When I think of
old, vacant industrial buildings, I see opportunities vs. eyesores. Brick and
block is a far better insulator than thin-skinned metal siding, and certainly adds
character to the exterior appearance as well. Often, floors are 6’’ level
concrete, spans (between columns) are 40’ to 60’, clear ceiling height is at a
premium and amenities like cranes, high
pressure gas lines and an abundance of power are common. While there are often
challenges to retro-fit a vacant industrial or commercial facility, there are
many incentives in Ohio, as well. Three programs, particularly worth mentioning
are:
1. Ohio
Vacant Facilities Fund: The Ohio Vacant Facilities Fund was enacted as
part of HB
18 (signed by Governor Kasich on May 4, 2012) to provide
grant funds for businesses that create jobs in underutilized commercial and
industrial sites. The $2 million Fund basically offers a $500 grant for
each new job created in a building that has been at least 75% vacant for a year
or more. The funds can be used for acquisition, renovation, or equipment
for the building. Employers must hire at least 50 employees or bring at least half
of their current Ohio work force to the facility. The Jobs must be full-time and meet or
exceed minimum wage.
With 10 projects underway and more than 300 new jobs
created, this incentive is already making a big impact across Ohio. The funding
process is on an open cycle and the money is authorized through August of 2015.
To learn more about the Ohio Vacant Facilities Fund click here.
2. JobsOhio Revitalization Program Loan and
Grant Fund: Created to replace the popular Clean Ohio
Revitalization Fund and Clean Ohio Assistance Fund, The
JobsOhio Revitalization Program is designed to support the acceleration of
redeveloping brownfields, vacant and underutilized sites in Ohio. Priority is
to be placed on projects that support near term job creation
opportunities for Ohioans.
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”.
An eligible applicant is “a business, non-profit
or local government where an end user 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.”
Possible
loans and grants under the JobsOhio Revitalization
Program include:
a) Grant
of up to $200,000 for Phase II environmental assessments;
b) Grant of up to
$500,000 re: asbestos and lead paint. The
funds can be used for asbestos abatement, demolition, site preparation, and disposal
of waste; and
c) Loan for up to 75%
of environmental clean-up/remediation costs (max. $5 Million) with the possibility of up to $1
million cleanup grant coupled with the loan.
If you have a
project and would like to discuss funding opportunities through the program, you
can contact the JobsOhio
Network Partner for your area.
3. Ohio Historic Preservation Tax Credit Program: The Ohio Historic Preservation Tax
Credit Program provides a twenty-five percent (25%) tax credit for the
rehabilitation expenses of owners and lessees of historically significant
buildings. A building is eligible if it is individually listed on the National
Register of Historic Places; contributes to a National Register Historic
District, National Park Service Certified Historic District, or Certified Local
Government historic district; or is listed as a local landmark by a Certified
Local Government. The program is competitive and receives applications
bi-annually in March and September.
Over
the first ten funding rounds, tax credits have been approved for 174 projects
to rehabilitate 246 historic buildings in 40 different communities. The program
is projected to leverage more $2.2 billion in private redevelopment funding and
federal tax credits directly through the rehabilitation projects. For more information log on to:
https://development.ohio.gov/cs/cs_ohptc.htm
While you still may not be able
to get a silk purse from a sow’s ear, it may certainly be worth your while to
revitalize your business and one of Ohio’s “Jurassic” buildings at the same
time.
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