By 1808Delaware
Ohio Governor Mike DeWine and Ohio Department of Development Director Lydia Mihalik have announced state support for nine mixed-use development projects expected to create more than $1.1 billion in new payroll and $2 billion in investments in Ohio.
One of those projects is here in Delaware County.
During its monthly meeting, the Ohio Tax Credit Authority (TCA) approved a total of $100 million in tax credits through the fourth round of the Transformational Mixed-Used Development Program. Projects will support the construction or redevelopment of more than 7.4 million square feet of transformational space to create housing, retail, dining, office, lodging, and entertainment opportunities across the state.
“As our state grows, it’s more important than ever that we are creating communities where current and future Ohioans can live up to their fullest potential,” said Governor DeWine. “By prioritizing developments that transform neighborhoods, we’re making Ohio a place where people will want to be—now and in the future.”
“With new development and growth comes new possibilities for Ohioans,” said Lydia Mihalik, director of the Ohio Department of Development, which administers the program. “Mixed-use developments create lively communities that attract residents and visitors, transforming empty lots into places where people can connect and thrive.”
The Transformational Mixed-Use Development program was created with support from the Ohio General Assembly.
Major city projects must be located within 10 miles of a corporation limit of Akron, Cincinnati, Cleveland, Columbus, Dayton, or Toledo. Eligible costs include land acquisition, building acquisition, demolition, site improvement, and new construction of the site.
The Galaxy at Polaris project’s Phase II was awarded a total tax credit of $7,387,989 based on a total development cost of $269,413,881.
The Galaxy at Polaris is a multi-phased, 3,093,667-square-foot mixed-use development. Spanning three phases, the project integrates retail, residential, office, restaurant, hotel, and community spaces. Phase II will deliver 11 buildings totaling more than 1.7 million square feet of residential, retail, office, restaurant, grocery, and community spaces, further solidifying the development as a hub of activity. The project is expected to create approximately 2,102 construction jobs and 1,699 permanent jobs at the project site.
Source, Photo: Ohio Department of Development
