With just one month remaining in the application review period, 14 Cincinnati projects are after over $26 million from the Ohio Historic Preservation Tax Credit Program.
The program is highly competitive program and contributes to economic development all over the state. It provides a tax credit to development projects in order to influence the private redevelopment of the state’s many historic buildings.
In the previous 15 funding rounds of the program, tax credits have been approved for 284 projects to rehabilitate 398 historic buildings in 52 different communities. The program is geared toward owners of historically designated buildings who wish to undertake a rehabilitation project.
But what makes a building eligible?
A building is eligible if it is listed on the National Register of Historic Places; contributes to a National Register Historic District, National Park Service Certified Historic District or Certified Local Government historic district; or is listed as a local landmark by a Certified Local Government.
The 48 applications received in the current round range from historic theater renovations to the restoration of a single storefront.
Notable projects that have requested tax credits in the Cincinnati area this round include:
- The Traction Company building, a 60,230-square-foot building that Parkes Companies, Inc., plans to convert into a mixed-use property
- Union Terminal, which is asking for the maximum $5 million in tax credits to assist with the $212 million renovation
- First National Bank (under the ownership of NewcretImage, LLC.), which is also asking for the maximum $5 million to assist with converting the building into a contemporary lifestyle hotel
- Smaller projects, like the conversion of 620 and 622 Vine St. into a large commercial space with upper apartments (Sieber Vine Holding LLC), are also in the mix
Other developments in major cities like Cleveland and Columbus have requested millions in tax credits in hopes of redeveloping and/or restoring buildings like Cleveland’s Terminal Tower, The Palace Theatre in Columbus, the Louis Sullivan Building in Newark and more.
Statewide, the total request of historic tax credits for the March round is over $75 million. Round 18 applications were due March 31, and approved applications will be announced on or before June 30. Applications will be received for the September round later this summer.