State Provides Tax Credit for NCST Project
COLUMBUS, Ohio – The Ohio Development Services Agency recently awarded a tax credit worth more than $1.5 million for the New Castle School of Trades’ rehabilitation of the Oglevie Block in downtown East Liverpool.
The state awarded a tax credit of $1,565,314 to assist the $8.6 million project. The award was part of the $37.8 million in Ohio Historic Preservation Tax Credits announced for 34 applicants planning to rehabilitate 35 historic buildings.
The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation.
“This is public-private money coming together,” said David Goodman, director of the Ohio Development Services Agency, in the news release announcing the awards. “Saving historic buildings strengthens Ohio’s communities which attracts businesses and visitors to the state.”
The Ogilvie Block housed the storied Ogilvie Department and 5&10 Stores, once the largest retailer in downtown East Liverpool, according to an Ohio Development Services Agency news release announcing the awards. After Ogilvie ceased operations in the late 1980s, the buildings served various other tenants, but are now completely vacant and deteriorated.
Pennsylvania-based New Castle School of Trades plans to bring its vocational training programs to the building, including commercial/industrial maintenance, welding and commercial drivers’ license programs. In October, the Columbiana County Part Authority approved lending up to $250,000 for the project.
Copyright 2024 The Business Journal, Youngstown, Ohio.