Ohio Governor John Kasich recently signed into law “bonus-sized Ohio Historic Preservation Tax Credits earmarked by the Ohio Legislature to aid renovation of the May Co. building in Cleveland and the former Goodyear headquarters in Akron,” Crain’s Cleveland reports. The state award for the May Co. project “would be about $25 million,” while Industrial Realty Group (IRG)’s plan to renovate the former Goodyear headquarters into contemporary office space would receive $19 million. The catalytic credits, awarded by the Ohio Development Services Agency and Ohio History Connection, are “designed to provide large projects that were aided less than smaller ones by the program’s typical $5 million maximum,” according to the article. Stu Lichter, CEO of IRG, said the tax credit “frees up capital for us to build a parking garage” for the offices at the former Goodyear building. For more, read the full article.
Cleveland, Akron projects get boost from tax credits Gov. Kasich signed into law
