COLUMBUS, Ohio (AP) — The state has awarded nearly $36
million in historic preservation tax credits for the rehabilitation of
45 historic buildings around Ohio.
The Ohio Development Services
Agency says the credits were awarded recently to 23 owners and
applicants planning to rehabilitate buildings in nine communities.
Officials say the projects are expected to leverage more than $252
million in private investments.
Agency director Christine Schmenk
says the tax credits put empty buildings back into the economic cycle
and create jobs through construction activities and reoccupation of the
buildings. She says the program has saved some of the state’s most
significant historic structures.
A Cleveland State University
study released in 2011 says $1 million in tax credits generates $8
million in construction spending, $40 million in total economic activity
and nearly 400 jobs.
The only Northwest Ohio project:
Ohio Theatre (Toledo, Lucas County)
Total Tax Credit: $1,368,500
3112 Lagrange Street, 43608
The Mark of Zorro premiered on the Ohio Theatre’s opening night in February 1921,
complete with a live orchestra. After entertaining area residents for decades,
the doors of the vaudeville and movie house have been shut since 2009. The local
community development corporation, United North, purchased the facility in 2010
and will undertake improvements and an addition, allowing the theatre to reopen.
The project is targeted as a catalyst for the surrounding Lagrange Street
Business District, which currently faces a 25 percent vacancy rate. United North
estimates that at least 50 jobs will be created as a result of reopening the
theatre.
Copyright 2012 The Associated Press.
COLUMBUS, Ohio (AP) — The state has awarded nearly $36
million in historic preservation tax credits for the rehabilitation of
45 historic buildings around Ohio.
The Ohio Development Services
Agency says the credits were awarded recently to 23 owners and
applicants planning to rehabilitate buildings in nine communities.
Officials say the projects are expected to leverage more than $252
million in private investments.
Agency director Christine Schmenk
says the tax credits put empty buildings back into the economic cycle
and create jobs through construction activities and reoccupation of the
buildings. She says the program has saved some of the state’s most
significant historic structures.
A Cleveland State University
study released in 2011 says $1 million in tax credits generates $8
million in construction spending, $40 million in total economic activity
and nearly 400 jobs.
The only Northwest Ohio project:
Ohio Theatre (Toledo, Lucas County)
Total Tax Credit: $1,368,500
3112 Lagrange Street, 43608
The Mark of Zorro premiered on the Ohio Theatre’s opening night in February 1921,
complete with a live orchestra. After entertaining area residents for decades,
the doors of the vaudeville and movie house have been shut since 2009. The local
community development corporation, United North, purchased the facility in 2010
and will undertake improvements and an addition, allowing the theatre to reopen.
The project is targeted as a catalyst for the surrounding Lagrange Street
Business District, which currently faces a 25 percent vacancy rate. United North
estimates that at least 50 jobs will be created as a result of reopening the
theatre.
Copyright 2012 The Associated Press.