JobsOhio Helps Drive Down the Cost of Brownfield Redevelopment

Aug 15, 2017 | News, Newsletter

Nate Green.
The Montrose Group.

Infill and urban development is becoming increasingly popular as the Millennial generation choses to live and work in walkable, new urbanist communities. Despite that trend, a greenfield site is much easier to sell and less costly to develop than a brownfield-infill site.

A greenfield site with all the infrastructure in place may sell for $45,000 an acre while a competing brownfield site may need to sell for twice that much to cover the considerable costs of environmental assessment and remediation and demolition. In many instances a public-sector partner is needed to help drive down the costs of the brownfield site to make it compatible cost-wise with a greenfield site.

Click HERE to learn more about JobsOhio programs that help drive down the cost of brownfield redevelopment.

Ohio Ports Eligible for $23 Million in Development Funding

A new program  — the Ohio Maritime Assistance Program program — is providing funding to ports along the Ohio River and Lake Erie or businesses within ports.

The Program began accepting applications from ports in late January and will continue through March 27. The program is making available $11 million through June 30 and an additional $12 million for the 12 months ending June 30, 2021.

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Large TIFs may be eligible for one-time extension opportunity

During fall 2019, the General Assembly changed Ohio law governing tax increment financing (“TIF”) exemptions in a big way.  For certain TIF projects, local communities can extend the exemptions – and therefore continue to redirect property tax millage to necessary public infrastructure improvements – up to 30 additional years. 

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