Welcome to

Heritage Ohio’s

Tax Credit Workshop

Springfield, Ohio

Overview of how to use

various tax credit tools and

how to work with historic

buildings for successful

rehabilitation projects

Today’s Goal:

• How Tax Credits Work- Overview by Duane Van Dyke from

Van Dyke Architects

• Developer Story by Steve Coon from Coon Restoration and

Sealants

• Structuring the Deal Overview by Don Longwell from

Longwell Legal Networking Lunch.

Today’s Agenda:

• Preparation and Application- Overview by Ed McCall from

McCall Sharp Architects & Judith Kitchen from Ohio Historic

Preservation Office

• Ohio’s Urban Opportunity by Mark Lundine from Ohio

Department of Development

• Financing the Deal- Overview by PNC

• Tour

Today’s Agenda:

Provide financial incentive to encourage the

reuse of historic buildings instead of allowing

them to fall into disrepair or tearing them down.

What do Historic Tax Credits Do?

An indirect federal or state subsidy

used to finance the rehabilitation

of historic and older buildings.

What is a Tax Credit?

•Federal Historic Tax Credits

•State Historic Tax Credits

•Federal New Market Tax Credit

•State New Market Tax Credit

•Low Income Housing Tax Credits

•Façade & Lost Development Easements

What are the different types of tax credits available for real estate projects?

But why Historic Tax Credits?

Does Ohio want to attract and retain the next generation?

Does Ohio want to attract entrepreneurs of all ages?

Does Ohio want to create jobs?

We can do it by creating cool, hip,

vibrant, walkable, sustainable urban

neighborhoods- large and small.

Improving Quality of Life here in Ohio

Creating JOBS and increases property values

Contributing to income, property, and sales tax in the region

Contributing to making Ohio a success

Encouraging Heritage Tourism

Historic Preservation is not about saving old buildings but:

James H. Gilmore / Authenticity: What Consumers Really Want.

Ohio has the third most historic

structures & districtson the National Register in the

country.

This is one of our great competitive

advantages.

Historic Sites and Structures in Ohio

Heritage Ohio’s role in the Ohio Historic Tax Credit:

Goals: Large & Small Projects

Easy to UseReduce Developer’s Risk

Historic Tax Credit Projects in the Historic Gateway Neighborhood and Historic Warehouse District- Tax Credits were responsible for over $1 Billion in redevelopment in these two neighborhoods.

Cleveland Arcade

Colonial Marketplace

Schofield Building

East 4th Street, Cleveland

Warehouse District, Cleveland

668 Euclid Ave., Cleveland

Euclid Ave., Cleveland

Shawnee

NorwalkTiffin

Newark

Holland Theatre Bellefontaine

Cincinnati

Akron

Saint Clairsville

Lancaster

Bellevue

Portsmouth

Mid Century Modern

Breuer Tower ASM World Headquarters

These Historic Buildings are one of Ohio’s Great “Natural” Resources

Ohio’s Future: This Place Matters…

…and Your Place Matters