The Ohio Development Services Agency on June 28 awarded nearly $35 million in Ohio Historic Preservation Tax Credits to 30 new applicants planning to rehabilitate 36 historic buildings. Together, the projects are expected to leverage approximately $523 million in private investments in 13 communities.
The Wayne Agency Building project, 2146-2162 Front St., received a total tax credit of $164,000 on a project carrying a total cost of $1.152 million.
This 1922 building in downtown Cuyahoga Falls has served as office, retail, and fraternal organization meeting space over the years. Half of the front façade was covered with siding and a wood mansard in the 1970s, but the original brick is visible on the other half. In the renovation, the owner will remove the siding and the building will once again have a unified façade front on one of Cuyahoga Falls’ main commercial streets. Four apartments will be constructed in the second floor of the building while a variety of retail, office, and service tenants will occupy the remainder of the building.
The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods, according to a news release from the Ohio Development Services Agency. Once rehabilitated, they will drive further investment and interest in adjacent properties. 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.