There is no question about the power of preservation to fuel economic development, according to the the Strategic Plan offered by the Ohio Department of Development this past week.

Quoted as saying that, ““We can’t be first in the nation until we’re first in the Midwest,” Department head Lieutenant Governor Lee Fisher indicated the plan calls for the Department to aim job growth at a pace 25% faster than surrounding states.  The plan advances five interlocking goals -- and in the fourth goal, that of “Investing in Regional Assets,” the Department places strong emphasis on and publicly supports the Ohio Historic Preservation Tax Credit as an integral component of that plan.  While the Administration has previously supported the credit, and included a $120 million in credits in successfully advancing its recent stimulus package, the plan itself commits to a hope that “…will become a fixture in the financing of historic redevelopments across Ohio” -- strongly suggesting long-term and ongoing support for the credit in future years.

No money was specifically earmarked for preservation-based downtown revitalization, and unfortunately the previous round of historic tax credit projects largely bypassed the central cities of small town Ohio.  Hopefully, through new rules which will be promulgated shortly which will include an emphasis on project diversity, more of Ohio can participate.

To access the page of the plan discussing the Ohio Historic Preservation Tax Credit, click here.  For the entire plan, click here.