This week, our #GOPCThread takes a look at the first round of Transformational Mixed-Use Development (TMUD) tax credits which were announced by the state last week. Credits were announced in two categories, major city projects and general projects. This thread will focus on the general projects which were announced in several of Ohio’s Legacy Cities.
Not on Twitter? The thread is available online, as well as below.
Greater Ohio Policy Center Read on Twitter
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.
#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…
Spooky Nook Sports | Hamilton image from source
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
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…
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 downtown & 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
Downtown Newark Arcade Receives Another $1.5 Million | Newark Advocate image from source
In 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.
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
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
