By 1808Delaware, Governor DeWine Press Release
On Monday, we shared news of a potential major development on the eastern side of downtown Delaware (our story is here).
Additional details were shared on Tuesday in a press release from Ohio Governor Mike DeWine’s office as he reviewed 13 mixed-use development projects that are expected to result in more than $2.1 billion in new Ohio payroll and spur more than $1.4 billion in investments across the state.
The selected projects are the first proposals to receive state support through the new Transformational Mixed-Used Development Program, which was created as part of the 133rd Ohio General Assembly’s Senate Bill 39. The bill, sponsored by Kirk Schuring (R-Canton), was signed into law by Governor DeWine and became effective last year.
During its monthly meeting today, the Ohio Tax Credit Authority (TCA) approved a total of $100 million in tax credits for the mixed-use development projects that will include the construction or redevelopment of more than 5.8 million square feet of transformational space. The projects were recommended by the Ohio Department of Development, which administers the program.
“This new program allows us to help local communities bring long-term change to underutilized areas by transforming vacant buildings, building new business and recreation spaces, creating more housing, and bringing in thousands of new jobs to Ohio,” said Governor DeWine. “I’m excited to watch the progression of these 13 projects because they will have a tremendous positive impact on the local economy and on the quality of life for area residents.”
“We’re attracting companies to Ohio because of our low taxes and excellent business climate, but they need sites to set up shop,” said Lt. Governor Husted. “The transformative, innovative projects approved today aim to create job opportunities, boost further investment, and spur economic growth in communities around the state.”
“The investments being made are large in both size and scale, and will have a catalytic effect on their communities,” said Lydia Mihalik, director of the Ohio Department of Development. “This program will help preserve our communities’ historical assets and create new opportunities.”
The Delaware Project was characterized this way:
1 Flax- East Riverfront District (City of Delaware, Delaware County)
Total Development Cost: $37,942,243
Total Tax Credit: $3,420,795
The East Riverfront District will include new construction and adaptive reuse in a previously underutilized area of Delaware east of the Olentangy River. The project will help connect this nearly four-acre area to downtown Delaware and create new housing stock in one of the fastest-growing counties in the country. The project will include the construction of five, three-story buildings and the redevelopment of an existing historic industrial building that will house 116 market-rate apartments and 112 affordable units. Additional space will house outdoor community and recreation spaces, office space, and newly constructed commercial space.
