Wick Tower Project Gets Federal Tax Credit
YOUNGSTOWN, Ohio – The Wick Building renovation project was awarded a federal tax credit for qualified rehabilitation expenses, U.S. Rep. Tim Ryan, D-13 Ohio, announced Wednesday.
NYO Property Group, Youngstown, redeveloped the downtown building, which was constructed in 1906 by Youngstown Sheet and Tube founder George Dennick Wick. It reopened last fall as the Wick Tower, offering apartments and extended stay units.
The Wick Tower was one of two projects in Ryan’s district that received federal tax credits from the National Park Service for certified rehabilitation work on historic buildings. According to information provided by the park service, $14.5 million of the rehabilitation expenses for the $16.5 million project qualified for the 20% tax credit.
The park service said $31 million in expenses for Goodyear Hall in Akron qualified for the tax credits.
The tax credits are intended to encourage the rehabilitation and preservation of historic buildings and to promote economic renewal of older communities. To be eligible for the credits, the park service must certify the building as historic and determine that the completed rehabilitation work preserves the historic character of the building.
“Northeast Ohio has a wonderful history, and I am proud to have helped secure these critical tax credits for Goodyear Hall and the Wick Building to help continue that tradition,” Ryan said in announcing the credits.
“I am happy to see that the National Park Service understands the prominent role these facilities still play in our communities,” he continued. “These resources will stimulate our economy, while helping to preserve these buildings so that our children, and our children’s children, can appreciate these great landmarks.”
Copyright 2022 The Business Journal, Youngstown, Ohio.