As soon as a community has decided to pursue an industrial attraction strategy and create an industrial park, the planning and construction stage begins. The planning steps depend on the source of funds used to finance construction. Because of downsizing in the federal government, however, the future of EDA funding is unsure. Regardless, this fact sheet presumes that EDA funding will continue to be available under the current terms. EDA funding for communities in non-distressed parts of the state is available for up to fifty percent of the cost of industrial park projects.
Distressed areas qualify for up to eighty percent funding.
With current efforts of the federal government to curtail expenditures, there is serious concern as to the continued existence of the EDA industrial park program. With the passage of H.B. 440 and H.B. 442, the State of Ohio has created additional tools to help distressed areas of the state create new industrial parks. H.B. 440 creates the Rural Industrial Park Loan Program, which provides loans and loan guarantees for communities to construct or to renovate industrial parks and buildings, and to provide necessary infrastructure improvements to industrial areas. This law will sunset on January 1, 1999. Ten million dollars will be available in this fund.