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Economic Development News
DECEMBER 2018 - FARMERS EXCHANGE PROJECT AWARDED HISTORIC TAX CREDITS
The Ohio Development Services Agency awarded $36,057,985 in Ohio Historic Preservation Tax Credits for the rehabilitation of 28 historic buildings. Together, the projects are expected to leverage approximately $250 million in private investments in 10 communities. The awards include a project in one new community (Medina), bringing the total number of Ohio communities with historic preservation tax credit projects to 68.
“Giving these buildings new life preserves Ohio’s past and provides economic opportunity for the future,” said David Goodman, director of the Ohio Development Services Agency. “These buildings are expected to be a catalyst for development in the community.”
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 and interest in adjacent property. 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 if the rehabilitation plans comply with the U.S. Secretary of the Interior’s Standards for Rehabilitation.
Medina Farmers Exchange (Medina, Ohio, Medina County)
Total Project Cost: $5,524,085
Total Tax Credit: $545,000
Address: 320 South Court Street, Medina, 44256
The Medina Farmers Exchange Co. Building served the agricultural community around Medina until it was vacated a few years ago. The building, more than 100 years old, included warehouse, milling and retail spaces with loading facilities for trucks and railroad cars. The rehabilitation project will convert the building into restaurant and farmers market-style retail spaces along with 23 market-rate apartments on the upper floors. This is the first project in Medina to receive Historic Preservation Tax Credits.
OCTOBER 2018 - CITY ECONOMIC DEVELOPMENT DIRECTOR APPOINTED TO OHIO PUBLIC WORKS COMMISSION
Senate President Larry Obhof of Medina has appointed City of Medina Economic Development Director Kimberly Marshall to the Ohio Public Works Commission. The Public Works Commission provides for local public infrastructure improvements through both the State Capital Improvement Program (SCIP) and the Local Transportation Improvement Program (LITP). SCIP is a grant/loan program for roads, bridges, water supply, wastewater treatment, storm water collection and solid waste disposal. LTIP is a grant program for roads and bridges only.
Marshall has over 25 years of public service experience at the federal, state and local levels. She recently received the "Best Public Leader in Revitalization" award from Heritage Ohio. Marshall's public service career also includes working for the State of Ohio as a specialist in unemployment, workforce and business services, and at the federal level, with the Department of Defense in procument and contract compliance. An active member of the community, she serves on the boards of Main Street Medina and the The Children's Center of Medina County.