“The vitality of our state’s cities plays a key role in the economic development of Ohio,” Strickland said. “Historic Preservation investments encourage local job creation and strengthen our communities while preserving Ohio’s unique history.”
The Historic Preservation Tax Credit awards are part of the Ohio Bipartisan Job Stimulus Plan, which set aside $120 million for Historic Preservation Tax Credits. In October 2008, 46 applicants were approved for a total of $74 million in tax credits, and about $23.7 million (of the remaining $41.8 million) were awarded this week.
About $22.1 million more will be awarded in the next round, which begins January 1, 2010.
“Ohio possesses great urban neighborhoods and historic downtowns,” ODOD Director Lisa Patt-McDaniel said. “The Ohio Historic Preservation Tax Credit program provides the state with a tremendous opportunity to highlight our historic assets and urban areas to attract businesses and young professionals.”
The Ohio Historic Preservation Tax Credit program provides recipients tax credits equal to 25 percent of qualified rehabilitation expenditures. Ohio’s Historic Preservation Office determines that rehabilitation plans comply with United States Interior Department Standards for Treatment of Historic Properties. The 12 recipients announced today, are expected to leverage more than $159 million in investments -- meaning that for every one dollar the state invests, $6.72 of private capital will be invested in these projects.
Among those receiving the Ohio Historic Preservation Tax Credit this week was the Horizon House, on Second Street in Portsmouth.
Originally built in 1906 as the Joseph G. Reed Company — a wholesale notion and dry goods business — the Horizon House was converted in 1981 into residential senior living. The current $6.9 million renovation project will consist of the rehabilitation of the existing 50 senior-restricted studio, one-, and two-bedroom government subsidized units. The rehabilitation proposal for Horizon House seeks to return some of the historical elements to the building by highlighting historic features covered in previous rehabilitation efforts.
Strickland and Patt-McDaniel have given a total of $1,543,630 in tax credits to the Horizon House to assist in its renovation project.
The Berg Building, in Ironton, also was awarded $1,958,050 in tax credits for their $8.1 million restoration project. The building is one of the oldest and more prominent structures in the Central Business District of Ironton. The project will involve the historic restoration of a total of 11,703-square-feet of the Berg Building for four market rate loft apartments, along with approximately 6,497-square-feet of commercial space.
Other tax credits awarded this week include:
• $1,129,313 to Berwick Hotel (in Cambridge, Guernsey County) for a $6.8 million project,
• $1,256,186 to Cincinnati Color Building (in Cincinnati, Hamilton County) for a $14.1 million project,
• $1,695,986 to Germania Hall (in Cincinnati, Hamilton County) for a $7 million project,
• $4,166,597 to Mercer Commons (in Cincinnati, Hamilton County) for an $18.2 million project,
• $1.6 million to 1305 Euclid Project (the Cowell & Hubbard Building in Cleveland, Cuyahoga County) for an$8 million project,
• $1,200,000 to Born Capital Brewery Bottle Works (in Columbus, Franklin County) for a $10.3 million project,
• $4,574,360 to Hayden Buildings (in Columbus, Franklin County) for a $26.6 million project,
• $2 million to Apollo Theatre (in Oberlin, Lorain County) for a $9 million project,
• $1,388,496 to ASM Headquarters & Geodesic Dome (in Russell Township, Geauga County) for a $5.8 million project; and,
• $1,118,286 to Youngstown YWCA (in Youngstown, Mahoning County) for a $9.3 million project.
For more information about the Ohio Historic Tax Credit program, including the 2008 Annual Report and applications, visit them online at development.ohio.gov.
RYAN SCOTT OTTNEY can be reached at (740) 353-3101, ext. 235, or e-mail email@example.com.