Cleveland, OH

Nine of 42 TMUD applications are from Greater Cleveland

NEOtrans

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Applications to the Ohio Department of Development’s new Transformational Mixed Use Development tax credit program were submitted last weekCurbedLA

5 are in Cleveland, 1 each in Shaker Hts, Lakewood, Elyria & Mentor

Responding to a public records request from NEOtrans, the Ohio Department of Development supplied to NEOtrans a complete list of all applications to the new Transformational Mixed Use Development (TMUD) tax credit program. Project applications had to be submitted to the state at the end of the business day Oct. 29. There are a lot of numbers to break down in the applications.

There were 42 applicants for $100 million in tax credits statewide per year. Of that, $80 million is available for real estate development projects in Ohio’s six major cities with 100,000+ people and $20 million for general applications in smaller cities. Of that, 33 major-city projects are seeking $384,892,370.08 while 11 general projects are wanting $32,803,543.30. State officials said they would favor projects that are almost ready to go and need the TMUD credit merely to get over the finish line.

In Greater Cleveland, five projects are located in the city of Cleveland with one each in Shaker Heights, Lakewood, Elyria and Mentor. The Shaker Heights and Lakewood applicants were submitted as major city projects because they fall within 10 miles of the Cleveland city limits. The Elyria and Mentor projects are beyond 10 miles, so they were submitted as general applications.

One project that was not included among all of the TMUD applications was the project that originally prompted its creation — Stark Enterprises’ nuCLEus. That project was put “on hold” after its largest promised tenant — law firm Benesch, Friedlander, Coplan & Aronoff LLP — reportedly chose to expand its offices to Key Tower, Cleveland’s tallest and most prestigious skyscraper.

Find the list at NEO-trans.blog

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