The Ohio Department of Development is currently reviewing 36 applications in Round Two of the Ohio Transformational Tax Credit Program.
The Program provides a tax credit against development costs incurred during the construction of a project that will be a catalyst for future development in its area.
Applications were submitted in early July.
This round, applicants sought over $318 million in credits. The Department has $100 million to distribute. A complete list of applications has not been posted, but from news reports, it appears that a handful of projects involve the preservation of older properties.
The following are known to be included in the mix. A link for more information is included after each.
The Kroger Bakery Project in Columbus, recent recipient of a $5 million Ohio Historic Preservation Tax Credit. More information
In downtown Cleveland, a second attempt to secure tax credits for the Tower at Erieview. A $13 million award would help them remake empty office space with a W hotel, high-end apartments and a restaurant on the 38th floor. A mid-century modern building dating from 1963. More information
On the east bank of the Flats in Cleveland, a developer is seeking just over $2.9 million in credits to transform Old River Road, where he and a partner have teamed up to revitalize historic buildings on both sides of the street. More information
Also submitted was a project at 20 Federal Place, Youngstown, which is also currently seeking $24 to $26 million in Ohio Historic Preservation Tax Credits. More information here and here.
Photo: Newark Arcade, a Round One tax credit recipient; Source: Creative Commons License
