Enquirer Article
I don't typically like to post any bad news about OTR, but I thought this one was important enough to report. 3CDC found out that they will not be getting the $3.8 million dollars in funding from the Ohio Historic Preservation tax credit program they applied for. It sounds as if the program ran out of money and lots of people are upset with the state for not implementing a fair application process.
Unfortunately for 3CDC this money was going to be important for some of the new upcoming projects for buildings in OTR.
3CDC has not yet come up with a new plan for coming up with the money they were counting on having, but hopefully they'll be able to pull through and continue smoothly.
Saturday, March 15, 2008
3CDC Disappointed
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7 comments:
those clevelanders stole all our monies.
Good luck, 3CDC. With our economy melting down there really is no help of getting that $30 m elsewhere.
Just FYI, they didn't lose $30 million in funding through the preservation tax credits, it was a total of 3.8 million (intended to fund that 30 million of projects, 2.6 million for one project, and 1.2 million for another). The Enquirer story made that point less than clear.
Thank you chris s for clearing that up. So, it won't be as difficult to raise 3.8 as it would have been to raise 30.
Yeah, its not chump change, but hopefully this won't be a major setback.
I can't believe that money from a historic tax credit program was given out first come, first serve. No evaluation of the projects at all. Worthless...and now it is getting sacked all together...
No kidding!!! The following is directly from the Ohio Department of Development web page:
"By direction of the General Assembly, not more than 100 tax credit certifications can be approved by the Director of Ohio Department of Development each year of a two-year period beginning on July 1, 2007. Each program year, applications will generally be considered in the order in which they are filed with the Ohio Historic Preservation Officer, although applications can be considered at the discretion of the Director in order to ensure a mixture of high and low cost historic preservation projects receive the credits." http://www.odod.state.oh.us/edd/OHPTC/
So we know they expected to approve up to 100 applications yet they ran out of funding at 39!? On the other hand it seems the director had the discretion to pick and choose projects. Hard to say if this is good or bad. I hope 3CDC can make up for the states poor planning!
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