Columbus, OH – December 28, 2007 – Lieutenant Governor Lee Fisher today announced an additional 11 awards through the Ohio Historic Preservation Tax Credit program, which awards refundable tax credits to owners of historic buildings who renovate and rehabilitate the buildings in preparation for commercial or residential uses. The Ohio Historic Preservation Tax Credit program will provide recipients tax credits equal to 25 percent of qualified rehabilitation expenditures. Ohio’s Historic Preservation Office must determine that rehabilitation plans comply with United States Interior Department Standards for Treatment of Historic Properties.
“These 11 projects will add to our statewide inventory of one-of-a-kind historic buildings that will serve new and exciting purposes and support economic development while preserving the history of the communities in which they reside,” said Lt. Governor Fisher, who also serves as Director of the Ohio Department of Development. “The revitalization of these historic buildings supports not only re-development of these buildings, but the State’s overall goal to invest in enhancing and finding new uses for existing places and infrastructure.”
The 11 recipients announced today will invest more than $84 million combined in projects to rehabilitate historic buildings for re-development. 110 applications for the Ohio Historic Preservation Tax Credit program have been submitted to date, and review of the remaining applications by the Department and Ohio’s Historic Preservation Office continues.
A list of the Ohio Historic Preservation Tax Credit recipients announced today follows:
- Port Clinton City Hall (Port Clinton, Ottawa County)
Total project investment: $3.7 million Estimated
qualified rehabilitation expenditures: $2.5 million
Total estimated value of credit: $625,000 - Toledo Traction Company (Water Street Building) (Toledo, Lucas County)
Total project investment: $21,943,103
Estimated qualified rehabilitation expenditures: $12,551,885
Total estimated value of credit: $3,137,971 - Olney Gallery and House (Cleveland, Cuyahoga County)
Total project investment: $4,861,079
Estimated qualified rehabilitation expenditures: $3,921,079
Total estimated value of credit: $980,270 - Higbee House (Cleveland, Cuyahoga County)
Total project investment: $813,395
Estimated qualified rehabilitation expenditures: $788,395
Total estimated value of credit: $197,099 - Krather Block (Cleveland, Cuyahoga County)
Total project investment: $1,922,243
Estimated qualified rehabilitation expenditures: $1,532,993
Total estimated value of credit: $383,248 - Scott A. Rogers Co. Building (Cleveland, Cuyahoga County)
Total project investment: $5,912,302
Estimated qualified rehabilitation expenditures: $5,456,610
Total estimated value of credit: $1,364,153 - Cogswell Hall (Cleveland, Cuyahoga County)
Total project investment: $7,174,275
Estimated qualified rehabilitation expenditures: $2,553,062
Total estimated value of credit: $638,266 - Capitol Theater (Cleveland, Cuyahoga County)
Total project investment: $6,405,500
Estimated qualified rehabilitation expenditures: $4,575,000
Total estimated value of credit: $1,143,750 - Fort Piqua Hotel (Piqua, Miami County)
Total project investment: $19,673,703
Estimated qualified rehabilitation expenditures: $14,702,251
Total estimated value of credit: $3,675,563 - Realty Building (Youngstown, Mahoning County)
Total project investment: $8,337,622
Estimated qualified rehabilitation expenditures: $7,585,121
Total estimated value of credit: $1,896,280 - Douglas Hotel (Urbana, Champaign County)
Total project investment: $3.5 million
Estimated qualified rehabilitation expenditures: $3,177,000
Total estimated value of credit: $794,250
The Ohio Historic Preservation Tax Credit program was authorized for a two-year period beginning July 1, 2007. The program is administered by the Ohio Department of Development with assistance provided by the Ohio Historic Preservation Office of the Ohio Historical Society and the Ohio Department of Taxation.
For more information about the Ohio Historic Preservation Tax Credit and application procedures, visit http://www.odod.state.oh.us/edd/OHPTC/. The legislation establishing the credit and an analysis are available at http://www.legislature.state.oh.us/bills.cfm?ID=126_HB_149.
