In local revitalization examples included as part of the May Public Management (PM) magazine cover story, authors Emily Moser and Jason Rittenberg of the Council of Development Finance Agencies, Columbus, Ohio, write about financial incentives that can be used for brownfields revitalization and what they call a development finance toolbox.
Moser and Rittenberg explain that the finance toolbox includes five types of tools: bedrock, targeted, investment, access to capital, and support. Specific tools and programs that fit into these areas are private activity bonds, tax increment finance, revolving loan funds, tax credits, and federal grants.
They note that not all tools need to be used by a project in order to demonstrate the toolbox’s effectiveness. Projects definitely can benefit from just one or two of the tools, but having a variety of them helps maximize public leverage for a project.
For specific information on seven Ohio local government projects included in the article that used one or more development finance tools to stimulate brownfields cleanup and redevelopment, including the American Can Company building in Cincinnati and the Ironville Terminal project in Toledo, read the May cover story.
Use this link to access the entire issue’s contents: May 2015 Public Management (PM) Magazine.