The Ohio Department of Development has announced that Woodard Development has been awarded Ohio Historic Preservation Tax Credits in the amount of $1.8 million.
The Ohio Historic Preservation Tax Credit Program provides a tax credit to leverage the private redevelopment of historic buildings. The program is highly competitive and receives applications bi-annually in March and September.
Woodard Development has planned a mixed-use redevelopment of this 54,900 square-foot historic structure located in downtown Sidney, The redevelopment plan includes retail and residential units. It is expected that commercial/retail space will occupy the ground floor, and 45 housing units, a mix of one and two bedroom apartments, on the upper floors for the vacant building.
Woodard Development has also applied for incentives through the Transformational Mixed-Used Development (TMUD) Program. The Transformational Mixed-Use Development Program provides a tax credit against Development costs incurred during the construction of a project that will be a catalyst for future development in its area. The announcement about successful FY 2023 TMUD applications is expected later this year.
During the June 27, 2022, City Council meeting, City Council authorized the City Manager to enter into a purchase agreement for 113 North Ohio Avenue, commonly known as The Ohio Building, contingent upon the award of incentives. The city acquired the vacant property through the expedited foreclosure process in 2017.
Woodard Development is expected to commence work on the project soon.