can bridge that financial gap. Get in touch and we'll help determine the best fit for your investment in Ohio. Connect with us to learn more about how you can be a part of it. Connect with us to learn more about how you can be a part of it. The JobsOhio Revitalization Program Loan and Grant Fund is designed to support the acceleration of redeveloping sites in Ohio. Great things are happening in Ohio. Payment – Payment of principal and interest will begin when the certificate of occupancy is issued or when the revitalization is estimated for completion, not to exceed 5 years, JobsOhio Revitalization Grants JobsOhio Revitalization Loans Security – To be negotiated Redeveloped brownfield sites offer companies and local areas certain benefits over greenfield development, such as: The JobsOhio Revitalization Program has played a role in Ohio economic development since its creation as the following articles indicate. Interest Rate – fixed rate to be determined at closing
Amount – Typically up to $1 million. This funding mitigates the financial risk and accelerates the speed at which sites are redeveloped. Brownfield sites can be appealing, but the cost, relative to their market value, to develop them often deters redevelopment.
The JobsOhio Revitalization Program funding consists of loans and grants for projects that would otherwise have funding gaps, retain and create jobs, and address environmental risks. Business, non-profits or local governments where a potential end user has expressed clear interest in reuse of the project site. The program, comprised of both loans and grants, is available to public and private entities seeking to cleanup and redevelop sites across Ohio. An All Appropriate Inquiry (AAI) or OEPA Voluntary Action Program qualified Phase I Environmental Site Assessment has been completed for the site.
Once the site has preliminary cost estimates for the redevelopment project, which may or may not include remediation, JobsOhio will work with an organization to determine what level of assistance might be available. A Community Unites to Revitalize Abandoned Site in Urbana, Spray Products Acquires New Facility with Revitalization Support, ProMedica Breathes New Life into Toledo’s Downtown Riverfront.
Clear interest could include a signed agreement such as a letter of intent, option, lease or holds the title for the project site and has a redevelopment plan that includes new job creation or retention of existing jobs. The funding can be used for: Under the JobsOhio Revitalization Program Loan and Grant Fund, JobsOhio offers revitalization grants to fund Phase II environmental assessments of sites where development and job creation are likely. Amount – Typically $500,000-$5 million and between 20% and 75% of eligible costs Term – Typically between 10 and 15 years JobsOhio will provide grant funding up to $200,000 per approved project, provided on a reimbursement basis. Removal and disposal of universal and construction waste. The JobsOhio Revitalization Program Phase II Assessment Fund is designed to assist in the review of potential environmental risks on sites where redevelopment for job creation or retention is likely to occur. In addition, a project may support the need for flexible, low interest loans as a way to provide additional funding support.
Priority will be placed on projects that support near term job creation … Revitalization projects typically retain and/or create at least 20 jobs at a wage rate commensurate with the local market. Created c. Wage rate (priority for higher wages & targeted industry) 2. An eligible site is an abandoned or under-utilized contiguous property where redevelopment for the immediate and primary purpose of job creation and retention are challenged by significant redevelopment constraints. In certain circumstances, JobsOhio may require a Covenant Not to Sue from the Ohio Environmental Protection Agency, depending on the project and site characteristics. Primary focus will be placed on projects where the cost of the redevelopment and remediation is more than the value of the land and a site cannot be competitively developed in the current marketplace. The JobsOhio Revitalization Program Loan and Grant Fund is designed to support the acceleration of redeveloping sites in Ohio. Private investment vs. public & JobsOhio investment b. All Rights Reserved. Access to existing workforce in the area with known traffic patterns. Copyright 2020 JobsOhio. Improving the local environment by cleaning up contamination. The assessments identify environmental risks and outline steps to mitigate them. They can be used for a variety of purposes, including demolition, building renovation… Fees – Loan commitment and servicing fees also apply
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