Ohio Urban Development Division
Agenda <ul><li>Ohio’s Urban Opportunity </li></ul><ul><li>A Success Story </li></ul><ul><li>Tools That Can Help: </li></ul...
Urban Development Division <ul><li>Removing obstacles to the sustainable revitalization of Ohio’s urban places & buildings...
Ohio’s Urban Opportunity  Demographic and market demand are shifting towards urban living
Ohio’s Urban Opportunity  Demographic shifts  <ul><li>Currently, the two largest demographic groups are 20-29 and 45-55  <...
Ohio’s Urban Opportunity  Market Demand shifts  <ul><li>Market Demand for housing shifting to higher density </li></ul><ul...
Ohio’s Urban Opportunity  <ul><li>Ohio is well positioned to take advantage of these shifting demands: </li></ul><ul><ul><...
Dense Cities with Focused Infrastructure and Institutions
Ohio’s Urban Opportunity  <ul><ul><li>Ohio’s Downtowns and Urban Areas have: </li></ul></ul><ul><ul><li>19 of the 27 Fortu...
Phoenix vs. Cleveland Phoenix 1950 Population: 106,818  Population Rank: 99 1950 Population Density: 6,247 1950 Land Area:...
Phoenix
Cleveland
Blythe, California City in Eastern California  Population:12,155 Population Density: 501.5/sq mi 
Marietta, Ohio Population: 14,515 Population Density:1,747.0/sq mi 
Historic Assets
Ohio’s Urban Opportunity  State National Register of Historic Places Entries 1. New York 4,995 2. Massachusetts 4,074 3. O...
The Short North, Columbus
Downtown Toledo
Mansfield
Statewide Tools and Resources
<ul><li>Helps take blighted properties from vacancy to redevelopment through:  </li></ul><ul><li>Grants </li></ul><ul><ul>...
Problem:  Environmentally Contaminated Site
Tools:  Environmentally Contaminated Site <ul><li>Grants </li></ul><ul><ul><li>Clean Ohio Revitalization Fund: Up to $3 mi...
Clean Ohio Revitalization Fund <ul><li>Known End User Track </li></ul><ul><li>Max $3 million grant </li></ul><ul><li>Acqui...
Clean Ohio Assistance Fund <ul><li>Focused on Priority Investment Areas  </li></ul><ul><li>Assessment Focused </li></ul><u...
Brownfield Revolving Loan Fund <ul><li>Eligible property – includes residential, institutional, schools  </li></ul><ul><li...
Types of Brownfield Projects
Problem:  Financing Gap
Tool:  Ohio New Market Tax Credits CF Ware Coffee Building, Dayton <ul><li>New Program, $10 million per year </li></ul><ul...
Federal New Market Tax Credits <ul><li>Began in 2000 </li></ul><ul><li>Awarded $21 billion in tax credits nationally </li>...
Problem:  Historic Expenses Terminal Tower, Cleveland
Overview of the Program <ul><li>Provides tax credits for the rehabilitation of historic buildings </li></ul><ul><li>Progra...
Approved Applicants Marietta Peebles Piqua Port Clinton Sandusky Springfield  St. Clairsville  Tiffin Toledo Urbana Youngs...
Eligibility Requirements <ul><ul><li>Applicant is the owner of the building and non-governmental entity </li></ul></ul><ul...
What is Rehabilitation? <ul><ul><li>Protects and maintains historic building materials and character defining features </l...
Eligible Expenses <ul><li>Subsidizes 25% of Qualified Rehabilitation Expenditures (QRE) up to a project cap of $5 million....
Restoring Historic Streets: Euclid Ave, Cleveland  <ul><li>11 approved applications along historic Euclid Avenue </li></ul...
Restoring Historic Neighborhoods: Over-the-Rhine, Cincinnati  <ul><li>13 approved applications in Over-the-Rhine </li></ul...
<ul><li>17 approved applications in historic downtowns of small Ohio cities </li></ul><ul><li>Spurs local reinvestment in ...
Round 3 <ul><li>Application Deadline was September 30 th , 2009 </li></ul><ul><li>55 applications were received from 13 di...
Round 4 <ul><li>Round 4 </li></ul><ul><ul><li>$24.2 million  will be available </li></ul></ul><ul><ul><li>Application Dead...
