Northeast Ohio leads the state with just under half of all Historic Preservation Tax Credits announced by the Ohio Development Services Agency (DSA) Wednesday as part of its latest round of awards.
Of the 30 projects in six regions of the state selected for the tax credit, a dozen lie in the northeast quadrant, including a $4.5 million offering to the NASA Lewis Research Center, Development Engineering Building and Annex in Fairview Park, Cuyahoga County. The estimated project cost is more than 10 times that amount.
In Central Ohio, the Columbus Dispatch Building at 34 S. Third St., right across from the Statehouse, will also receive a tax credit of $2,228,459 which could go up to $2.9 million if funds become “available through withdrawn applications or project savings.” The total project cost is set at $29.1 million.
Overall, Northeast Ohio will receive $15,585,192 in Historic Preservation Tax Credits in the 18th funding round. Including the old Union Terminal in Cincinnati, Southwest Ohio is marked out for $10,407,500; Western Ohio, $5,186,850; Central Ohio, $2,478,459; Eastern Ohio, $713,489; and Northwest Ohio, $609,065.
DSA says the $35 million in total tax credits are expected to leverage private investments exceeding $520 million in 13 communities.
“Preserving these historic buildings creates opportunities for small businesses and revitalizes downtowns,” DSA Director David Goodman said in a release. “We’re capitalizing on what makes Ohio unique.”
Awards will help private developers rehabilitate historic buildings in downtowns and neighborhoods. Once rehabilitated, they will drive further investment and interest in adjacent properties, DSA says.
Developers are not issued the tax credit until project construction is complete and all program requirements are verified.
The full list tax credit recipients can be found here.