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August 28, 2006
ODNR UNVEILS NEW RECREATION MARINE LOAN PROGRAM
Partnership program aims to improve public boating access along Ohio waterways
COLUMBUS, OH In its continued effort to improve recreational boating access to Ohio waterways, including Lake Erie and the Ohio River, the Ohio Department of Natural Resources (ODNR) Division of Watercraft is now offering a loan program to help develop new recreational marinas and enhance existing marina facilities across the state.
The Recreation Marine Loan Program establishes a financial relationship between the ODNR Division of Watercraft, qualified marina facility owners and private lending institutions. The division provides an economic incentive for private lenders to lower the interest rate to the borrower by placing a linked deposit with the lending institution. In order to maintain the linked deposit, participating marinas must meet annual performance indicators established by the division to insure the facility is properly maintained and operated according to strict safety and public access guidelines.
“By obtaining pre-approval from the Division of Watercraft, a marina owner can now apply for a low-interest loan from a private lending institution, making marina development more affordable,” said Michael E. Quinn, acting chief of the ODNR Division of Watercraft.
“This program offers a very creative solution to the biggest problem identified by Ohio boaters, which is improved boating access.”
Project amenities eligible for funding through this program include construction of docks, breakwaters, vehicle parking and boating facility infrastructure improvements, erosion control, construction dredging, land acquisition and certain types of engineering costs.
Project activities not eligible for inclusion in the program include planning and feasibility studies, conceptual engineering and design, administrative fees, attorney fees and maintenance costs.
Marina owners and operators may apply for participation in the Recreation Marine Loan Program through November 1. An application form and additional information are available at ohiodnr.com.
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