As the State of Ohio prepares to award a second round of tax credits designed to incentivize large mixed-use projects, 11 “high-profile Central Ohio projects are seeking about $107 million” to help make their projects possible, Columbus Business First reports. To be eligible for the transformational mixed-use development (TMUD) tax credits, projects are “expected to catalyze development and the economies in their areas” and must include “a combination of retail, office, residential and other uses,” according to the article. The tax credit can help bridge the gap between a project’s cost and its value.
Local projects applying for TMUD credits include Rockbridge, requesting a $34 million credit for its nearly $345 million Merchant Building tower, while The Galaxy at Polaris developers are requesting a $12.3 million credit for the $156 million project. Direct Retail Partners requests $6.2 million in tax credits for the $140 million High North project in Worthington. Thrive Cos. is asking for $6.3 million for its $506 million Grandview Crossing project and $6 million for the $251 million redevelopment of the Mount Carmel West campus. Developers of the $70 million Golden Bear redevelopment are asking for $6.9 million in tax credits. The Bernstein Cos. is requesting $6.6 million for the $89 million Continental Centre redevelopment. Developers of the $145 million Kroger Bakery project are asking for $13 million. Continental is requesting $3.8 million for its $121 million Arlington Gateway project. For more, read the full article (subscription may be required).
