VAN WERT, Ohio (WANE) — Van Wert received a boost in downtown redevelopment efforts: millions in historic tax credits from the state of Ohio.
“The tax credits have been a crucial part of our financing,” said Hall Block, Van Wert County Foundation Property Manager.
Block said the $26 million first phase will receive about 60% funding from various tax credits.
A press release from Governor Mike DeWine’s office broke down the historic tax credits:
Van Wert Forward II
Total Project Cost: $12,213,210
Total Tax Credit: $1,200,000
Address: 101-107 W. Main St., 147 E. Main St., 223 E. Main St.
This project is comprised of four historic mixed-use buildings in downtown Van Wert and is part of a larger revitalization effort that includes projects funded in previous rounds. Nearly 30,000 square feet of commercial space will be rehabilitated, and 13 apartments will be made available for new residents. Currently, only 5% of the spaces are occupied and the reactivation of these buildings will contribute to the ongoing transformation of downtown Van Wert.
135 E. Main Street
Total Project Cost: $1,772,007
Total Tax Credit: $175,000
Address: 135 E. Main St.
Another piece of the larger downtown Van Wert revitalization effort, the project at 135 E. Main Street will bring back two ground-floor retail spaces plus two apartments above. On the exterior, the historic windows, cornice, and lintels will be repaired and retained while on the interior remaining historic fabric such as wood trim, doors, and floors will be repaired during the rehabilitation project.
111 W. Main Street
Total Project Cost: $1,870,123
Total Tax Credit: $185,000
Address: 111 W. Main St.
This stand-alone project is part of the larger redevelopment project underway in Van Wert including two other projects funded this round, and others funded in previous rounds. The storefront retains original cast iron elements that will be repaired and retained and the plywood covering the transoms will be removed. Once rehabilitated, the building will house one commercial space and two upstairs apartments.
Block said the planned four phases will total approximately $100 million.