Infrastructure Support funds that are available through the State of Oregon
- Immediate Opportunity Fund (IOF)
The Immediate Opportunity Fund (IOF) is part of the Oregon Department of Transportation’s (ODOT) Modernization Program. These funds support street and road improvements that are directly tied to awards that serve business sites. They are limited to economic development projects that affirm job creation and/or retention. The maximum amount available for a single project is $1 million. Project proposals are expected to provide a match of 50 percent or more of the total funds . Public or private sources may provide the match to these funds. Although these funds are used for expansion and retention of existing firms, IOF’s also have a significant positive impact upon state recruitment efforts. Such recruitments often require extensions of transportation infrastructure in order to undertake substantial operations at relatively undeveloped locations.
The Special Public Works Fund (SPWF) provides funds for publically owned facilities that support economic and community development in Oregon.
Funds are available to public entities for:
- planning, designing, constructing public infrastructure and purchasing
Infrastructure projects that are eligible for funding are:
- port facilities, wharves and docks;
- the purchase of land, rights of way and easements necessary for a public facility;
- telecommunications facilities;
- roadways and bridges;
- storm drainage systems;
- wastewater systems; and
- water systems.
Loans for development (construction) projects range from less than $100,000 to $10 million. The Infrastructure Finance Authority offers very attractive interest rates that reflect tax-exempt market rates for highly qualified borrowers. Initial loan terms can be up to 25 years or the useful life of the project, whichever is less.
Grants are available for construction projects that create or retain traded-sector jobs. They are limited to $500,000 or 85 percent of the project cost, whichever is less, and are based on up to $5,000 per eligible job created or retained.