The State of Ohio's Historic Preservation Tax Credits (enacted
in December of 2006) have been extremely vital to the growth and
development of Downtown Cleveland as a whole, especially to the
heart of Cleveland's most beloved corridor, Euclid
The tax credit subsidizes 25% of qualified expenditures for historic rehabilitation projects. This tax credit, together with Federal Historic Tax Credits, has created the incentives necessary to renovate and revitalize many of the buildings along Euclid Avenue in Downtown.
Just one look at the State's 2009 annual report (which details the impact of the program), will show how much this program has impacted Cleveland
Of the 100+ applications that the State of Ohio has approved for State Historic Tax Credits since 2006, 37 are from the city of Cleveland (totaling over $600 million in development). Of those 37 projects, 23 are transforming the heart of Downtown Cleveland and the Euclid Corridor. With over $300 million in development for just the Euclid Corridor alone, it is easy to see why the Ohio Historic Preservation Tax Credit program is having such a a major impact on the progress of Downtown.
This imporant program is breathing life into buildings that have sat vacant or been underutilized for years. To read more on the impact of this program click on the Ohio Department of Development's website link to the left