Museum Center Misses Out On State Tax Credits, But Will Keep Trying
The Ohio Development Services Agency handed out $27.8 million in historic preservation tax credits Wednesday, but a major Cincinnati project – Union Terminal – was not on the list.
The Union Terminal restoration project had applied for $3.25 million worth of state tax credits.
Cincinnati Museum Center CEO Elizabeth Pierce said being left out this year wasn't a complete surprise; and said she is optimistic about future applications for tax credits.
"We anticipate they are likely to come this way because of the nature of the project and the level of excitement that people have about Union Terminal itself,'' Pierce said.
The group in charge of the restoration said previously it was possible the project might miss out this year because there are fewer state credits to go around. The group can apply again next year. A decision on more than $21 million in federal historic tax credits is expected in August.
Five Cincinnati buildings are getting restoration help in the form of historic tax credits from the Ohio Development Services Agency.
They are 771 and 772 E. McMillan ($250,000), the Crosley Building ($5 million), Film Center Building ($1.067 million), Market Square II ($1.79 million) and the Streitman Biscuit Company Building ($1.2 million).
Pierce said it is a good thing that many local projects were awarded credits.
"We're thrilled that Cincinnati continues to garner tax credits at the state level and that they are really good projects happening here in this market, as that helps raise the awareness of our project as well,'' Pierce said.