| Program Name |
Type |
Administrator |
Program Description |
Basic Requirements |
Ashland City / County Revolving Loan Fund
|
Low interest loan
|
Ashland County |
The City of Ashland and Ashland County will provide loans at a rate below prime. The primary goal of the RLFs is to create and retain jobs for low-to-moderate income residents of Ashland City/County. |
Most companies with the exception of non-profit businesses and financial institutions. Can only be used for Purchase of machinery & equipment, Building renovation or construction or Land acquisition. One job must be created for every $25,000.00 loaned. Ineligible uses include refinancing, retirement of existing debts, non-capital equipment purchases, inventory, operational costs, training costs and soft costs such as fees and licenses. At least 51% of all jobs must be made available for low and moderate income individuals. RLF cannot be more than 50% of this project. The owner/developer must invest at least 5% in cash equity toward the projects fixed asset costs. At least 15% of the projects fixed asset costs must be privately financedthis may include owners/developers equity. |
| Enterprize Zone Tax Incentives |
Tax Abatement |
Tax Incentive Review Council |
Enterprise Zone offers a pre-construction negotiated abatement of real estate taxes for an existing or recruited company that is creating or retaining jobs. This incentive is only available relative to the taxes on the improved value of sites. Designed to encourage investment and job creation within the boundaries of the Enterprise Zone. Each contract negotiated, shall be designed to spur capital investment while creating or retaining jobs. The City will evaluate each project on an individual basis to determine the appropriate incentive level. |
The project must meet one of the four following definitions:
1. Establish - The creation of a facility which is determined to entail significant investment in real and/or personal property other than inventory at a location where the business had not previously operated.
2. Expand - To add land, buildings, machinery, equipment, or other materials except inventory to a facility that equal at least 10% of market value of the facility before such expenditures.
3. Renovate To make expenditures to alter or repair a facility that equal at least 50% of the market value of the facility prior to such expenditures.
4. Occupy To make expenditures to alter or repair a vacant facility equal to at least 20% of the market value of the facility prior to such expenditures. |
| Community Reinvestment Areas |
Tax Exemptions on Real Property Taxes |
Local Communities |
Certain areas in the city of Ashland and Montgomery Township. State law permits up to 100 percent abatement for up to 15 years for new construction or improvements to real property. Very similar to Enterprise Zones except that CRAs can allow tax abatement for retail in special circumstances. |
During the term of any approved agreement, the business involved must continue to cooperate with the affected City Officials by providing any necessary information. |
| Erie Basin Resource Conservation and Development Revolving Loan Fund |
Loan |
|
The financial assistance is intended to result in private sector job creation and contribute to the development or stabilization of natural resources. |
The primary requirement is that one job will be created for every $15,000 lent. |