From the Division of Real Estate & Professional Licensing Newsletter
Ohio businesses setting up shop in vacant buildings may be eligible for a financial incentive for each new full-time job created. The Ohio Vacant Facilities Fund, administered by the Ohio Development Services Agency, offers Ohio businesses $500 for each new, full-time employee employed at the facility for at least one year. This $2 million fund encourages Ohio businesses to occupy vacant facilities, building stronger communities and supporting small businesses as they work to create jobs. With 10 projects underway and more than 300 new jobs created, this incentive is already making a big impact across Ohio. The funding can in turn be used for a number of uses including acquisition, construction, enlargement, improvement or equipment. To qualify, a for-profi t business must occupy the facility for at least 12 months. Additionally, the building must be at least 75 percent vacant for at least a year at the time of move-in. The business must employ at least 50 employees or house half of its Ohio employees at the facility. The funding process is on an open cycle and the money is authorized through August of 2015. To learn more about the program overview, requirements and policies please visit: http://development.ohio.gov/cs/cs_ovff.htm
The City of Cleveland has a similar program called the Vacant Property Initiative. Loans of up to $2 million with up to 40% forgiveness are available for construction and rehab.
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