Applications for the third round of the Transformational Mixed-Use Development Program are now open through the Ohio Department of Development.
The program provides a tax credit for major, mixeduse developments in Ohio. “Through this program we’re creating opportunities for success in Ohio’s communities,” said Lydia Mihalik, director of the department of development. “With the support of these tax credits, communities are building unique and forward- thinking spaces and revitalizing downtowns into places where Ohioans can find success, grow their family and fulfill their potential.”
Through two prior rounds, the department awarded $200 million to 25 development projects expected to result in more than $3.3 million in new payroll and $3.7 billion in investments across Ohio.
The tax credit can be used to help finance new construction and/or improvement of vacant buildings. Developments must include an influence on the economic and social well-being of the immediate site and surrounding area that will influence longterm change on the area. Development properties eligible for the tax credit must include at least two mixed-uses, three if one is a parking structure.
Eligible costs comprise land acquisition, building acquisition, demolition, site improvement and new construction of the site.
Developments will be separated into two funding categories: major city and general. Major city projects must be within 10 miles of a corporation limit of Columbus, Cleveland, Cincinnati, Toledo, Akron or Dayton. No more than $80 million per fiscal year will be approved for major city projects and no more than $40 million will be approved for a single development.
For more information, and to find the application, visit development.ohio.gov, applications must be received by 4 p.m. on Friday, September 8. Email questions to transform ational@development.ohio. gov.
