Brumberg, Ro-Na get state Historic Preservation Tax Credit
Published 10:34 am Friday, July 29, 2011
The Brumberg Building and the old Ro-Na Theater are getting Ohio Department of Development Historic Preservation Tax Credits.
The Brumberg Building, part of the Ironton Lofts project, is getting a tax credit of $1,482,244 in Round 5 of the tax credit cycle. The five-story building, at 222 S. Third St., once housed Guy’s Floor Covering and will be renovated for office space and 10 market rate apartments and is expected to provide 21 jobs upon rehabilitation.
The other building involved in the project, the Berg Building, was awarded Ohio Historic Preservation Tax Credits during Round 3 of the program and is already under construction.
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The Berg building, which will house the city’s new transit center, is undergoing renovation now. The transit center that will be on the Second Street side of the first floor may be open as early as Monday.
The Ro-Na Theater is getting a tax credit of $1,581,887. The building, at 312 S. Third St., 45638
The theater is to be rehabilitated as a performing arts and entertainment center. The Art Deco marquee and interior lobby will be restored to their original condition and the largely-decayed auditorium will be reclaimed to hold approximately 1,000 people. The $8.2 million project is expected to create an estimated 60 construction jobs and 10 permanent jobs on-site.
Mayor Rich Blankenship said he was pleased with the state’s tax credit award.
“We’re grateful and we feel very fortunate,” Blankenship said. “It takes a lot of hard work to make these projects happen.”
The Brumberg and the Ro-Na are among 13 historic buildings sharing more than $23.8 million in tax credits. These projects are expected to leverage more than $140 million in private investments, and assist in the creation of 1,600 jobs, according to the ODD.
“Redevelopment of historic structures strengthens Ohio communities and spurs private investment and job creation through construction and occupation of the buildings,” said William Murdock, director of the department’s urban development division. “The Ohio Historic Preservation Tax Credits have been a significant economic driver across the state, generating revenue and creating more than 20,000 jobs.”
The awards include five projects in Round 5 and eight projects in Round 6. The Round 6 awards were made possible through renewal of the program in the state’s FY2012-2013 budget.
The budget, signed by Governor Kasich on June 30, 2011, allocates $60 million annually to the Ohio Historic Preservation Tax Credit program.