Governor Mike DeWine on Wednesday announced a new round of funding for development projects throughout the state of Ohio.
$100 million will be awarded to the Transformational Mixed-Used Development Program, which gives tax credits for the cost of construction during major mixed-use developments.
“Right now there is no better place to be than in Ohio, and I’m dedicated to helping our local communities continue to attract more people to live, work, and raise a family here,” said DeWine. “Ohioans are innovators, and through this program, we’re excited to help support transformational ideas that will positively impact economic development in Ohio for decades to come.”
The first round of funding, which was announced earlier this year, was given to 13 different projects across the state.
In order to receive money, a project must “impact the economic and social well-being of the immediate site and surrounding area in a way that influences long-term change in the area.”
“Providing incentives for the development of mixed-use projects not only creates opportunities for business expansion and economic growth, but it also helps meet the need for market-rate housing within Ohio neighborhoods,” said Lt. Governor Husted. “Having the ability to revitalize vacant buildings and sites will be a game-changer for local communities as businesses seek quality locations to expand around our state.”
Furthermore, projects must be located within 10 miles of a corporation limit of Columbus, Cleveland, Cincinnati, Toledo, Akron, or Dayton in order to qualify as a “major city” project.
“We are excited to see the transformation this next round of tax credits will bring,” said Lydia Mihalik, director of development. “This program has long-term, positive impacts on communities and residents by bringing new life to previously underutilized sites and building up these areas for future development.”
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Cooper Moran is a reporter for The Ohio Star and The Star News Network. Email tips to [email protected].
Photo “Mike DeWine” by Mike DeWine.
