Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted and Ohio Department of Development Director Lydia Mihalik announced details of the new All Ohio Future Fund, which will provide $750 million to local communities to help increase the state's inventory of project-ready economic development sites.
Funding awarded through the All Ohio Future Fund will be used toward one-time local 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," said DeWine. "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 DeWine-Husted Administration created the All Ohio Future Fund in partnership with the Ohio General Assembly as part of the current operating budget.
"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," said Husted. "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 Ohio Department of Development will administer the program in coordination with the Office of Budget and Management. The department released detailed guidelines on the program Dec. 15, including project requirements and eligibility.
"Through the All Ohio Future Fund, communities can set themselves up to be the next great economic success story in Ohio," said Mihalik. "By fostering a landscape of opportunity across our state, we not only attract investments but lay the foundation for sustainable development, ensuring a prosperous future for Ohio communities and businesses alike."
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 primarily come in the form of no-interest loans that may be partially forgivable.
The Ohio Department of Development will provide an Indication of Interest outline for interested applicants to use in early 2024. Indications of interest will be accepted following final Joint Committee on Agency Rule Review (JCARR) approval of the Rules.
For more information, visit https://development.ohio.gov/community/economic-development/all-ohio-future-fund.
"The All Ohio Future Fund is part of the bold vision from the collaboration of the DeWine Husted Administration and state legislature, which will continue the economic momentum our state's achieved since 2019," said JobsOhio President and CEO J.P. Nauseef. "The critical need for strategic sites throughout Ohio is key to success for both companies and communities building for today and investing for a prosperous tomorrow."
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