The JobsOhio Revitalization Program Loan and Grant Fund is designed to support the acceleration of redeveloping sites in Ohio.
Revitalization projects typically retain and/or create at least 20 jobs at a wage rate commensurate with the local market. 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.
Businesses, nonprofits, 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 are eligible.
An eligible site is an abandoned or underutilized contiguous property where redevelopment for the immediate and primary purpose of job creation and retention are challenged by significant redevelopment constraints.
For environmental remediation loans and grants a No Further Action letter issued by an Ohio Certified Professional is typically required for projects where long-term engineering controls are necessary on the site. In certain circumstances, JobsOhio may require a Covenant Not to Sue from the Ohio Environmental Protection Agency, depending on the project and site characteristics.
JobsOhio Revitalization Loans
- Amount–Typically $500,000-$5 million and between 20% and 75% of eligible costs
- Term–Typically between 10 and 15 years
- Interest Rate–Fixed rate to be determined at closing
- Fees–Loan commitment and servicing fees also apply
- Security–To be negotiated
- 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
- 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. Funds are available only to projects where job creation will begin within a negotiated period not to exceed 5 years.
- Amount–Typically up to $1 million