OH SB137

Establishes the rural industrial park loan program administered by the director of development to provide loans and loan guarantees for land acquisition, building construction/improvement, and infrastructure improvements including broadband access in rural areas.

Director must annually designate eligible areas by January 1st, inform local governments of program availability, and report annually to the governor and legislature on loans made, including number and amounts.

Applicants must demonstrate site suitability with adequate utilities and transportation access, provide marketing plans and management strategies, and agree for five years not to relocate jobs from elsewhere in the state unless the director makes a written determination of business necessity.

Director may establish fees, interest rates, payment schedules, local match requirements, and rules for application review; controlling board approval required for all loans and loan guarantees.

Appropriates $25,000,000 from the Facilities Establishment Fund to the Rural Industrial Park Loan Fund for fiscal year 2020.