Mar 02, 2022 by Dennis McAndrew
Congratulations to our clients, Millennia Housing Development, Kaufman Development, and Uptown Mentor, who are among the first recipients of Ohio Transformational Mixed-Use Development (TMUD) tax credits. Awards of the first annual round of tax credits were announced today.
Millennia was awarded the TMUD incentive for its Centennial redevelopment project in downtown Cleveland, Kaufman was awarded the incentive for the second phase of its Gravity development in downtown Columbus, and Uptown Mentor was awarded the incentive for its Uptown Mentor development in downtown Mentor.
The TMUD Program provides tax credits to encourage mixed-use developments that will catalyze future development in the immediately surrounding area. See additional information about the TMUD program here.
Silverlode is proud to have provided economic impact analyses to support our clients’ applications. Applicants for TMUD tax credits are required to estimate the economic and tax impacts of their proposed projects. The magnitude of this impact and the return on investment on the state’s tax credit investment are primary determinants of whether projects are awarded the highly-competitive incentive.
In this initial round, competition for the $100 million of tax credits was fierce, with 42 applicants applying for awards. Ultimately, 13, or just over 30% of the 42 applicants were successful in their pursuit of an award. The success rate of Silverlode’s clients was well above that, however, with 60% of our clients being awarded the incentive this round. Over $55 million, or 55% of the $100 million available this round was awarded to Silverlode’s clients.
Four annual rounds of $100 million awards remain before the program sunsets, and although not yet announced, we anticipate the application period for the second round to open soon.
Contact Dennis McAndrew for more information about Silverlode’s economic impact services to TMUD applicants.