This week, our #GOPCThread is taking a look at the recently announced recipients of the first-ever Transformational Mixed-Use Development Tax Credits, or #TMUD, which were announced last week by the state
#TMUD provides a tax credit against development costs incurred during the construction of a
project that will be a catalyst for future development in its area. Development includes new construction and/or improvement of vacant buildings…
that will have a major economic impact on the site & the surrounding area. This development must be a combination of retail, office, residential, recreation, structured parking, & other similar uses into one mixed-use development. Projects may be either the entire development...
or a phase or contiguous phases within the development. Awardees were designated in two groups, major cities & general. A Major City Project is located either within a major city, as defined in program guidelines, or within a ten-mile radius of the corporate boundary of the city.
#TMUD was authorized by the Ohio General Assembly and signed into law by Governor DeWine in 2020 with the enactment of Senate Bill 39.
legislature.ohio.gov/legislation/le…
#TMUD provides for a total of $100 million in tax credits each year, with $20 million reserved for the general project category. The 13 projects announced are expected to result in more than $2.1 billion in new Ohio payroll & spur more than $1.4 billion in investments
This week, we are going to take a look at the general project category, specifically the projects in Ohio’s legacy cities. In a few weeks, we will be back to take a look at the major city projects in Cleveland and Columbus.
Five #LegacyCities projects were announced as #TMUD recipients, with credits awarded to developments in Hamilton, Elyria, Canton, Newark, & Van Wert
In @HamiltonOh a former paper mill is being renovated to preserve & redevelop the rapidly deteriorating historic building. The project includes the construction of a 628K sq. ft. sports complex, 30K sq. ft. of commercial space for medical providers… spookynooksports.com/hamilton
concessions + restaurant space, a convention center, hotel, & more space for retail & restaurant development. The project is expected to create over 200 permanent jobs intended to support residents from surrounding low-income communities journal-news.com/business/spook…
In @CityofElyria, the downtown redevelopment will includes the rehabilitation of 67K sq. ft. of currently vacant buildings into an arena & Esports gaming hub for @lorainccc #CommodoreEsports team.
Utilizing federal + state historic tax credits to rehabilitate the existing, historic Dixon & Robinson buildings, complete with food & dining options on the first floor + two floors dedicated to commercial office space & classroom space for use by LCCC…
chroniclet.com/news/288085/de…
a full-scale media production facility, a 76K sq. ft. multi-family building w/ retail, a wine bar, & underground parking.
The Historic Newark Arcade will be rehabilitated as restaurant space, art studios, retail, commercial, & office spaces w/ their #TMUD credit. The site will also house 19 market-rate apartments.
The project, located in the heart of @newarkohio & a community focal point, will serve as a community center & will host the local farmers market, giving #SNAP-eligible families access to healthy & nutritious food
newarkadvocate.com/story/news/202…
In @Visit Canton, the historic Renkert Building, the city's first skyscraper & constructed of paving bricks (Canton was the one-time paving brick capital of the world) is to be converted into a hotel w/ event + retail space.
cantonrep.com/story/news/loc…
Finally, the @vwfwd project, which includes the historic rehab of 19 buildings in the Downtown Business District. #TMUD credits will help preserve & enhance these assets that are being redeveloped as retail, office, institutional, & dining space wpta21.com/2021/11/16/maj…
Each of these projects promises to truly be transformative for the communities where they are located. We extend our most sincere congrats to all of the #TMUD recipients
We will be back in 2 weeks w/ projects from the major cities. Follow @OhioDevelopment for more info on #TMUD
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