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Fort Industry Square rehabilitation gets $5 million tax credit

The Ohio Development Services Agency awarded a $5 million tax credit for the rehabilitation of Fort Industry Square on Summit Street.

The credit is part of more than $28 million in tax credits the agency awarded for the rehabilitation of 49 historic buildings across the state, according to a release from the agency on Wednesday. With these tax credits, 71 Ohio communities now have ongoing historic preservation tax credit projects.

Fort Industry Square is being redeveloped by Karp and Associates Inc. The company has redeveloped the former Standart-Simmons Building on Erie Street into 115 lofts apartments and the Berdan Building on Washington Avenue into 75 apartments.

The awards are designed to assist private developers in rehabilitating historic buildings in community downtowns and neighborhoods, according to the agency. Many of the buildings are vacant today and generate little economic activity, but the idea is that once rehabilitated, they will drive further investment and interest in adjacent property.

Developers are not issued the tax credit until project construction is complete and all program requirements are verified.

The total cost of the Fort Industry Square project phase I is estimated at $25,994,968, according to information from the ODSA. The total tax credit the project is receiving is $5 million. The project is set to rehabilitate three historic buildings along Summit Street.

The buildings have been vacant for several years, and after the rehabilitation project is complete, the upper floors are slated to hold 40 residential units and the lower floors will include more than 37,000 sq. feet of commercial space, according to the ODSA.

The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the U.S. Secretary of the Interior’s standards for rehabilitation.

 

Posted By: The Toledo Blade on June 26, 2019.  For more information, please click here to read the source article.

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