Regional Distributive Balance – 20% <ul><li>Economic Development Region </li></ul><ul><li>Jurisdictional Balance </li></ul...
Potential Economic Impact – 80% <ul><li>Financing and Speed of Development </li></ul><ul><ul><li>Financing Secured, Levera...
Other Historic Preservation Tax Credit Use Examples <ul><li>Theatre (Hanna Theatre) </li></ul><ul><li>Hotel (Shawnee Place...
Before: The Fort Piqua Hotel <ul><li>Built in 1891,National Register of Historic Places </li></ul><ul><li>Several redevelo...
Before
After
Success Story: The Fort Piqua Hotel <ul><li>$20 million dollar rehabilitation for a 20,000 person community  </li></ul><ul...
Fort Piqua Hotel: Clean Ohio Revitalization Fund <ul><li>$1,358,546 grant from the Clean Ohio Revitalization Fund </li></u...
Fort Piqua Hotel: New Market Tax Credit <ul><li>$5.8 Million Federal New Market Tax Credits </li></ul>
Fort Piqua Hotel: Historic Preservation Tax Credits <ul><li>Total Tax Credit:  $3.6 million </li></ul><ul><li>Type of Tax ...
Why was it successful? <ul><li>Library (Long-Term Lease) </li></ul><ul><li>Compatible Uses (Coffee Shop and Library integr...
The Lesson:  You Can Do It Too!!
Urban Development Division <ul><ul><ul><ul><li>http://development.ohio.gov/UD/OHPTC/ </li></ul></ul></ul></ul><ul><ul><ul>...
Upcoming SlideShare
Loading in …5
×

Lundine

818 views
747 views

Published on

Published in: Business, Technology
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
818
On SlideShare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide
  • The Following cities have received funding
  • Lundine

    1. 1. Ohio Urban Development Division
    2. 2. Agenda <ul><li>Ohio’s Urban Opportunity </li></ul><ul><li>A Success Story </li></ul><ul><li>Tools That Can Help: </li></ul><ul><ul><li>Clean Ohio Fund </li></ul></ul><ul><ul><li>Brownfield Revolving Loan Fund </li></ul></ul><ul><ul><li>New Market Tax Credits </li></ul></ul><ul><ul><li>Historic Preservation Tax Credits </li></ul></ul>
    3. 3. Urban Development Division <ul><li>Removing obstacles to the sustainable revitalization of Ohio’s urban places & buildings with: </li></ul><ul><ul><li>Innovative Financing </li></ul></ul><ul><ul><li>Critical Resources </li></ul></ul><ul><ul><li>Redevelopment Expertise </li></ul></ul>
    4. 4. Ohio’s Urban Opportunity Demographic and market demand are shifting towards urban living
    5. 5. Ohio’s Urban Opportunity Demographic shifts <ul><li>Currently, the two largest demographic groups are 20-29 and 45-55 </li></ul><ul><li>US population is projected to grow by 100 million in 40 years </li></ul><ul><li>By 2030, every five-year age group younger than 75 will be roughly equal size </li></ul>
    6. 6. Ohio’s Urban Opportunity Market Demand shifts <ul><li>Market Demand for housing shifting to higher density </li></ul><ul><ul><li>National Association of Realtors study shows nearly 2/3rds of demand for housing in the next generation will be higher density </li></ul></ul><ul><li>Housing close to transit </li></ul><ul><ul><li>By 2025, more than 15 million will demand housing close to transit </li></ul></ul><ul><li>New and replacement housing will dominate </li></ul><ul><ul><li>By 2030 over half of all existing development will have been built after 2000. </li></ul></ul>
    7. 7. Ohio’s Urban Opportunity <ul><li>Ohio is well positioned to take advantage of these shifting demands: </li></ul><ul><ul><li>Dense Cities with Focused Infrastructure and Institutions </li></ul></ul><ul><ul><li>Great Historic Assets </li></ul></ul><ul><ul><li>Statewide Tools and Resources </li></ul></ul>
    8. 8. Dense Cities with Focused Infrastructure and Institutions
