April 25, 2018
COLUMBUS - Most communities have them. Prime locations for commercial or industrial development that sit idle, waiting for someone to redevelop them.
These underutilized properties, both land and buildings, sometimes remain unoccupied for years because the cost to remediate and redevelop them often exceeds their post-development market value, scaring away potential investors.
Thankfully, help exists in Ohio to bridge that financial gap and help create new jobs.
JobsOhio, a private nonprofit corporation that drives capital investment and job creation in Ohio, offers loans and grants through its revitalization program to companies that want to revitalize old buildings and brownfield sites. The loans and grants are available to projects that retain or create jobs, have funding gaps and/or address environmental risks. They can be used for a variety of purposes, including demolition, building renovation, environmental remediation, removal of asbestos and lead paint, and site preparation.
"This financial support we provide minimizes the risks for companies and accelerates the speed at which they can put sites back into productive use," said Diana Rife, revitalization project manager at JobsOhio. "Revitalization projects typically retain or create at least 20 jobs at wages comparable with the local market. So it's in everyone's best interest to bring these properties back to life."
Companies are attracted to underutilized properties for different reasons, according to Rife.
"These sites are usually prime locations for development because they're in desirable or easily accessible locations. They often have an available workforce, and they usually have access to existing infrastructure assets like electricity, water and natural gas," she said.
Since its launch in 2014, the revitalization program has had a significant impact on many communities across Ohio.
According to JobsOhio, it has invested $169 million in the program, putting dozens of empty, dilapidated buildings, brownfield sites and underutilized properties back into use, spurring $2 billion in capital investment and creating more than 5,000 jobs. Some of the more recent recipients of revitalization funds include:
"The revitalization program is all about attracting capital investment and bringing jobs to Ohio communities," Rife said. "It's exciting to see these buildings and properties become productive, job-creating sites again."
JobsOhio is a private, nonprofit corporation designed to drive job creation and new capital investment in Ohio through business attraction, retention and expansion efforts. JobsOhio works with six regional partners across Ohio: Appalachian Partnership for Economic Growth, Columbus 2020, Dayton Development Coalition, REDI Cincinnati, Regional Growth Partnership and Team NEO. Learn more at www.jobsohio.com. Follow us on LinkedIn, Twitter and Facebook.
For more media inquiries, contact:
Matt Englehart, JobsOhio