The Observation Deck

Today's Plain Dealer Business section has an interesting story entitled "Cleveland gets renovation credits". It's about how developers, investors and entrepreneurs who own buildings can apply for state-funded tax credits for "historic-preservation" improvements of their property. Many of the recipients are transforming their properties into mixed-use space, etc.

In NE Ohio, over $35.6 million was given out during this year's disbursement, including $16.8 million to the 668 Euclid building, among several other neglected and decaying downtown buildings.

If you don't get the newspaper, here's a link to the article:
http://www.cleveland.com/business/plain ... xml&coll=2 (I hope that link works....). It's worth reading.

While I'm glad dreary Downtown (particularly Euclid Ave) has an chance for a facelift, I wonder if there any Lakewood building owners/entrepreneurs are eyeing this opportunity for improving their own properties. I hope so!

For example, the Hilliard Theater building complex, probably MANY apartment buildings on Detroit, Madison, Clifton, etc.

The program ends in 2009, but only 200 building owners will get the money. Does anyone know if any Lakewood property owners are considering this?

John:

To be eligible for the 25% State Historic Preservation Tax Credit as well as the 30% Federal Credit, a building has to be income-producing and individually listed on the National Register of Historic Places, a contributing building in a National Register Historic District, or locally designated. That means that the only buildings in Lakewood that would currently qualify for these credits are the Detroit-Warren Building (which is already individually listed) and all of the contributing commercial buildings within The Birdtown National Register Historic District, which are mostly on Madison Avenue. This is not to say that the Hilliard Theater and other buildings in Lakewood couldn't get listed.

The Historic Preservation Ordinance currently working its way through the Planning Department is the first step in the City becoming a Certified Local Government (CLG). Once Lakewood becomes a CLG, we will qualify for State grants that could be used for other National Register nominations and the City will have the ability to landmark individual buildings, making them eligible for this 25% State credit as well. This will eventually have a huge impact on Lakewood. Imagine the potential impact of getting a tax credit for 55% of your qualifying rehabilitation expenses when you make a major investment in a historic building!

Even with all of the new development that has been occurring for the last several years, Mayor George's leadership in promoting historic preservation in Lakewood--getting Birdtown listed on the National Register, developing a historic preservation ordinance, and bringing the Main Street program to town--will be a big part of his legacy and will continue to impact Lakewood in a positive way, in my opinion.

Thank you, Mayor George!