Ohio

NEOtrans business, development, real estate, construction and market trend news from Ohio

Boost in historic tax credits benefits Ohio projects

Ohio announced state support for 54 rehabilitation projects that will restore 57 historic buildings across the state including eight redevelopment projects in Cleveland. According to state officials, the projects statewide are expected to leverage approximately $1.01 billion in private investment. The projects were awarded funding as part of the Ohio Historic Preservation Tax Credit Program (OHPTC), administered by the Ohio Department of Development. In total, 21 communities across the state are receiving awards, which total $64,132,847 in tax credits with $14.5 million of that going to Cleveland projects.

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Brownfield grants reveal progress on many projects

Ohio Gov. Mike DeWine today announced $88 million in state support for 123 brownfield remediation projects that will help clean up hazardous and underutilized sites throughout the state. The Ohio Department of Development is funding the awards through the Ohio Brownfield Remediation Program, which is designed to clean up and prepare hazardous brownfield sites for redevelopment. The projects announced today will impact communities in 35 counties across the state.

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Amtrak Ohio expansion may bypass state government

Several initiatives that are in their early stages may instigate passenger rail expansion to Cleveland before the state of Ohio decides to get on board. That could be welcome timing considering the Federal Railroad Administration will solicit applications next week for funding to begin the process for developing new and expanded passenger rail services.

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Four NE Ohio projects win TMUD credits

In the first round of Ohio’s Transformational Mixed Use Development (TMUD) tax credit program, more than half of the major-city credits went to Cleveland. Today, more than half of those credits went to just two projects in Columbus. That left enough TMUD credits to benefit two projects in Cleveland — the Erieview redevelopment in downtown Cleveland and the Circle Square megaproject in University Circle. Unfortunately, that also meant that several other projects in Cleveland and Cuyahoga County were left out.

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Campaign arrives to expand Cleveland Amtrak service

The Northeast Ohio Areawide Coordinating Agency (NOACA), Downtown Cleveland Alliance (DCA) and Cleveland Neighborhood Progress (CNP) are advocating to expand Cleveland’s Amtrak service into a central passenger rail line. As the economic powerhouse of Northeast Ohio, Downtown Cleveland is home to the state’s largest jobs hub and residential downtown area, making it central to business, housing and events, and a critical access route within the region and beyond. The organizations are joining forces to seek community input and support for the initiative through a survey, running through the month of August.

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Ohio megaproject applications released

When real estate developer Bob Stark thought up the Ohio Transformational Mixed Use Development (TMUD) tax credit several years ago, he envisioned it as a means to transition from tapping historic tax credits for renovating old buildings in downtown Cleveland to afford building new ones. His rationale was that, with the supply of obsolete commercial buildings dwindling to provide new residential inventory, a new financial incentive would be needed to overcome Cleveland’s high construction costs and low rents to satisfy downtown housing demand.

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Megaproject candidates — a partial list

While a complete list of applicants for so-called “megaproject” tax credits won’t be available until sometime next week, NEOtrans has learned who a few of the local applicants are and aren’t, including at least one surprise. The deadline was today at 5 p.m. for submitting applications to the Ohio Department of Development for the second round of Transformational Mixed Use Development (TMUD) tax credits that could total $100 million.

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Cleveland, Lakewood rehabs corner historic credits

Several Greater Cleveland redevelopment projects in the works for years got a boost today when they were among the 38 projects awarded nearly $40 million in historic tax credits by the Ohio Department of Development. The awards were part of the Ohio Historic Preservation Tax Credit Program that is administered in partnership with the Ohio History Connection’s State Historic Preservation Office.

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