UPDATE, 12:10 p.m.: The director of the state’s economic development department praised the vision for revitalizing the Dayton Arcade.
David Goodman, director of the Ohio Development Services Agency, came to Dayton this morning to announce $5 million in historic tax credits.
“If you look at this rotunda, I know this will be a unique stop for visitors to the city,” Goodman said.
“The awards today allow us to embrace our history while creating new opportunities for the future. Whatever, you're looking for you can find it here,” Goodman said.
The first phase for redevelopment calls for 126 housing units along Fourth and Ludlow.
UPDATE, 10:15 a.m. :The Dayton Arcade received $5 million in state historic tax credits today, a major step toward renovation of the massive downtown complex.
PREVIOUS COVERAGE: State coming to Dayton Arcade to award tax credits
The overall project is not yet a done deal, but many of the most important pieces of financing have been assembled, according to developers. They say that the current redevelopment plan is closer to becoming a reality happening than any that have preceded it, dating back a couple of decades.
“This (award) is really important because we’ve had it in our model — our capital stack — since the beginning, and without it, I’m not sure we would have made that up through other funding sources,” said David Williams, vice president of urban development with Miller-Valentine Group, one of the development partners.
This morning, state and local officials gathered in the arcade’s glass-domed rotunda for an announcement regarding the recipients of the Round 18 state historic preservation tax credits.
Credits were awarded to projects in 13 Ohio communities, including Troy and Urbana. But the Dayton Arcade, and Dayton, were among the biggest winners.
UPDATE, 10:03 a.m.: Six months after being denied state historic tax credits, the developers of the Dayton Arcade today officially earned $5 million in incentives — the same amount they originally pursued.
A roughly $56 million proposal to rehab some of the vacant complex’s eight interconnected buildings into housing, an innovation hub and commercial space was at risk of unraveling if state historic preservation tax incentives could not be secured, developers said.
But the Ohio Development Services Agency this morning annonced awards of nearly $35 million in Ohio historic preservation tax credits to benefit 36 projects across the state, including a $5 million allocation to the Dayton Arcade.
The official announcement was held at the iconic rotunda inside the downtown complex, and the arcade was one of only two projects statewide to receive $5 million in incentives, the largest amount distributed by the state.
EARLIER: The Ohio Development Services Agency will announce the recipients of a new round of state historic tax credits at the Dayton Arcade Wednesday morning.
In an official invitation, the Ohio Development Services Agency’s round 18 announcement of tax credit awards will take place at 10 a.m. at the arcade building at 26 S. Ludlow St.
The group that wants to redevelop the long vacant building was turned down for incentives in 2016, but applied for around $5 million in state historic tax credits this year.
The development team that wants to rehab the massive complex has said obtaining tax credits is one of the last major pieces of the “capital stack” needed for the project to move forward.
We’ll have crews at the announcement and will update this page as new information becomes available.
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