    9. 9. Ohio’s Urban Opportunity <ul><ul><li>Ohio’s Downtowns and Urban Areas have: </li></ul></ul><ul><ul><li>19 of the 27 Fortune 500 companies from Ohio </li></ul></ul><ul><ul><ul><li>Ohio ranks 5 th nationally amongst states on the Fortune 500 </li></ul></ul></ul><ul><ul><li>Many universities and colleges </li></ul></ul><ul><ul><ul><li>Columbus has the second highest per capita student population in the US </li></ul></ul></ul><ul><ul><li>All 7 of Ohio’s professional sports teams </li></ul></ul><ul><ul><li>Ohio’s nationally recognized Arts and Cultural Institutions </li></ul></ul>
    10. 10. Phoenix vs. Cleveland Phoenix 1950 Population: 106,818 Population Rank: 99 1950 Population Density: 6,247 1950 Land Area: 17.1 sq. miles 2000 Population: 1,321,045 2000 Population Density: 2,781.9 2000 Land Area: 474.86 sq. miles Cleveland 1950 Population: 914,808 Population Rank: 7 1950 Population Density: 12,197 1950 Land Area: 75.0 sq. miles 2000 Population: 478,403 2000 Population Density: 6,166.5 2000 Land Area: 77.58 sq. miles
    11. 11. Phoenix
    12. 12. Cleveland
    13. 13. Blythe, California City in Eastern California Population:12,155 Population Density: 501.5/sq mi 
    14. 14. Marietta, Ohio Population: 14,515 Population Density:1,747.0/sq mi 
    15. 15. Historic Assets
    16. 16. Ohio’s Urban Opportunity State National Register of Historic Places Entries 1. New York 4,995 2. Massachusetts 4,074 3. Ohio 3,782 4. Virginia 3,634 5. Pennsylvania 3,235 6. Texas 3,058 7. North Carolina 2,630 8. California 2,416 9. Georgia 1,974 10. Michigan 1,707
    17. 17. The Short North, Columbus
    18. 18. Downtown Toledo
    19. 19. Mansfield
    20. 20. Statewide Tools and Resources
    21. 21. <ul><li>Helps take blighted properties from vacancy to redevelopment through: </li></ul><ul><li>Grants </li></ul><ul><ul><li>Clean Ohio Fund </li></ul></ul><ul><li>Tax Credits </li></ul><ul><ul><li>Historic Preservation Tax Credits </li></ul></ul><ul><ul><li>New Market Tax Credits </li></ul></ul><ul><li>Loans </li></ul><ul><ul><li>Brownfield Revitalization Fund </li></ul></ul>The Urban Development Division
    22. 22. Problem: Environmentally Contaminated Site
    23. 23. Tools: Environmentally Contaminated Site <ul><li>Grants </li></ul><ul><ul><li>Clean Ohio Revitalization Fund: Up to $3 million </li></ul></ul><ul><ul><li>Clean Ohio Assistance Fund: Up to $750,000 </li></ul></ul><ul><li>Loans </li></ul><ul><ul><li>Brownfield Revolving Loan Fund: Up to $1 million </li></ul></ul>
    24. 24. Clean Ohio Revitalization Fund <ul><li>Known End User Track </li></ul><ul><li>Max $3 million grant </li></ul><ul><li>Acquisition </li></ul><ul><li>Environmental Cleanup </li></ul><ul><li>Demolition </li></ul><ul><li>Infrastructure – minimum needed </li></ul><ul><li>Redevelopment Ready Track </li></ul><ul><li>Max $2 million grant </li></ul><ul><li>Environmental Cleanup </li></ul><ul><li>Demolition </li></ul>
    25. 25. Clean Ohio Assistance Fund <ul><li>Focused on Priority Investment Areas </li></ul><ul><li>Assessment Focused </li></ul><ul><li>Ongoing approvals </li></ul><ul><li>Grant amounts </li></ul><ul><ul><li>$300,000 Assessment grants </li></ul></ul><ul><ul><li>$750,000 Cleanup grants </li></ul></ul>
    26. 26. Brownfield Revolving Loan Fund <ul><li>Eligible property – includes residential, institutional, schools </li></ul><ul><li>Loans of up to $1 million </li></ul><ul><li>Below market rates </li></ul><ul><li>Non-competitive program </li></ul><ul><li>Loans made to property owner </li></ul>
    27. 27. Types of Brownfield Projects
    28. 28. Problem: Financing Gap
    29. 29. Tool: Ohio New Market Tax Credits CF Ware Coffee Building, Dayton <ul><li>New Program, $10 million per year </li></ul><ul><li>Up to $1 million in state tax credits per project </li></ul><ul><li>Provides tax credits to investors to create below market rate investments for Ohio businesses </li></ul><ul><li>Gives Ohio a competitive advantage nationally </li></ul>
