Immediate Opportunity Fund
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The Oregon Immediate Opportunity Fund (IOF) provides grant funding needed for street or road improvements to influence the location, relocation or retention of a firm in Oregon, revitalize business or industrial centers, and prepare Oregon Certified Project Ready Industrial Sites.
Who's eligible?
- Private Business
- Local Government Sponsors
- Tribal Governments
Three types of projects can be funded at the following maximum grants per project:
Type A: Specific economic development projects that affirm job retention and job creation opportunities. Maximum grant: $1,000,000.
Type B: Revitalization of business or industrial centers to support economic development. Maximum grant: $250,000.
Type C: Preparation of Oregon Certified Project Ready Industrial Sites. Maximum grant: $500,000.
What are the program requirements?
- Be in the process of certifying an industrial site, or negotiating a location, retention, expansion or revitalization project and involve OECDD and ODOT early in the process.
- Demonstrate the transportation problem and the benefits of the proposed project as a solution.
- Document that the decision for a "Type A" project to locate, relocate or expand in Oregon hinges on an immediate commitment of road construction resources.
- Document the arrangements for other infrastructure needed for successful development, such as water, sewer, police, fire, etc.
- For IOF grants dealing with specific economic development projects, demonstrate that jobs created by economic development projects are "primary" jobs.
- Dedicate any new road right-of-way to public use, indicate which local government agency will assume ownership, and illustrate how they have adequate ability for future maintenance. (The state will maintain the sections of projects on state highways. Local government will be responsible for roads and streets off the state system.)
- Provide assurance of matching funds of at least 1:1.
- Describe how the project is consistent with the Governor's Oregon Principles listed in the Program Criteria for IOF projects.
How does the program work?
The process is designed to obtain approval quickly. Interested applicants should work with an OECDD Business Development Officer and the ODOT region to determine eligibility and initiate the application process. The ODOT Regional IOF Coordinator and the Economic Revitalization Team review the project and recommend action to the ODOT Regional Manager and the OECDD Director. Upon receipt of the recommendation, the OECDD Director sends a request for funding to the ODOT Director. Within 45 days of receiving the request, the Oregon Transportation Committee decides whether to commit funding to the project.
More information is available from the Department of Transportation's funding guidelines.
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