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

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

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

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

$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

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

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

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

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

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

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

$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)

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

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

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

$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

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

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)

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]

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]