Ohio Administrative Code Title 122:29 - Transformative Mixed Use Development Credit
Here is a summary of Ohio Administrative Code Title 122:29 - Transformative Mixed Use Development Credit based on typical administrative code structure and purpose. If you want the exact legal text or detailed sections, I can help locate or summarize them further.
Ohio Administrative Code
Title 122:29 - Transformative Mixed Use Development Credit
Overview:
This section outlines the provisions for a tax credit aimed at encouraging transformative mixed-use developments in Ohio. The credit is designed to stimulate economic growth by incentivizing projects that combine residential, commercial, and possibly other uses within a single development, fostering vibrant, sustainable communities.
Key Features:
Purpose:
To promote the development or redevelopment of mixed-use projects that transform underutilized or blighted areas into economically viable and community-oriented spaces.
Eligibility:
Projects must meet specific criteria, including but not limited to:
Located in designated areas (such as distressed or redevelopment zones).
Incorporate a mix of uses (residential, commercial, retail, office).
Achieve certain thresholds for investment, job creation, or community impact.
Credit Amount:
The credit typically is a percentage of qualified costs or investments in the project. It may be refundable or transferable depending on the statute.
Application Process:
Developers or project sponsors must apply through the appropriate Ohio development agency or division, providing detailed plans, cost estimates, and expected community benefits.
Limitations and Restrictions:
Maximum credit amounts per project or developer.
Time limits for project completion and credit claims.
Compliance with local zoning and state laws.
Administration:
Administered by Ohio Development Services Agency or similar authority, including verification and monitoring of project progress.
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