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Commercial Property Reutilization
formerly Brownfield Redevelopment Fund
Building on the foundation of the Brownfield Redevelopment Fund, which was established in 1998 and the Commercial Redevelopment Fund, which was established in 2008, the CPR offers subsidized loan assistance to obtain the full re-use of abandoned, idled or underutilized commercial, industrial, and institutional properties in the County. Job creation and an increase in property values are expected outcomes of remediation and redevelopment.
A pre-application interview process is required to facilitate the formal financing process, and best utilize limited resources. A non-refundable application fee of $150 applies to all program areas. All project funding support requires final approval by the County Council.
Commercial Property Reutilization (CPR) is one of the three priority verticals under the Cuyahoga
County Western Reserve Fund.
There are three loan programs
The County can fund up to $1 million directly per project for environmental clean ups, demolition and site clearance. All other project financing must be secured. A subsidy of up to 40% of the loan amount is available subject to satisfaction of the loan covenants; including receipt of an Ohio EPA VAP No Further
Action Letter and job creation. Maximum loan term is 10 years with a fixed interest rate of 4%.
Fully forgivable loans are available for businesses looking to expand at their existing location onto an adjacent parcel. The loan amount is based upon job creation; minimum 15, new to Cuyahoga County, full-time jobs must be created, with a maximum loan amount of $500,000. The loan is forgiven in equal amounts over a 7-year period upon satisfaction of loan covenants; including, receipt of a No Further Action Letter under the VAP for the project and attainment of job creation goals.
Redevelopment and Modernization
The County can fund up to $1 million directly per project for building modernization, asbestos abatement, leasehold improvements and demolition. All other project financing must be secured. A subsidy of up to 35% of the loan amount is available subject to satisfaction of the loan covenants, including job creation goals. Maximum loan term is 10 years with a fixed interest rate of 4%.
For additional information and eligibility requirements please contact a member of our Brownfield staff