Ohio economic development officials recently announced 11 awards through the Ohio Historic Preservation Tax Credit program, which awards refundable tax credits to owners of historic buildings who renovate and rehabilitate the buildings in preparation for commercial or residential uses.
The $120 million Ohio Historic Preservation Tax Credit program will provide recipients tax credits equal to 25 percent of qualified rehabilitation expenditures. Ohio's Historic Preservation Office must determine that rehabilitation plans comply with United States Interior Department Standards for Treatment of Historic Properties.
"Ohio's communities are full of unique historic buildings that are irreplaceable and vital to preserving the history and heritage of those communities," said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. "The re-development of these buildings not only preserves a community asset, but holds great potential for spurring economic development and creating jobs."
The 11 recipients announced will invest more than $147 million combined in projects to rehabilitate historic buildings for re-development. 103 applications for the Ohio Historic Preservation Tax Credit program have been submitted to date, and review of the remaining applications by the Department and Ohio's Historic Preservation Office continues.
A list of the Ohio Historic Preservation Tax Credit recipients follows:
Selle Gear Co. (Akron, Summit County)
Total project investment: $3.7 million
Estimated qualified rehabilitation expenditures: $3,207,252
Total estimated value of credit: $801,813
Sunshine Cloak Co. Building (Cleveland, Cuyahoga County)
Total project investment: $7.5 million
Estimated qualified rehabilitation expenditures: $6,472,220
Total estimated value of credit: $1,618,055
M.T. Silver Building (Cleveland, Cuyahoga County
Total project investment: $9.6 million
Estimated qualified rehabilitation expenditures: $9,005,000
Total estimated value of credit: $2,251,250
William Taylor, Son & Co. Department Store - The 668 Euclid Building (Cleveland, Cuyahoga County)
Total project investment: $55.9 million
Estimated qualified rehabilitation expenditures: $65,617,753
Total estimated value of credit: $16,404,438
John Hartness Brown Building (Cleveland, Cuyahoga County)
Total project investment: $27.4 million
Estimated qualified rehabilitation expenditures: $23,023,200
Total estimated value of credit: $5,755,800
Cleveland Athletic Club Building (Cleveland, Cuyahoga County)
Total project investment: $23.2 million
Estimated qualified rehabilitation expenditures: 16,586,400
Total estimated value of credit: $4,146,600
Second National Bank Building (Hamilton, Butler County)
Total project investment: $972,608
Estimated qualified rehabilitation expenditures: $937,888
Total estimated value of credit: $234,472
Howell-Sohngen Building (Hamilton, Butler County)
Total project investment: $3.2 million
Estimated qualified rehabilitation expenditures: $3,106,754
Total estimated value of credit: $776,689
Davis-McCrory Building (Hamilton, Butler County)
Total project investment: $1.8 million
Estimated qualified rehabilitation expenditures: $1,817,158
Total estimated value of credit: $454,290
Hotel Onesto (Canton, Stark County)
Total project investment: $6 million
Estimated qualified rehabilitation expenditures: $5,803,200
Total estimated value of credit: $1,450,800
The Hotel Reiger (Sandusky, Erie County)
Total project investment: $7.2 million
Estimated qualified rehabilitation expenditures: $7 million
Total estimated value of credit: $1,750,000
The Ohio Historic Preservation Tax Credit program was authorized for a two-year period beginning July 1, 2007. The program is administered by the Ohio Department of Development with assistance provided by the Ohio Historic Preservation Office of the Ohio Historical Society and the Ohio Department of Taxation.
For more information about the Ohio Historic Preservation Tax Credit and application procedures, visit http://www.odod.state.oh.us/edd/OHPTC/.
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