Tax credits given to downtown buildings

SCOTT TRUXELL/independent editor

State tax credits will go toward six downtown Van Wert buildings being revitalized by Van Wert Forward. The six are among 38 buildings statewide being offered aid through the Ohio Historic Preservation Tax Credit Program.

“Preserving historic buildings is one tool we can use to build vibrant downtowns and create opportunity on our main streets throughout the state,” Governor Mike DeWine said in a statement announcing the credits. “These projects are just one piece of the larger picture to transform our communities and create even more exceptional places to live and visit.”

“Historic tax credits create value for communities by attracting investment that would not make sense otherwise,” Lt. Governor Jon Husted said. “Almost every legacy city in Ohio has a great old building that they wish someone would revitalize because it’s important to the community’s history and future. Historic tax credits make this hope a reality.”

Developers are not issued the tax credit until project construction is complete and all program requirements are verified. Together, the entire list of projects are expected to leverage approximately $564 million in private investments.

Local tax credits awarded will top $1.5 million. Here is the breakdown:

111 W. Main Street, Van Wert
Total Project Cost: $1,870,123
Total Tax Credit: $185,000

This stand-alone project is part of the larger redevelopment project underway in Van Wert including two other projects funded this round, and others funded in previous rounds. The storefront retains original cast iron elements that will be repaired and retained and the plywood covering the transoms will be removed. Once rehabilitated, the building will house one commercial space and two upstairs apartments.

135 E. Main Street, Van Wert
Total Project Cost: $1,772,007
Total Tax Credit: $175,000

Another piece of the larger downtown Van Wert revitalization effort, the project at 135 E. Main Street will bring back two ground floor retail spaces plus two apartments above. On the exterior, the historic windows, cornice, and lintels will be repaired and retained while on the interior remaining historic fabric such as wood trim, doors, and floors will be repaired during the rehabilitation project.

Van Wert Forward II, Van Wert
Total Project Cost: $12,213,210
Total Tax Credit: $1,200,000
Address: 101-107 W. Main St., 147 E. Main St., 223 E. Main St.

This project is comprised of four historic mixed-use buildings in downtown Van Wert and is part of a larger revitalization effort that includes projects funded in previous rounds. Nearly 30,000 square feet of commercial space will be rehabilitated, and 13 apartments will be made available for new residents. Currently, only five percent of the spaces are occupied and the reactivation of these buildings will contribute to the ongoing transformation of downtown Van Wert.