Two Valley buildings have been selected by the Ohio Department of Development as part of a tax credit program that will assist in preserving the historic buildings.

Thirty-seven projects in Ohio were awarded the tax credit, totaling $56,125,248.

In Mahoning County, Center Tower was selected for a $2 million tax credit on the $20,200,250 restoration project. 

Central Tower, also known as Metropolitan Tower, sits at 1 W. Federal Street, was built in 1929 and is an art-deco-style building.

The project will rehabilitate the tower into a mixed-used building with 64 apartment units on the upper floors and office space on the lower floors. The total cost for completion of the project is estimated at $20,200,250.

The second building to receive the tax credit for restoration locally is the Niles Masonic Temple, receiving $1,160,000 and a restoration price of $4,958,000. The building is located in Niles at 22 W. Church Street and was constructed in 1922. The building is planned to be transformed into a multipurpose space for the community, with a mixed-use facility focused on meeting social and community engagement and economic activity.

"Historic preservation is an economic driver in Ohio communities ­­– it's more than just saving old buildings," said Lt. Governor Husted. "We're preserving Ohio's history while investing in its future through this program."

The tax credit program assists in preserving historic buildings that are often vacant and generate little economic activity. The buildings will be rehabilitated into variety of uses across the state, including residential housing, commercial and office space, and manufacturing facilities. Once rehabilitated, they will drive further investment and interest in nearby properties.

Developers only receive the tax credit once project construction is complete and all program requirements are verified.

37 projects around the state awarded $56,125,248 in tax credits to preserve 42 buildings. The projects, once completed, are expected to leverage approximately $715 million in private investments, according to the Ohio Department of Development.

The 15 communities receiving tax credits are Akron, Barberton, Cincinnati, Cleveland, Columbus, Cuyahoga Heights, Dayton, Hamilton, Marion, Middletown, Niles, Steubenville, Toledo, Wellington, and Youngstown.

The Historic Preservation Tax Credit program is done in partnership with the Ohio History Connection's State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior's Standards for Rehabilitation.