Important Call to Action
The very successful Ohio Historic Preservation Tax Credit (OHPTC) program is in trouble.
The tax credit is a powerful economic development tool that helped spur the residential boom in Downtown Cleveland and the Warehouse District, made possible projects such as The 9, the Fairmount Creamery, Mitchell’s Ice Cream in Ohio City, the re-surging Flats, and many, many more.
Yesterday, the Ohio Senate proposed to eliminate the Ohio Historic Preservation Tax Credit (OHPTC), with the possibly of transitioning it into a grant program several years from now.
This highly successful economic development program, without prior discussion, is in jeopardy of disappearing. Without the OHPTC Program, Ohio would not have had more than $1.4 Billion invested in the state, with over 100 abandoned or blighted buildings transformed into income-producing, taxpaying, and neighborhood-contributing buildings. Look at these numbers since the program’s inception in 2007:
- 7 million square feet of redeveloped buildings.
- 3,429 new housing units created.
- A return on investment of 6.7 to 1, while paying the State of Ohio back.
To help save the Ohio Historic Preservation Tax Credit Program, we need you to do two things TODAY. Please email Senator Oelslager, Chair of the Senate Finance Committee, Senator Peterson, Chair of the Senate Ways & Means Committee, and your Senator to tell them why this will be detrimental to Ohio’s economic growth!
Also contact Kim Erdman at firstname.lastname@example.org to have your statement sent to all Senate Finance Committee Members.
We have only a few days to reverse this action!