Monday, January 24, 2011

Ohio Dept of Development launches new brownfield program

The Ohio Department of Development (ODOD) has partnered with the Ohio Water Development Authority to launch its new Brownfield Loan Program, providing below-market-rate loans for demolition and remediation on existing brownfields.

Operating on an open funding cycle and available to local governments and private property owners, loans will carry a maximum repayment period of ten years and will be available in amounts of up to $500,000 for environmental assessment and up to $5 million for environmental cleanup activities.

The program, administered by ODOD's Urban Development Division, will help developers address the state's many underutilized former industrial sites, stimulating economic development and creating jobs.

ODOD's brownfield grant program, the Clean Ohio Revitalization and Assistance Funds, are credited with cleaning up more than 2,800 acres of contaminated property.

The new loan program is expected to help lessen the blow of ODOD's suspension of the Clean Ohio Assistance Fund, temporarily closed due to a backlog of projects in the funding pipeline.

Previous reading on BC:
Hilton Davis committee to travel to Columbus, pressure for cleanup (7/13/10)
Cincinnati seeks brownfields grant (6/10/10)
Samuel Adams expansion contingent on brownfields grant (6/8/10)
City approves property purchase for Samuel Adams expansion (5/4/10)
Former Celotex site declared ready for redevelopment (4/29/10)