"The City of Columbus Economic Development Programs have repeatedly illustrated that when significant public investment leads private investment, catalytic revitalization happens and neighborhoods turn around. Their willingness to partner with effective private players though timely upfront investment in infrastructure and their commitment to communities has been the cornerstone of the transformational development that has restored energy and purpose to Columbus' inner core."
Mark A. Wagenbrenner
With the assistance of the City of Columbus Department of Development and One Columbus, the Central Ohio JobsOhio Network Partner, support from numerous entities can be secured to accelerate the redevelopment of brownfield or abandoned and under-utilized sites.
Ohio Site Inventory Program through Jobs Ohio:
The Ohio Site Inventory Program awards reimbursements totally up to $2 million for site preparation, demolition, construction, infrastructure, and environmental cleanup. The applicant must have completed a Phase I environmental assessment and whole site must be under control by the applicant. The inventory portfolio must prove that the site will demand or economic benefit. This is in an effort to promote more equal growth across the State.
Ohio Brownfield Fund: The Fund is a collection of funding sources that can be used to help plan, assess, and remediate brownfields - a piece of property whose redevelopment is complicated by the potential presence of environmental contaminants such as hazardous substances, asbestos, lead-based paint, and petroleum. Brownfield redevelopment allows a community to reclaim and improve its lands, making property viable for new development.
The Fund can provide loans up to $500,000 for Phase II Environmental Assessments. The loans can be made with flexible terms, including deferred repayment periods, up to a 10-year term, and below-market interest rates.
Projects seeking funding to perform a Phase I Environmental Assessment can be aided by the Ohio Environmental Protection Agency's Targeted Brownfield Assessment Program which can perform Phase I assessments free of charge.
The Fund can provide loans up to $5,000,000 for environment cleanup, including demolition associated with the cleanup of hazardous substances, asbestos, lead-based paint, and petroleum. There are no job requirements for this funding, but the borrower must show their ability to repay the loan. These loan funds can be made with deferred repayment periods, up to a 10-year term, and below-market interest rates.
Property Assessed Clean Energy (PACE)
Property Assessed Clean Energy (PACE) is an innovative way to finance energy efficiency and renewable energy upgrades to buildings. Interested property owners evaluate measures that achieve energy savings and receive 100% financing, repaid as a property tax assessment for up to 20 years. The assessment mechanism has been used nationwide for decades to access low-cost long-term capital to finance improvements to private property that meet a public purpose. By eliminating upfront costs, providing low-cost long-term financing and making it easy for building owners to transfer repayment obligations to a new owner upon sale, PACE overcomes challenges that have hindered adoption of energy efficiency and related projects in our nation's buildings. - See more at: http://pacenow.org/about-pace/what-is-pace/#sthash.W7OwiOcv.dpuf