Ohio Rural Industrial Park Loan Program: Compliance Requirements

Loan forgiveness (up to 100% minus RIPL's percentage of total project cost) is contingent on successful completion of the project as described in the application and loan agreement.

Deadline: Upon demonstrated project completion in accordance with application and loan agreement

Source: Ohio Revised Code §122.24; development.ohio.gov RIPL program page

Pay monthly servicing fee equal to 0.25% of the outstanding principal amount of the loan, pro-rated and payable monthly after loan closing.

Deadline: Pro-rated and payable monthly after closing of the loan

Source: development.ohio.gov RIPL program page; Ohio Revised Code §122.24

Borrower must maintain first and/or shared first priority mortgage and/or lien position on project costs/uses financed with RIPL proceeds as required security and collateral.

Deadline: Security interest must be perfected at loan closing and maintained throughout the loan term

Source: Ohio Development RIPL program guidelines; development.ohio.gov

Borrower equity contribution of minimum 10% of total eligible project costs must be documented and funded prior to or concurrent with RIPL loan closing.

Deadline: Documented and funded by loan closing date

Source: Ohio Revised Code §122.24; development.ohio.gov RIPL program page

For a 5-year period from project completion, borrower must not permit the developed site to cause job relocation from elsewhere in Ohio without prior written approval from Ohio Development.

Deadline: Ongoing for 5-year period following project completion; Development may require prior approval for any job relocation activity

Source: Ohio Revised Code §122.24; development.ohio.gov RIPL program page