The OHPTC is a competitive program, with awarded projects announced twice per year, in the spring and again in fall.
The Sears project was initially awarded $2.55 million in tax credits during this year’s spring round, and received an additional $1 million credit award this week.
“This additional $1 million is a significant milestone for the Sears redevelopment and for the city of Trotwood,” Chad Downing, executive director for the Trotwood CIC, said in a press release.
“Our initial application (in the spring) was intentionally conservative and received the highest score in the state,” Downing continued. “That strong result allowed us to responsibly pursue additional credits in a second round, ultimately strengthening the project and improving what we can deliver to the community.”
The OHPTC program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office, which determines if a property qualifies as a historic building and whether the rehabilitation plans comply with the U.S. Secretary of the Interior’s Standards for Rehabilitation.
Historic preservation tax credits are monetized after construction is complete and all program requirements are met. Once certified, the credits are converted into equity invested directly into the project, reducing reliance on debt and improving overall feasibility.
Designed in the 1960s in the New Formalism architectural style by architect Fred F. Wennlund, the former Sears building served as an anchor store for the Salem Mall - the first fully enclosed shopping mall in the Dayton region.
“With this milestone achieved, the project now moves into the next stage of predevelopment, positioning us to advance toward construction in 2026,” Downing said of the Sears redevelopment. “This was a critical step we needed in place to move forward effectively. Residents and businesses can expect increased communication, engagement and opportunities to provide input as we refine plans and prepare for implementation in the months ahead.”
Statewide, 33 projects across 14 communities were awarded more than $74 million in historic tax credits, leveraging an estimated $681 million in private investment.
“Through this program, we are breathing new life into iconic buildings so they can drive economic growth in Ohio, all while honoring the craftsmanship and character that make our state so special,” Ohio Gov. Mike DeWine said when he announced the awards this week. “Once restored, these buildings will create jobs by housing new businesses and will lead to additional investment and revitalization in surrounding areas.”
About the Author