    30. 30. Federal New Market Tax Credits <ul><li>Began in 2000 </li></ul><ul><li>Awarded $21 billion in tax credits nationally </li></ul><ul><li>Created to enhance investments in businesses and real estate projects in low-income communities throughout the country </li></ul>
    31. 31. Problem: Historic Expenses Terminal Tower, Cleveland
    32. 32. Overview of the Program <ul><li>Provides tax credits for the rehabilitation of historic buildings </li></ul><ul><li>Program administered by the Dept. of Development, Ohio Historical Society and Dept. of Taxation </li></ul><ul><li>Approved $200 million in tax credits to 89 applicants in 23 different cities </li></ul><ul><li>Additional tax credits are available: </li></ul><ul><ul><li>$17.5 million for FY 2010 (July 1, 2009) </li></ul></ul><ul><ul><li>$24.2 million for FY 2011 (January 1, 2010) </li></ul></ul>
    33. 33. Approved Applicants Marietta Peebles Piqua Port Clinton Sandusky Springfield St. Clairsville Tiffin Toledo Urbana Youngstown Akron Canton Chillicothe Cincinnati Cleveland Columbus Dayton Elyria Hamilton Lebanon Lima Marion
    34. 34. Eligibility Requirements <ul><ul><li>Applicant is the owner of the building and non-governmental entity </li></ul></ul><ul><ul><li>The property is a historic building </li></ul></ul><ul><ul><li>Work is consistent with the U.S. Secretary of the Interior’s Standards for Rehabilitation </li></ul></ul><ul><ul><li>Tax credit is a major factor in rehabilitating the building or increased level of investment </li></ul></ul>
    35. 35. What is Rehabilitation? <ul><ul><li>Protects and maintains historic building materials and character defining features </li></ul></ul><ul><ul><li>Allows for a compatible new use of the building </li></ul></ul><ul><ul><li>Can involve replacement of extensively damaged features </li></ul></ul><ul><ul><li>Ability to construct additions onto the structure </li></ul></ul>
    36. 36. Eligible Expenses <ul><li>Subsidizes 25% of Qualified Rehabilitation Expenditures (QRE) up to a project cap of $5 million. </li></ul><ul><li>QRE can include: </li></ul><ul><ul><li>Hard construction costs (HVAC, plumbing, electrical, windows) </li></ul></ul><ul><ul><li>Some soft costs (design, engineering, site surveys, legal fees, developer fees) </li></ul></ul>
    37. 37. Restoring Historic Streets: Euclid Ave, Cleveland <ul><li>11 approved applications along historic Euclid Avenue </li></ul><ul><li>Strategic priority area for Cleveland </li></ul><ul><li>New $200 million bus rapid transit system along Euclid Ave connects: </li></ul><ul><ul><ul><li>Two largest employment centers (Public Square and Cleveland Clinic) </li></ul></ul></ul><ul><ul><ul><li>Universities (Cleveland State, Case Western Reserve and Cleveland Institute of Art) </li></ul></ul></ul><ul><ul><ul><li>Cultural Attractions (Severance Hall and Playhouse Square) </li></ul></ul></ul>Terminal Tower, Cleveland
    38. 38. Restoring Historic Neighborhoods: Over-the-Rhine, Cincinnati <ul><li>13 approved applications in Over-the-Rhine </li></ul><ul><li>Decades of disinvestment </li></ul><ul><li>Largest collection of Italianate architecture in US </li></ul><ul><li>Strategic link between downtown and University of Cincinnati </li></ul>Terminal Tower, Cleveland Over-the-Rhine, Cincinnati
    39. 39. <ul><li>17 approved applications in historic downtowns of small Ohio cities </li></ul><ul><li>Spurs local reinvestment in downtown area’s </li></ul><ul><li>Fort Piqua Hotel was vacant and deteriorating </li></ul><ul><li>Public library, coffee shop and restaurant now occupy the building </li></ul>Restoring Historic Downtowns: Piqua, Ohio Terminal Tower, Cleveland Over-the-Rhine, Cincinnati Fort Piqua Hotel
