ohio urban development division
TRANSCRIPT
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Ohio Urban Development Ohio Urban Development DivisionDivision
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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
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Urban Development DivisionRemoving obstacles to the sustainable revitalization of
Ohio’s urban places & buildings with:
- Innovative Financing
- Critical Resources
- Redevelopment Expertise
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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
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Before
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After
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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
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Why was it successful?
• Library (Long-Term Lease)
• Compatible Uses (Coffee Shop and Library integration)
• Community and Private Support Up Front
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The Lesson: You Can Do It Too!!
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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
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Problem: Environmentally Contaminated Site
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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
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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
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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
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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
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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
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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)
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Problem: Financing Gap
Terminal Tower, Cleveland
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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
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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
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Fort Piqua Hotel: New Market Tax Credit
• $5.8 Million Federal New Market Tax Credits
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Problem: Historic Expenses
Terminal Tower, Cleveland
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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
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Fort Piqua Hotel: Historic Preservation Tax Credits
•Total Tax Credit: $3.6 million
•Type of Tax Credit Received: State and Federal
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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)
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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