The InfrastructureWorks program is designed to encourage and accelerate public sector investment in infrastructure projects that result in economic growth and job creation. The program functions as a revolving loan fund, the Franklin County Infrastructure Bank (FCIB), and provides timely, flexible, and below market rate loan financing for economic development projects within Franklin County.
Eligible Borrowers
The Franklin County Infrastructure Bank is limited to cities, villages, and townships within Franklin County. Only economic development projects that are located within Franklin County are eligible.
Loan Parameters
- Loan Amounts: Capped at 50% of the total cost of the project, up to $1,000,000
- Interest Rate: 25 basis points below Municipal Market Index, established quarterly with the opportunity to relock the rate at the time of closing
- Loan Term: 1 year to 10 year term loans
- Repayment: For loans with a 5 year term or longer, interest may be deferred for the first 12 months after closing
- Low fees: A loan origination fee, determined by the size of the loan and favorable compared to other sources
Eligible Infrastructure
Any publicly owned infrastructure that is directly related to and required to facilitate an economic development project is eligible for financing. Economic development projects are those that will encourage economic growth, create and/or retain jobs, and/or increase sales tax revenues. A list of eligible infrastructure projects includes, but is not limited to, the following:
- Transportation Infrastructure: public roads, bridges, tunnels, drainage, guardrails, protective structures, rail, transit, pedestrian/bicycle paths, and aviation;
- Traditional Energy Infrastructure: electricity-related and/or natural gas-related infrastructure (grids, substations, pipelines, storage/distribution terminals, etc);
- Energy Infrastructure: Infrastructure related to wind, solar, geothermal, biomass, and
- Water: clean-water, storm-water, waste-water, and/or conservation infrastructure;
- Telecommunications: broadband, fiber, and transmission infrastructure.
Collateral
The FCIB may request any of the following as collateral/security for financed projects:
- Pledge of identified tax revenues, non-tax revenues, fees, tolls, or other revenue
- Letter of Credit or cash reserve
Application Process and Project Selection
Project applications will be accepted on a continuous basis, beginning January 1st of each year until funds for that Program Year have been exhausted. Eligible borrowers must have a pre-application meeting with Franklin County Economic Development and Planning staff prior to submitting an application. The borrowers and projects will be analyzed by an independent financial advisor for credit-worthiness. The projects will then be evaluated by an independent Loan Advisory Board, which will result in loans being recommended for approval by the Franklin County Board of Commissioners.
Recent Projects
Village of Marble Cliff - Cardigan Avenue
In October of 2015, the Franklin County Commissioners awarded the Village of Marble Cliff a $125,000 FCIB loan (1.7% over 10 years) to assist in financing a $449,825 water facility improvement project along Dublin Road and Cardigan Avenue. The project is part of a phased redevelopment of the Cardigan Avenue Commercial and Industrial Park within the village and will leverage recent private investments made by Connect Realty, LLC, Mid-Ohio Contracting, Inc., and The Commissary, a food commissary and local food hub. Over the next three years, the village estimates that 40 full-time equivalent jobs will be created. Read the Press Release.
City of Upper Arlington - Municipal Fiber Optic Network
In October of 2015, the Franklin County Commissioners awarded the City of Upper Arlington a $1,000,000 FCIB loan (1.7% over 10 years) to assist in financing the construction of a $2,566,871 Fiber Optic Network within the municipal boundaries. The goal of the project is to attract new, long-term investment opportunities by allowing the city to provide a “5th utility”. In the near-term, the project will benefit health and information science related projects within the city, including a new Ohio State University Medical Office project as well as continued investment and job creation from National Church Residences. Over the next three years, the city estimates that 300 full-time equivalent jobs will be created. Read the Press Release.
City of Whitehall - North Hamilton Road
In October of 2015, the Franklin County Commissioners awarded the City of Whitehall a $550,000 FCIB loan (1.7% over 10 years) to assist in financing a $2,831,005 street improvement project along North Hamilton Road. The North Hamilton Road gateway is one of Whitehall’s major entrances, as well as a major employment and retail corridor. The project will support expansion efforts of existing businesses along North Hamilton Road, as well as enhance access to the city’s Airport South Commerce and Tech Park, which is currently undergoing redevelopment. Over the next three years, the city estimates that 50 full-time equivalent jobs will be created. Read the Press Release.
City of Grandview Heights - Goodale Boulevard
In May of 2016, the Franklin County Commissioners awarded the City of Grandview Heights a $1,000,000 FCIB loan (1.9% over 10 years) to assist in financing a $2,775,320 street improvement project along Goodale Boulevard. The project is the third phase of an overall redevelopment of Goodale Boulevard and will support expansion efforts of Health South, Berardi and Partners, and American Electric Power in addition to facilitating the egress and ingress of approximately 3,000 Nationwide Insurance employees locating at the adjacent Grandview Yard development. Over the next 3 years, the city estimates that 247 full-time equivalent jobs will be created. Read the Press Release.
How to Submit the Application
- Contact Franklin County Economic Development and Planning at 614-525-5244 to discuss the project and schedule a pre-application meeting.
- Save the application to your computer (right click on the application link and click “Save As”)
- Open the downloaded application, fill out the form, and save your changes
- Email the application, along with supporting documentation, to [email protected]