tax credits

tax credits

Tax Credits Awarded to Preserve Historic Delco Building near 5/3 Field

1d ago
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June 30, 2015, Dayton, Ohio – The Ohio Development Services Agency awarded $27.5 million in Ohio Historic Preservation Tax Credits to 19 applicants planning to rehabilitate 33 historic buildings. Together, the projects are expected to leverage approximately $279.4 million in private investments in eight communities. These investments preserve historic buildings while creating new economic opportunity for neighborhoods. The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. Many of the buildings are vacant today and generate little economic activity. Once rehabilitated, they will drive further investment in their surrounding neighborhoods. Developers are not issued the tax credit until project construction is complete and all program requirements are verified. 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 United States Secretary of the Interior’s Standards for Rehabilitation. Delco Building Total Project Cost: $25,428,318 Total Tax Credit: $3,231,206 Address: 329 East First Street, 45402 The Dayton Engineering Laboratories Company (Delco) Building encompasses 213,000-square-feet on six stories. Now located directly adjacent to Fifth Third Field, the building will become 129 market-rate apartments with first-floor restaurant space. A highlight of the building's interior, the historic sixth floor corner office of Charles Kettering, will be preserved. Dickey Building Total Project Cost: $1,027,000 Total Tax Credit: $168,000 Address: 106-130 East Third Street, 45402-2185 Constructed circa 1917, the Dickey Building is located in Dayton's Fire Blocks National Register Historic District. The five-story building has housed a number of businesses, include the C.S. Ball Candy Company, Buckeye Engineering, Siebert Manufacturing, Giele and Pflaum Painting, and Young Catholic Messenger. Current plans call for the building to be maintained for commercial use, including loft office suites. Substantial repairs are planned to the front façade of the building.