BrainWave supports conservation, restoration, preservation and adaptive re-use of commercial and residential structures:
Ohio's great and innovative communities have evolved over time, shaped by a wide variety powerful historic currents. Sometimes our community legacies have been carefully preserved, but others have deteriorated and been lost through neglect, obsolescence and changing financial imperitives. The loss of this historic fabric deprives future generations of tangible evidence necessary for understanding the struggles and achievements of our forbears. The State of Ohio and the National Park Service together understand that preserving historic assets is a community enriching undertaking. And to assist in putting historic preservation on the agenda as a viable community enhancing policy, the National Park Service and the State of Ohio offer significant tax credit incentives for the preservation and rehabilitation of historic community structures.
The Federal Government through the National Park Service offers a 20% tax credit on the certified restoration of income producing, qualifying historic properties. The State of Ohio offers a 25-35% tax credit for certified restoration income producing properties. These combined tax credits apply to a comprehensive list of renovation expenditures. These combined tax credits are a decisive advantage for developers looking for unique and interesting projects within historic rich communities.
Too often, Historic Preservation has been pitted against the interests of new economic development. It has long been "accepted wisdom" that historic preservation is more expensive than new construction. And powerful economic incentives have been showered on new development in the form of subsidies, tax-incentives and "blight clearance sites". Often the "blight clearance" is of historically significant structures and sites. The negative effects of every widening urban-sprawl is apparent. The damage done through neglect and demolition has reduced the vitality of once-great towns and cities. This "conventional wisdom" needs to be re-examined. Historically interesting and "human-scale" buildings are now suddenly economically viable with the advent of a 20% + 35% = 55% Historic Renovation Tax Credits. Downtown buildings which struggle to meet modern code have caught a huge break which makes renovation an attractive alternative to the beltway bean-field developments.
Reinvesting in older neighborhoods saves the larger community massive amounts of redundant tax-payer funded infrastructure investment. The streets, water, sewers, sidewalks and infrastructure are all there. The populations are nearby, the neighborhoods often need jobs and services. The long neglected historic fabric can now be seen as an historic asset and opportunity. Communities throughtout Ohio with architectural infrastructure older than 50 years of age are eligible for this powerful economic development tool.
At this point, most larger communities have their very own "This-could-be-anywhere-Suburban-USA-Mall". Same generic fad-driven architecture "statements", same chain stores, same muzak, same vibe. Nothing that says anything meaningful about this specific community, its people, and its history.
Our historic building assets tell a very different story. With names cared in stone by proud builders and their owners, now long gone. Built with materials to last hundreds of years. And designed to a human scale, built to promote contact and communication, with less reliance on the Automobile. These buildings and spaces define and tell a communities story, and are the identity strengthing assets which make poeple want to come back and stay.
Brainwave is offering services to Ohio communities, developers, non-profits and preservationists to assist in utilizing the powerful tool which Ohio has made accessible. We can assist in a wide range of consulting engagements, surveys, and application preparation. BrainWave utilizes a "Project-Talent-Team" approach for assembling the best available talents for your project. This talent-team approach allows maximum contribution from disparate experienced professionals at a very reasonable cost structure.
Click Here to download the 2022 Historic Tax Credit -Quick Reference Guide; Comparing the Ohio Preservation and Federal Historic Tax Credit Programs
For more information please contact us. (Updated May 2022)
