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Ohio Urban Development Division
 

Ohio Urban Development Division

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

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

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    Ohio Urban Development Division Ohio Urban Development Division Presentation Transcript

    • Ohio Urban Development Division
    • Agenda
      • The Urban Development Division
      • A Success Story
      • Tools That Can Help:
        • Clean Ohio Fund
        • Brownfield Revolving Loan Fund
        • Historic Preservation Tax Credits
        • New Market Tax Credits
    • Urban Development Division
      • Removing obstacles to the sustainable revitalization of Ohio’s urban places & buildings with:
        • Innovative Financing
        • Critical Resources
        • Redevelopment Expertise
    • Before: The Fort Piqua Hotel
      • Built in 1891,National Register of Historic Places
      • Several Redevelopment Efforts Stalled due to funding difficulties
      • Vacant and blighted
      • Presence of asbestos and other hazardous contaminants
    • Before
    • After
    • Success Story: The Fort Piqua Hotel
      • $20 million dollar rehabilitation for a 20,000 person community
      • Fully occupied by a library, restaurant, coffee shop and banquet facility
      • A community focal point
    • Why was it successful?
      • Library (Long-Term Lease)
      • Compatible Uses (Coffee Shop and Library integration)
      • Community and Private Support Up Front
    • The Lesson: You Can Do It Too!!
    • How We Can Help
      • Help take blighted properties from vacancy to redevelopment through:
      • Grants
        • Clean Ohio Fund
      • Tax Credits
        • Historic Preservation Tax Credits
        • New Market Tax Credits
      • Loans
        • Brownfield Revitalization Fund
    • Problem: Environmentally Contaminated Site
    • Tools: Environmentally Contaminated Site
      • Grants
        • Clean Ohio Revitalization Fund: Up to $3 million
        • Clean Ohio Assistance Fund: Up to $750,000
      • Loans
        • Brownfield Revolving Loan Fund: Up to $1 million
    • Clean Ohio Revitalization Fund
      • Known End User Track
      • Max $3 million grant
      • Acquisition
      • Environmental Cleanup
      • Demolition
      • Infrastructure – minimum needed
      • Redevelopment Ready Track
      • Max $2 million grant
      • Environmental Cleanup
      • Demolition
    • Clean Ohio Assistance Fund
      • Focused on Priority Investment Areas
      • Project approval on a rolling basis
      • Grant amounts
        • $300,000 Assessment grants
        • $750,000 Cleanup grants
      • 75% Assessment – 25% Cleanup
    • Brownfield Revolving Loan Fund
      • Eligible property – includes residential, institutional, schools
      • Loans of up to $1 million
      • Below market rates
      • Non-competitive program
      • Loans made to property owner
    • Fort Piqua Hotel: Clean Ohio Revitalization Fund
      • $1,358,546 grant from the Clean Ohio Revitalization Fund
      • Used grant for asbestos removal, removal of other hazardous chemicals
    • Other Clean Ohio Fund Use Examples
      • Shopping Center (State Road Shopping Center)
      • Manufacturing Plant (Dayton GM Delphi Plant)
      • Factory (Akron Airdock)
      • Warehouse (Big Bear Warehouse)
      • Hospital (Middletown Regional Hospital)
    • Problem: Financing Gap Terminal Tower, Cleveland
    • Tool: Ohio New Market Tax Credits CF Ware Coffee Building, Dayton
      • New Program, $10 million per year
      • Up to $1 million in state tax credits per project
      • Provides tax credits to investors to create below market rate investments for Ohio businesses
      • Gives Ohio a competitive advantage nationally
    • Federal New Market Tax Credits
      • Began in 2000
      • Awarded $21 billion in tax credits nationally
      • Created to enhance investments in businesses and real estate projects in low-income communities throughout the country
    • Fort Piqua Hotel: New Market Tax Credit
      • $5.8 Million Federal New Market Tax Credits
    • Problem: Historic Expenses Terminal Tower, Cleveland
    • Tool: Ohio Historic Preservation Tax Credits CF Ware Coffee Building, Dayton
      • 25% state tax credit for historic buildings
      • $5 million project cap
      • Competitive application process
        • Round 3: Sept 30 deadline
        • Round 4: March 31 deadline
      • 20% federal tax credit is also available
    • Fort Piqua Hotel: Historic Preservation Tax Credits
      • Total Tax Credit: $3.6 million
      • Type of Tax Credit Received: State and Federal
    • Other Historic Preservation Tax Credit Use Examples
      • Theatre (Hanna Theatre)
      • Hotel (Shawnee Place)
      • Steam Plant (Dayton Power and Light Building)
      • School (Old Ohio Deaf School)
      • Department Store (Higbee Dept Store)
    • Urban Development Division
            • 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: [email_address]