Ohio Fund to Provide $750M for Economic Development
COLUMBUS, Ohio – The new All Ohio Future Fund will provide $750 million to local communities to help increase the state’s inventory of project-ready economic development sites.
Funding awarded through the fund will be used toward one-time infrastructure costs that are necessary to prepare sites for future economic development projects.
“Increasing our inventory of project-ready sites is imperative for continued economic growth,” Gov. Mike DeWine said. “With the help of this program, we will usher in a new era of economic development for Ohio, fueling opportunity for generations to come.”
The Ohio Department of Development will administer the program in coordination with the Office of Budget and Management.
“As more businesses look to create a domestic supply chain, and because Ohio is a great place to work and do business, there is a demand for job-ready sites for businesses to locate and grow,” Lt. Gov. Jon Husted said. “We are preparing Ohio to protect America’s economic and national security by making more of the products we need to live and thrive.”
The program application will open in early 2024 to local government entities, including counties, cities, villages, townships, port authorities, community improvement corporations, transportation improvement districts, land banks, nonprofit organizations and for-profit organizations willing to develop project-ready sites. Applications will be received and awarded on a rolling basis.
Awardees will be expected to find site occupants within five years. Eligible costs include public roadwork, water and wastewater infrastructure, design and engineering, demolition, wetland mitigation, utility gap funding and one-time site enhancements. Funding will come primarily in the form of 0% interest loans that may be partially forgivable.
Program information and full guidelines can be found HERE. A webinar is scheduled for 10 a.m. Jan. 5 to present the guidelines in detail and answer questions. Registration will be available on the program’s website. For updates, sign up for email notifications.
Pictured at top: Image via Ohio Department of Development.
Published by The Business Journal, Youngstown, Ohio.
