Ohio Urban Development Division

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http://development.ohio.gov/UD/OHPTC/

Urban Development Division
William Murdock, Director
Mark Lundine, Ohio Historic Tax Credit Coordinator
Phone: 614-995-2292
E-mail: historic@development.ohio.gov

Published in: Real Estate, Business, Technology
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Ohio Urban Development Division

  1. 1. Ohio Urban Development Division
  2. 2. Agenda <ul><li>The Urban Development Division </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>Historic Preservation Tax Credits </li></ul></ul><ul><ul><li>New Market 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. 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>
  5. 5. Before
  6. 6. After
  7. 7. 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>
  8. 8. 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>
  9. 9. The Lesson: You Can Do It Too!!
  10. 10. How We Can Help <ul><li>Help 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>
  11. 11. Problem: Environmentally Contaminated Site
  12. 12. 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>
  13. 13. 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>
  14. 14. Clean Ohio Assistance Fund <ul><li>Focused on Priority Investment Areas </li></ul><ul><li>Project approval on a rolling basis </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><ul><li>75% Assessment – 25% Cleanup </li></ul>
  15. 15. 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>
  16. 16. 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>
  17. 17. Other Clean Ohio Fund Use Examples <ul><li>Shopping Center (State Road Shopping Center) </li></ul><ul><li>Manufacturing Plant (Dayton GM Delphi Plant) </li></ul><ul><li>Factory (Akron Airdock) </li></ul><ul><li>Warehouse (Big Bear Warehouse) </li></ul><ul><li>Hospital (Middletown Regional Hospital) </li></ul>
  18. 18. Problem: Financing Gap Terminal Tower, Cleveland
  19. 19. 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>
  20. 20. 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>
  21. 21. Fort Piqua Hotel: New Market Tax Credit <ul><li>$5.8 Million Federal New Market Tax Credits </li></ul>
  22. 22. Problem: Historic Expenses Terminal Tower, Cleveland
  23. 23. Tool: Ohio Historic Preservation Tax Credits CF Ware Coffee Building, Dayton <ul><li>25% state tax credit for historic buildings </li></ul><ul><li>$5 million project cap </li></ul><ul><li>Competitive application process </li></ul><ul><ul><li>Round 3: Sept 30 deadline </li></ul></ul><ul><ul><li>Round 4: March 31 deadline </li></ul></ul><ul><li>20% federal tax credit is also available </li></ul>
  24. 24. 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>
  25. 25. 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>
  26. 26. 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>

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