Tax credit for historic Eagle’s Point

EATON — Last week, the Ohio Development Services Agency awarded $27.5 million in Ohio Historic Preservation Tax Credits to 19 applicants planning to rehabilitate 33 historic buildings. Among those named was the Eagle’s Point development in Eaton.

Together, the projects are expected to leverage approximately $279.4 million in private investments in eight communities.

The former Eaton High School/Middle School property located in downtown Eaton, with a total project cost estimated at $10,879,133 received a total tax credit of over $1.5 million.

According to ODSA, “Once the proud home of the Eaton Eagles, Eaton High School was built in 1926 and served students until 2004. An innovative partnership between Miller Valentine Group and the H.I.T. Foundation will retrofit the building for a mix of uses. Former classroom space will be rehabilated into affordable senior housing. The former gymnasium and grand auditorium spaces will be maintained for community use. Finally, a portion of the property will also function as space for Sinclair Community College programming and a restaurant.”

“These investments preserve historic buildings while creating new economic opportunity for neighborhoods,” said David Goodman, director of the Ohio Development Services Agency. “This program preserves the rich historic character of communities.”

The awards will assist private developers in rehabilitating historic buildings in downtowns and neighborhoods. Many of the buildings are vacant today and generate little economic activity. Once rehabilitated, they will drive further investment in their surrounding neighborhoods. Developers are not issued the tax credit until project construction is complete and all program requirements are verified.

This year the Ohio Historic Preservation Tax Credit program has completed 100 projects. These first 100 projects generated more than $1.4 billion in investment, rehabilitated 120 historic buildings, and created 3,439 housing units. The projects are located in 28 communities around the state and encompass more than 8.7 million square feet of space. To learn more about the first 100 projects, click here.

The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation.