COLUMBUS, Ohio – In an effort to spur hiring, the he Franklin County commissioners are making millions of dollars in loans available to cities, villages and townships to builds or rehab their infrastructure, such roads and bridges.
Under the Infrastructure Works program, the county will offer $3.5 million a year for up to five years, starting in 2015, which the commissioners hope will result in an infusion of nearly $20 million.
Under the program, the county will lend up to $1,000,000 to cover as much as half the cost of each project.
Funding for the program will come from the county’s temporary quarter-cent sales-tax increase, which took effect this year.
The program is an extension of the county’s flagship economic development effort, called Smart Works. Launched in 2012, Smart Works has resulted in commitments of approximately 1,000 new jobs and the retention of hundreds more, according to a release from the commissioners’ office.
A Loan Advisory Committee will screen eligible projects, which may include transportation, energy, water, electrical power networks, natural gas pipelines, wind, solar or other green-energy projects and telecommunications infrastructure such as broadband and fiber, the commissioners announced.
The committee’s recommendations will be forwarded to the commissioners final approval.
The county also plans to expand Smart Works to new investments in energy and workforce development.