DevelopOhio

Downtown Dayton’s historic Delco building is undergoing a $25 million rehabilitation thanks in part to $3.8 million in financing from the Southwest Ohio Regional Bond Fund, the Dayton Business Journal reports. The funds “will be used for energy efficiency upgrades on the Delco building,” including “new windows and high-efficiency HVAC systems,” according to the article. The fund is a collaboration between the Port of Greater Cincinnati Development Authority and the Dayton/Montgomery County Port Authority; these are “some of the first funds” to be disbursed since the fund was finalized last year. The bonds “will be repaid through a voluntary real estate assessment known as PACE, or Property Assessed Clean Energy (for more information, see our Energy SIDs & PACE Financing Resource Center).” The project has received state historic tax credits, and the Delco building has been nominated to the National Register of Historic Places, which would make it eligible “for a 20 percent federal tax credit on the renovation project” if granted. “Adaptive re-use of distressed properties such as Delco was the purpose” of the Southwest Ohio Regional Bond Fund, which recently received a BBB+ Standard & Poor’s rating (see our March 21, 2016 blog post). For more, read the full article.