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Wilmington Building Gets State Tax Credit

Wilmington Building Gets State Tax Credit

The Ohio Development Services Agency awarded $33 million in Ohio Historic Preservation Tax Credits to rehabilitate 31 historic buildings in 10 communities across the state. The projects are expected to leverage nearly $400 million in private investments.

"The Ohio Historic Preservation Tax Credit strengthens local communities by restoring a piece of its history," said David Goodman, director of the Ohio Development Services Agency. "These projects help enrich cities across Ohio, preserving the character and charm of buildings that may have otherwise been demolished."

The awards will assist private developers in rehabilitating buildings in downtowns and neighborhoods. Many of the buildings sit vacant today, meaning they will drive further investment in their surrounding neighborhoods once new businesses and residents move in.

This includes what is k
nown today as the Horace Gallup Building, 59 1/2 West Main is a two-story commercial building at the center of downtown Wilmington. The structure was completed in 1876 and still maintains commercial use on the first floor. The rehabilitation project will convert the building's second floor into a one-family, loft-style apartment. This project is the first in Wilmington to leverage the Ohio Historic Preservation Tax Credit program.

The total project cost is $65,000- with a total tax credit of $13,825.

 

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