Sandusky approves TIF for $8.8M Hogrefe Building project

City commissioners in Sandusky recently approved a tax increment financing (TIF) agreement “to help stabilize the fiscal foundation” of two developers’ multimillion-dollar investment in the Hogrefe Building downtown, the Sandusky Register reports. Rick and Meghan Hogrefe originally budgeted $3 million to restore the historic Cooke Building at Columbus Avenue and Market Street, but the building was found to be unsalvageable, and costs escalated, according to the article. The Hogrefes have applied for a $1 million grant from the state of Ohio, and have committed to putting up $7.8 million of the expected $8.8 million cost for the mixed-use project. As part of the TIF agreement, they will make payments in lieu of taxes of at least $200,000 each year, with at least $25,000 per year going to Sandusky Schools. The remaining money will be used to service debt on the project and to finance planned public infrastructure. For more, read the full article.

Economic Development, Financial Incentives, State Updates