Governor DeWine, Lt. Governor Husted Announce Development Projects Expected to Spur $2.3 Billion
in Community Investments
Transformational mixed-use development projects will be located in Canton, Cincinnati, Cleveland, Columbus, Grandview Heights, Lima, Painesville, Springfield, and Van Wert.
(COLUMBUS, Ohio)?Ohio Governor Mike DeWine and Lt. Governor Jon Husted today announced state support for 12 mixed-use development projects that are expected to create more than $1.29 billion in new payroll and $2.3 billion in investments across Ohio.
The projects are receiving state support as part of the second round of the Transformational Mixed-Use Development Program. Projects will include the construction or redevelopment of more than 5.3 million square feet of transformational space to create new housing, retail, dining, office, lodging, and entertainment opportunities.
?These projects will transform not only the sites themselves, but also the look and feel of entire neighborhoods,? said Governor DeWine. ?We?re changing the face of these communities and bringing Ohio into the future. I?m looking forward to seeing the tremendous change these projects create in their communities.?
The projects announced today include the construction of the Hall of Fame Village in Canton, the construction of the Merchant Building Development at the Columbus North Market, and the rehabilitation of three historic buildings for the Mercantile + Traction Block Redevelopment in Cincinnati.
?These projects will give new life to these communities and neighbors,? said Lt. Governor Jon Husted. ?These awards will leverage additional private sector investment that will create jobs and improve the quality of life.?
State support for the projects include $100 million in tax credits approved today by the Ohio Tax Credit Authority. The projects were recommended by the Ohio Department of Development, which administers the program.
?Projects approved today will not only spur development, but also create opportunities for the local community,? said Lydia Mihalik, director of the Ohio Department of Development. ?We?re creating jobs and tourism destinations that will improve the livelihood of entire regions.?
The Transformational Mixed-Use Development program was created as part of the 133rd Ohio General Assembly?s Senate Bill 39. The bill, sponsored by Senator Kirk Schuring (R-Canton), was signed into law by Governor DeWine and became effective in March 2021.
The $100 million in awards was split between major city and general projects, totaling $74,102,497.90 and $25,897,502.10 respectively. Major city projects must be located within 10 miles of a corporation limit of Akron, Cincinnati, Cleveland, Columbus, Dayton, and Toledo.?Eligible costs include land acquisition, building acquisition, demolition, site improvement, and new construction of the site.
-30-
|
