CINCINNATI -- The city's iconic Union Terminal got good news Wednesday in the form of a $5 million Ohio Historic Preservation Tax Credit.
The tax credit was the final piece of financing that Cincinnati Museum Center was pursuing for the massive restoration project.
“We are grateful for the state’s recognition of one of its most historic buildings and realize how much it means to have been selected out of so many deserving projects across the state,” Cincinnati Museum Center CEO Elizabeth Pierce said in an email to WCPO. “As the restoration of Union Terminal continues to draw national attention to Ohio, we appreciate this investment by the state to ensure its continued role as a significant economic driver in the region.”
RELATED: City's urban residential revival gets $3.5M in tax credit awards.
The total project cost now stands at $233.5 million. That’s higher than the previously reported total of $212.7 million because it includes both the state tax credits and federal tax credits awarded previously.
The bulk of Union Terminal’s renovation is being funded by a quarter-cent increase in Hamilton County’s sales tax that voters approved in 2014.
“It’s important to remember that this is the first full structural restoration in Union Terminal’s 84 years, so this project is a very delicate process but vitally important to its future,” Pierce wrote. “The addition of the state historic tax credits is so important as we get further into the project to account for any unforeseen circumstances, which is always a concern on a project of this size, scale and age.”
Pierce said the project remains on budget and on track for completion in late fall of 2018.
Union Terminal was one of 10 projects in Cincinnati to receive historic tax credits Wednesday.
In all, the Ohio Development Services Agency awarded nearly $35 million in Ohio Historic Preservation Tax Credits to 30 new applicants working to renovate 36 historic buildings across the state. The program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office.
More information about the Union Terminal renovation project is available online.
Lucy May writes about the people, places and issues that define our region – to celebrate what makes the Tri-State great and shine a spotlight on issues we need to address. To read more stories by Lucy, go to www.wcpo.com/may. To reach her, email lucy.may@wcpo.com. Follow her on Twitter @LucyMayCincy.
