Ohio tax credits to save dozens of historic buildings from demolition

COLUMBUS, Ohio (WCMH) — Nearly 50 historic buildings in Ohio will avoid the wrecking ball and receive a second chance at life in an effort by state leaders to stimulate economic activity in more than a dozen communities.

In a news release, Gov. Mike DeWine, Lt. Gov. Jim Tressel and Department of Development Director Lydia Mihalik announced $66 million in tax credits for the preservation and revitalization of structures across the state, including in central Ohio.

“These buildings are more than brick and mortar — they reflect the history of our communities and the generations of the past,” said DeWine. “Thanks to these tax credits, these buildings will contribute to Ohio’s future as well.”

The projects will take advantage of the state’s Historic Preservation Tax Credit Program, which offers financial incentives to private investors for updating and converting old buildings into usable space.

“Many of the structures that will be renovated through this program are currently vacant and underused, but they all hold so much potential,” said Tressel. “As these buildings are turned into homes, businesses, offices, and manufacturing facilities, these sites will most certainly spark additional investment and revitalization in the surrounding areas.”

In central Ohio, the Marysville Light and Water Company Plant, at 409 N. Main St. in Marysville, will be transformed into a mixed-use campus that combines coworking office space, a spa, a fitness facility and a 72-unit apartment building. The total project is projected to cost around $21 million, with $2 million coming from state tax credits.

Built in 1891, the site of the old waterworks facility will become part of the new Water and Light District, which will include new development in the surrounding area. In 1991, the building was acquired by the City of Marysville and is now under new ownership.

According to the state, this is the first time Marysville has participated in the tax credit program. Other program newbies in this round include Massillon, Norwalk and Trotwood. Akron, Canton, Cincinnati, Cleveland, Dayton, Logan, Toledo, Urbana, and Warren have all previously participated.

Overall, 47 buildings, part of 39 projects in Ohio, will receive more than $66 million in tax credits to boost an expected $517 million in private investments. The rehabilitation plans must comply with the United States Secretary of the Interior’s Standards for Rehabilitation. Developers are only issued the tax credit at the end of the project after program requirements are verified.