This is the second in our current Solutions Journalism series focusing on the Westinghouse Building on Fifth Street in downtown Mansfield.
The photos we posted yesterday can be read in connection with the information we present today. Our goal is not to promote a specific end, but instead we hope to share a reminder that opportunity exists in almost every situation. These powerful economics tools have been used across Ohio and the country for remarkable community development. They can also capture resources that cannot be replicated.
Below is information on resources for the rescue and rehabilitation for significant pieces of Ohio history. These financial incentives have been used extensively, but unfortunately only to a limited extent in Richland County:
Ohio’s Transformational Mixed-Use Development Program – The Transformational Mixed-Use Development Program provides a 10% tax credit against Development costs incurred during the construction of a project that will be a catalyst for future development in its area. A Development includes new construction and/or improvement of vacant buildings that will have a major economic impact on the site and the surrounding area. Link to the program website.
Ohio Historic Preservation Tax Credit Program – With 27 rounds of funding complete, tax credits have been approved for 541 projects to rehabilitate over 766 historic buildings in 77 different Ohio communities. The program is projected to leverage more than $7.3 billion in private development funding and federal tax credits directly through the rehabilitation projects. The credit is 25% of qualified rehabilitation expenditures. Link to program website.
Federal Historic Rehabilitation Tax Credit Program – The National Park Service and the Internal Revenue Service administer the 20% Federal Rehabilitation Investment Tax Credit program in partnership with State Historic Preservation Offices. Link to program website.
Donation of a Preservation Easement –A “preservation” or “facade” easement is a legal agreement in which a property owner formally conveys the right to control the exterior of a property to a qualified organization The donation of an easement can result in a financial incentive in the form of a charitable tax deduction equal to the value of the donation.
We’ll be back tomorrow with a review of similar projects taking place across Ohio in recent years, each providing opportunities for investment and creating ongoing tax revenue.