Final funding source needed for Thompson Building awarded
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EAST LIVERPOOL -- After three years of trying to piece together grant funding and plans to save the Thompson Building, the final puzzle piece fell into place with Ohio Governor Mike DeWine's Jan. 29 announcement of $2.6 billion investments for mixed-use development projects from the Ohio Transformational Mixed-Use Development Program.
According to the program's website, "The Transformational Mixed-Use Development Program provides a tax credit against development costs incurred during the construction of a project that will be a catalyst for future development in its area."
To qualify, the development must include new construction or improvement of vacant buildings, such as the Thompson Building, that will result in a major economic impact on the area and be a combination of retail, office, residential, recreation, structured parking or other similar uses in the development.
The Thompson Building will be used for retail, office space and apartments. The city already has letters of intent from several businesses who plan to occupy the building when the renovation is complete.
The Thompson Building was one of 15 projects across the state to receive the tax credit. Columbiana County will receive a tax credit of $212,950, the amount the city fell short of for the total development cost of $2,129,50.
The city has received in addition to the $212,950 TMUD tax credit, $422,000 in federal and $414,000 in state tax credits, $600,000 from JobsOhio, $186,000 from the city's Community Improvement Corporation (CIC), $10,000 from the Columbiana County Land Bank and $300,000 from Craig Cozza, who is a stakeholder in the project.
DeWine's announcement said the proposal for the project noted that the CIC in partnership with public and private entities proposed the historic rehabilitation of the vacant and dilapidated Thompson Building located in the East Liverpool Downtown Historic District to help diversify local economy, increase access to community healthcare services and increase downtown foot traffic.
"The Thompson Building project will act as an anchor to reactivate East Liverpool's downtown, support adjacent businesses, and catalyze future development projects within the surrounding area," the news release said. "The project is expected to result in approximately 20 construction jobs and the creation of approximately 63 permanent jobs at the project site."
Pat Scafide, president, CIC, said that if all goes as planned it is his understanding that they are hoping the work begins on the Thompson by late summer.