Infrastructure Improvement
Available Incentives
Capital Improvement Funds: Funds from the City's Capital Improvement Budget used to assist with the cost of public infrastructure improvements required to support new commercial development projects.
Urban Infrastructure Recovery Fund: The UIRF is a funding program targeted toward addressing the capital improvement needs of central city neighborhoods. City- and Area Commission-approved priority lists outlay projects for implementation over a five-year period.
Tax Increment Financing: Funding mechanism used to establish incentive areas wherein all new property tax revenues generated as a result of new improvements are captured and re-invested to benefit or serve that same area. Payments derived from the increased assessed value of any improvement to real property beyond the base value are directed towards a separate fund to finance the construction of public infrastructure defined within the TIF legislation. For more information regarding Tax Increment Financing please visit https://development.ohio.gov/business/state-incentives/tax-increment-financing
Green and Energy Efficiency Programs
"The City of Columbus Economic Development Programs have repeatedly illustrated that when significant public investment leads private investment, catalytic revitalization happens and neighborhoods turn around. Their willingness to partner with effective private players though timely upfront investment in infrastructure and their commitment to communities has been the cornerstone of the transformational development that has restored energy and purpose to Columbus' inner core."
Mark A. Wagenbrenner, Principal, Board Member, & President, Thrive Cos.
Property Assessed Clean Energy (PACE)
Property Assessed Clean Energy (PACE) is an innovative way to finance energy efficiency and renewable energy upgrades to buildings. Interested property owners evaluate measures that achieve energy savings and receive 100% financing, repaid as a property tax assessment for up to 20 years. The assessment mechanism has been used nationwide for decades to access low-cost long-term capital to finance improvements to private property that meet a public purpose. By eliminating upfront costs, providing low-cost long-term financing and making it easy for building owners to transfer repayment obligations to a new owner upon sale, PACE overcomes challenges that have hindered adoption of energy efficiency and related projects in our nation's buildings.
Brownfield
With the assistance of the City of Columbus Department of Development, support from numerous entities can be secured to accelerate the redevelopment of sites that are abandoned, or underutilized due to pollution from industrial use.
Ohio Site Inventory Program through Jobs Ohio
The OSIP offers grants and low-interest loans to support speculative site and building development projects with no identified end user.