We have all heard and read a great deal about the various Stimulus Packages of late. However, savvy real estate and construction professionals have known for years that various forms of stimulus by way of public funding have been readily available. From historic tax credits (HTF) and façade easements, to Tax Increment Financing (TIF) and Ohio Department of Development (ODOD) programs, to the Ohio Energy Office, there are numerous opportunities for loans, grants, and cost-savings incentives.
HTF's benefit developers/owners for restoring historic structures through a tax credit. Façade and air-rights easements represent a tax deduction to the developer/owner. TIF is a property tax exemption from a locality to induce development, while state programs from the Ohio Department of Development, the Ohio Energy Office, and even the Ohio Department of Natural Resources can provide grants and low-cost loans.
Many newer programs focus their compliance requirements on job creation and/or energy savings – both of which not only can offer the owner tax credits or grants, but also a revitalization of their workforce and direct bottom-line cost savings.
There are invariably numerous requirements in order to take advantage of this "free" money, but most owners will agree that the results are invaluable. We work with local professionals to find the right public funding opportunities, and then assist in the due diligence to bring in the funds. We have worked hand in hand with consulting firms such as Silverlode Consulting Corp, and various local law firms that specialize in these transactions, to maximize the owner’s benefits.
Looking for public funding that may be available to your real estate or construction business? Contact the real estate and construction group at Skoda Minotti at 440-449-6800 to help meet your accounting and business advisory needs.