The Ohio Tax Credit Authority on January 29, 2024, granted a Transformational Mixed Used Development (TMUD) state tax credit to two Montrose Group clients for redevelopment of the Ohio Building in Sidney, Ohio which was awarded $998,562 in a TMUD tax credit and the Thompson Building in East Liverpool which was awarded $212,950 in a TMUD tax credit. The Montrose Group not only took the lead in completing the complex tax credit application for these clients but completed the economic impact statement required for this program.
The $100 M annual allocation for the TMUD Program provides a tax credit against development costs incurred during the construction of a project that will be a catalyst for future development in its area. A development includes new construction and/or improvement of vacant buildings that will have a major economic impact on the site and the surrounding area, and this development must be a combination of retail, office, residential, recreation, structured parking, and other similar uses into one mixed-use Development. Projects may be either the entire Development or a phase or contiguous phases within the Development. Finally, eligible applications will be divided based on location of the Development, resulting in two funding groups: “major city” and “general.” A Major City Project is located either within a major city, as defined in program guidelines, or within a ten-mile radius of the corporate boundary of the city. Developments that do not meet these location criteria will be considered General Projects.
The Ohio Building is in the Historic Court Square District in downtown Sidney, OH, which is a nine-block Court Square area of downtown Sidney. The Ohio Building was built in 1923 and is listed on the National Historic Registry as a contributing building to the area’s designation. The near century old five story building was originally built by Stanley Bryan as a multi-use building to be one of the finest business blocks in Sidney. In 2019, the City of Sidney took possession of the Ohio Building after the structure had fallen into disrepair. Prior to the acquisition of the Ohio Building by the city the building was vacant and remains so today. Beginning in 2020 the City of Sidney led the effort to redevelop the historic Ohio Building, and in 2022 partnered with Woodard Resources to redevelop and re-imagine the historic building for the next 100 years. Woodard Resources, in partnership with the City of Sidney, has a plan to reinvigorate life back into the Ohio Building through the planned $11.2 million Ohio Building mixed-use development, which will include office, retail, and multi-family components. The Ohio Building is a nearly 55,000 sq. ft. historic structure, which encompasses a part of the downtown Sidney Historic Court Square District. The redevelopment will have 6,000 sq. ft of retail and office space on the first floor with the top four floors of space being developed into multi-family housing with 14 studio units, 22 single bedroom units, and 4 two-bedroom units providing a much-needed flexible option for housing in the city.
The Thompson Building is one of the most important structures in East Liverpool’s Downtown. Its prominent location at the “diamond” and rich history in the community only add to its importance. The building is a wonderful example of a late Victorian commercial structure and maintains its elaborate ornamentation. This rehabilitation of the Thompson Building aims to save the building from further decay and provide space for new businesses and residents downtown. The project will rehabilitate the empty structure, provide construction, and permanent jobs as well as new downtown residents. It will provide much needed activity in a portion of the downtown that has been neglected. Saving the building will restore not only a great historic structure, but a portion of East Liverpool’s historic identity. This is a required element as the
building is collapsing and is beginning to cause damage to the Thompson Block. Its location at a unique confluence of multiple city streets and its high visibility in an important part of East Liverpool positions this project to inspire community pride, additional new investment, and redevelopment efforts. Conversely, if left in its current condition, the Thompson building becomes a convenient excuse to not invest in the surrounding area. The rehabilitation of the Thompson building will provide a shining example of how to combine the preservation of historic structures with strategic economic development that creates jobs, improves community health, and supports neighboring incumbent businesses.
The Montrose Group congratulates both the cities of Sidney and East Liverpool Ohio for their TMUD wins and is looking forward for the next round of TMUD applications anticipated being released soon.
