Designed to support the acceleration of redeveloping sites in Ohio
The JobsOhio Revitalization Program offers loans and grants to bridge the financial gap between the appealing cost of brownfield sites and the cost of site redevelopment. This program mitigates financial risk and accelerates projects, returning land and buildings to productive use more efficiently.
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Revitalization Program Overview
The JobsOhio Revitalization Program funds projects that retain and create jobs, address environmental risks, and would otherwise have funding gaps. Primary focus is on projects where the cost of redevelopment and remediation is more than the value of the land and a site cannot be competitively developed in the current marketplace.
The funding can be used for:
- Environmental remediation, testing, and lab fees
- Building renovation
- Asbestos and lead paint abatement
- Removal and disposal of universal and construction waste
- Site preparation
Environmental Assessment and Remediation Funding
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. The assessments identify environmental risks and outline steps to mitigate them. In addition, a project may support the need for flexible, low interest loans to provide additional funding support.
Once the site has preliminary cost estimates for the redevelopment project, which may or may not include remediation, JobsOhio will help determine what level of assistance might be available.
Why Consider Revitalization?
A brownfield site can be redeveloped for uses ranging from office and industrial to mixed-use, depending on the location and characteristics of the property and market factors.
Redeveloped brownfield sites offer companies and local areas certain benefits over greenfield development, such as:
- Access to existing workforce in the area with known traffic patterns
- Reusing existing utilities
- Reducing blight
- Improving the local environment by cleaning up contamination
Revitalization Loan and Grant Fund
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
Phase II Assessment Fund
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. 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.
The project must demonstrate that job creation or retention is highly likely if environmental risks can be understood and addressed. Priority will be given to job creation and retention projects within JobsOhio targeted industry sectors.
Business, nonprofits, or local governments where a potential end user has expressed clear interest in reuse of the project site. 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.
- 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.
- An All-Appropriate Inquiry (AAI) or OEPA Voluntary Action Program qualified Phase I Environmental Site Assessment has been completed for the site.
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.
JobsOhio will provide grant funding up to $200,000 per approved project, provided on a reimbursement basis.
Research Other Grants, Loans, and Incentives
Ohio offers incentives to help companies that are starting, relocating, or expanding operations in the state. Funding decisions are based on several project factors like job creation, payroll figures, fixed-asset investment commitment, project location, and return on investment.