ohio urban development division
TRANSCRIPT
Ohio Urban Development Ohio Urban Development DivisionDivision
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 DivisionRemoving 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 FundKnown 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)
http://development.ohio.gov/UD/OHPTC/
Urban Development DivisionWilliam Murdock, DirectorMark Lundine, Ohio Historic Tax Credit CoordinatorPhone: 614-995-2292E-mail: [email protected]
Urban Development Division