New round of TMUD tax credits available

The Ohio Department of Development recently announced the third round of its Transformational Mixed-Use Development [TMUD] Program, which provides tax credits for “major, mixed-use developments in Ohio,” The Business Journal reports. The tax credits “can be used to help finance new construction or improvement of vacant buildings”; developments “must include an influence on the economic and social well-being of the immediate site and surrounding area that will influence long-term change on the area,” according to the article. Eligible properties must include “at least two mixed uses — three if one is a parking structure,” while eligible costs include “land acquisition, building acquisition, demolition, site improvement and new construction of the site.” In the two prior rounds, the program “has awarded $200 million to 25 mixed-use development projects expected to result in more than $3.3 million in new payroll and $3.7 billion in investments across Ohio.” Applications are available on the program website and must be received by 4:00 p.m., September 8, for consideration. For more, read the full article.

Economic Development, Financial Incentives, Project Finance, State Updates