    40. 40. Round 3 <ul><li>Application Deadline was September 30 th , 2009 </li></ul><ul><li>55 applications were received from 13 different cities </li></ul><ul><li>$XXXX million in total project investment </li></ul><ul><li>$XXXX million in tax credits were requested </li></ul><ul><li>Application Approval Announcement: December 31, 2009 </li></ul>
    41. 41. Round 4 <ul><li>Round 4 </li></ul><ul><ul><li>$24.2 million will be available </li></ul></ul><ul><ul><li>Application Deadline: March 31, 2010 </li></ul></ul><ul><ul><li>Application Approval Announcement: June 30, 2010 </li></ul></ul><ul><li>Projects will be evaluated on potential economic impact and regional distributive balance </li></ul>
    42. 42. Regional Distributive Balance – 20% <ul><li>Economic Development Region </li></ul><ul><li>Jurisdictional Balance </li></ul><ul><li>County Per Capita Balance </li></ul>
    43. 43. Potential Economic Impact – 80% <ul><li>Financing and Speed of Development </li></ul><ul><ul><li>Financing Secured, Leveraged Investment, Jobs Created, Timeliness to Completion </li></ul></ul><ul><li>Quality of Property </li></ul><ul><ul><li>Physical Scope, End Use, Vacant Property, Green Building </li></ul></ul><ul><li>Quality of Place </li></ul><ul><ul><li>Strategic Plan in Place, Benefit to Low Income, Economic Development Innovation Zone </li></ul></ul>
    44. 44. Other Historic Preservation Tax Credit Use Examples <ul><li>Theatre (Hanna Theatre) </li></ul><ul><li>Hotel (Shawnee Place) </li></ul><ul><li>Steam Plant (Dayton Power and Light Building) </li></ul><ul><li>School (Old Ohio Deaf School) </li></ul><ul><li>Department Store (Higbee Dept Store) </li></ul>
    45. 45. Before: The Fort Piqua Hotel <ul><li>Built in 1891,National Register of Historic Places </li></ul><ul><li>Several redevelopment efforts stalled due to funding difficulties </li></ul><ul><li>Vacant and blighted </li></ul><ul><li>Presence of asbestos and other hazardous contaminants </li></ul>
    46. 46. Before
    47. 47. After
    48. 48. Success Story: The Fort Piqua Hotel <ul><li>$20 million dollar rehabilitation for a 20,000 person community </li></ul><ul><li>Fully occupied by a library, restaurant, coffee shop and banquet facility </li></ul><ul><li>A community focal point </li></ul>
    49. 49. Fort Piqua Hotel: Clean Ohio Revitalization Fund <ul><li>$1,358,546 grant from the Clean Ohio Revitalization Fund </li></ul><ul><li>Used grant for asbestos removal, removal of other hazardous chemicals </li></ul>
    50. 50. Fort Piqua Hotel: New Market Tax Credit <ul><li>$5.8 Million Federal New Market Tax Credits </li></ul>
    51. 51. Fort Piqua Hotel: Historic Preservation Tax Credits <ul><li>Total Tax Credit: $3.6 million </li></ul><ul><li>Type of Tax Credit Received: State and Federal </li></ul>
    52. 52. Why was it successful? <ul><li>Library (Long-Term Lease) </li></ul><ul><li>Compatible Uses (Coffee Shop and Library integration) </li></ul><ul><li>Community and Private Support Up Front </li></ul><ul><li>Infrastructure Already in Place </li></ul>
    53. 53. The Lesson: You Can Do It Too!!
    54. 54. Urban Development Division <ul><ul><ul><ul><li>http://development.ohio.gov/UD/OHPTC/ </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Urban Development Division </li></ul></ul></ul></ul><ul><ul><ul><ul><li>William Murdock, Director </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Mark Lundine, Ohio Historic Tax Credit Coordinator </li></ul></ul></ul></ul><ul><ul><ul><ul><li>Phone: 614-995-2292 </li></ul></ul></ul></ul><ul><ul><ul><ul><li>E-mail: [email_address] </li></ul></ul></ul></ul>

    ×