Tax Credit for Development Projects Accepting Applications
COLUMBUS, Ohio — The third round of the Transformational Mixed-Use Development Program was announced this week by the Ohio Department of Development.
The program provides a tax credit for major, mixed-use developments in Ohio.
“Through this program we’re creating opportunities for success in Ohio’s communities,” said Lydia Mihalik, director of the development department. “With the support of these tax credits, communities are building unique and forward-thinking spaces and revitalizing downtowns into places where Ohioans can find success, grow their family, and fulfill their potential.”
Through two prior rounds, the program has awarded $200 million to 25 mixed-use development projects expected to result in more than $3.3 million in new payroll and $3.7 billion in investments across Ohio.
The tax credit can be used to help finance new construction or improvement of vacant buildings.
Developments must include an influence on the economic and social well-being of the immediate site and surrounding area that will influence long-term change on the area.
Properties eligible for the tax credit must include at least two mixed uses – three if one is a parking structure.
Eligible costs include land acquisition, building acquisition, demolition, site improvement and new construction of the site.
The Ohio Tax Credit Authority approves and awards program funding for up to $100 million per fiscal year.
Developments applying for the program will be separated into two funding categories: major city and general. Major city projects must be located within 10 miles of a corporation limit of Columbus, Cleveland, Cincinnati, Toledo, Akron and Dayton.
No more than $80 million per fiscal year will be approved for major city projects and no more than $40 million will be approved for a single development.
Applications are now available on the program website and must be received by 4 p.m. on Sept. 8, to be considered.
Questions regarding the program can be sent to [email protected].
For more information or to apply, click HERE.
Copyright 2024 The Business Journal, Youngstown, Ohio.
