The Woodward Opera House project was awarded the Ohio Historic Tax Credit, the competitive program enacted by the State to assist qualified historic redevelopment projects. The award will result in 25% funding contribution towards the restoration costs of the project, resulting in approximately a $4 million addition to the project budget. Coupled with the Federal Historic Tax Credit program, the combined tax credit amount the project will receive amounts to over $7 million.
On Tuesday, June 26, the Ohio Department of Development awarded $35.8 million in Ohio Historic Preservation Tax Credits to 18 owners planning to rehabilitate 44 historic buildings in 10 communities across the state. The projects are expected to leverage more than $237.5 million in private investments.
"Saving Ohio's historic structures improves our communities and puts vacant buildings back into productive use, creating valuable jobs," said Christiane Schmenk, Director of the Ohio Department of Development.
The awards were made possible through renewal of the program in the state's Fiscal Year 2012-2013 budget. The budget, signed by Governor Kasich last year, allocates $60 million annually to the Ohio Historic Preservation Tax Credit program. Projects that are awarded tax credits must complete the rehabilitation work in accordance with the Secretary of the Interior's Standards for Rehabilitation before the credits are issued to the building owner.
According to a Cleveland State University study released in May 2011, $1 million in tax credits generates $8 million in construction spending, $40 million in total economic activity, and nearly 400 jobs from construction and operations.