Ohio, 7/29/2011 - On July 28, 2011, the Ohio Department of Development awarded more than $23.8 million in Ohio Historic Preservation Tax Credits to 13 owners to rehabilitate historic buildings in 10 communities across the state. The projects are expected to leverage more than $140 million in private investments, and assist in the creation of 1,600 jobs. “Redevelopment of historic structures strengthens Ohio communities and spurs private investment and job creation through construction and occupation of the buildings,” said William Murdock, Director of the Department’s Urban Development Division. “The Ohio Historic Preservation Tax Credits have been a significant economic driver across the state, generating revenue and creating more than 20,000 jobs.” The awards include five projects in Round 5 and eight projects in Round 6. The Round 6 awards were made possible through renewal of the program in the state’s FY2012-2013 budget. The budget, signed by Governor Kasich on June 30, 2011, allocates $60 million annually to the Ohio Historic Preservation Tax Credit program. 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.
We’re extremely proud to note that two of the 13 projects awarded tax credit funds are being designed by Schooley Caldwell Associates: the Atlas Building in Columbus and Stuyvesant Hall on Ohio Wesleyan University’s Delaware campus. Our congratulations to the respective project teams for creating workable and economical designs for important historic buildings that meet the Secretary of the Interior’s Standards and qualify for these very competitive credits!
Atlas Building (Columbus, Franklin County)
Total Project Cost: $14,963,261
Total Tax Credit: $2,990,815
Address: 8 East Long Street, Columbus, Ohio
Constructed in 1905 as the Columbus Savings and Trust Company, the office building has faced decreasing occupancy in recent years and is now almost completely vacant. The building will be transformed into 100 market-rate apartment units to meet the high demand for rental housing in downtown Columbus.
Stuyvesant Hall (Delaware, Delaware County)
Total Project Cost: $26,843,933
Total Tax Credit: $4,225,909
Address: 223 West William Street, Delaware, Ohio
Built in 1931, Stuyvesant Hall originally served as a dormitory for first-year female students at Ohio Wesleyan University. Rehabilitation will address modern residential needs as well as improve safety, energy efficiency, building systems, and accessibility for those with disabilities. Construction activities are anticipated to create 179 jobs. Stuyvesant Hall is the first building in Delaware to benefit from the tax credit program.
--Information courtesy of the Ohio Department of Development
About Schooley CaldwelL ASSOCIATES
Schooley Caldwell Associates is a direct descendent of Sims, Cornelius & Schooley, a partnership founded in February of 1944. In January of 1980, the firm was organized as a professional corporation under the laws of the State of Ohio and in November of 1995, moved to its present location at 300 Marconi Boulevard, Columbus, Ohio 43215. The current staff has a wide variety of experience in planning, design and construction services, provides a full range of services to the private sector as well as all levels of government clients. Recent work ranges throughout Ohio and the United States, and spans as far afield as Latin America, Europe and Asia.
Contact
Gina M. Tann, Marketing Coordinator
614.628.0300
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