Ohio’s $3.3 B in Economic Development Program Funding Creates Unprecedented Opportunities

The Ohio General Assembly with the support of Governor Mike DeWine and Lt. Governor Jon Husted adopted a state of Ohio operating budget that contained an unprecedented $3 B plus in economic development program spending to prepare industrial sites, redevelop Brownfield, demolition of antiquated buildings, address Broadband challenges, spur housing and mixed-use investments, venture capital, and support rural communities through transportation and industrial park program funding.

Ohio’s $3.3 B in State Economic Development Programs

The list above outlines just some of Ohio’s economic development programs primarily contained in the state of Ohio operating bill enacted in late June of 2023.  Many of these programs will begin rolling out competitively awarded applications in the coming weeks.  The majority of these programs will be awarded by the Ohio Department of Development but others such as the Connect4Ohio Program is an Ohio Department of Transportation. The Ohio Brownfield Remediation Program, Ohio Building Demo and Site Development Program, Ohio Water & Sewer Infrastructure Program, Ohio Broadband Programs, Ohio Transformational Mixed Use Development Program, and Ohio Rural Industrial Park Program have existed for several years and were funded during the legislative process by the Ohio General Assembly.  New programs such as the All Future Ohio Program is designed to spur large-scale industrial site development across the state while the Connect4Ohio program is designed to help rural communities gain additional transportation funding.   Finally, housing was a major winner in the operating budget with the creation of multiple new programs for affordable and market-rate housing. 

All sorts of opportunities to gain funding from the state of Ohio for economic development projects. Last year, the Montrose Group successfully advocated for $177 M in local and state government project financing for public and private sector clients. Contact Dave Robinson at drobinson@montrosegroupllc.com if you need assistance in any project financing matter.