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Former bank project nets nearly $1.4M in tax credits

YOUNGSTOWN — The developer of the former Mahoning National Bank Building in downtown Youngstown continues to collect deposits in the form of state tax credits in efforts to rehabilitate the historic site.

Gov. Mike DeWine and Ohio Department of Development announced Monday that the state awarded $1,390,181 in credits as part of the Transformational Mixed-Used Development Program’s fourth round of funding targeting nine statewide mixed-use development projects.

In the June disbursement, the venture attracted a $2 million tax credit. A downtown Warren project involving the former YMCA building also netted $2 million.

“As our state grows, it’s more important than ever that we are creating communities where current and future Ohioans can live up to their fullest potential,” DeWine said.

“By prioritizing developments that transform neighborhoods, we’re making Ohio a place where people will want to be — now and in the future.”

In the synopsis provided, “the 13-story building will be reimagined with an event space in the basement bank vault, commercial space on floors 1-4, and 71 residential units on the upper floors.”

The $16.5 million effort is expected to generate approximately 180 construction jobs and 196 permanent jobs.

Last representing the Valley’s banking industry as Huntington National Bank, the property sold for $2.3 million in December to 22 Market Street Ohio LLC of Monroe, N.Y., according to the Mahoning County auditor’s website. It remains listed as owner with the property’s appraised value at $1.85 million.

An effort to contact the owner was unsuccessful.

Nine projects in seven communities received $100 million in funds, the news release said.

“With new development and growth comes new possibilities for Ohioans,” Lydia Mihalik, director of the state’s Department of Development, said. “Mixed-use developments create lively communities that attract residents and visitors, transforming empty lots into places where people can connect and thrive.”

The state’s Department of Development oversees the program.

Tax credits are released once the project is completed and have met state program requirements.

Starting at $2.99/week.

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