Mount Sterling’s Clock & Boyd Project Included in Ohio Historic Preservation Tax Credit Awards

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(Columbus) – Ohio Governor Mike DeWine, Lt. Governor Jim Tressel, and Ohio Department of Development Director Lydia Mihalik have announced state support for dozens of historic restoration projects, including one in Mount Sterling, that will encourage continued economic growth in Ohio.

As part of the Ohio Historic Preservation Tax Credit Program, 33 projects will be awarded more than $75 million in tax credits to preserve 45 buildings across the state. The projects are expected to leverage approximately $681 million in private investments. 

The Clock and Boyd project in Mount Sterling includes two historic buildings, and one non-historic
structure in the downtown historic district. Previously home to various commercial uses, the buildings
will be rehabilitated to provide space for businesses and residents. The developer anticipates a
restaurant/coffee shop tenant and six apartments in the project, marking the first historic tax credit
project in the Mount Sterling community.

The project address will be 31-33-35 South London Street in Mount Sterling. Total tax credits requested for the project come to $350,000 for a total project that will cost over $2.15 million.

“Through this program, we are breathing new life into iconic buildings so they can drive economic growth in Ohio, all while honoring the craftsmanship and character that make our state so special,” said Governor DeWine. “Once restored, these buildings will create jobs by housing new businesses and will lead to additional investment and revitalization in surrounding areas.”

“Preservation and progress go hand in hand,” said Lt. Governor Tressel. “This program strengthens local economies and ensures future generations can benefit from the places that have long been at the heart of their communities.”

The awarded projects span 14 communities, including Akron, Bowling Green, Canton, Cincinnati, Cleveland, Columbus, Dayton, Lakewood, Marysville, Mount Sterling, Springfield, Toledo, Trotwood, and Wadsworth. The communities of Bowling Green, Mount Sterling, and Wadsworth are receiving tax credits through his program for the first time. 

Many of the buildings slated for renovation are currently vacant and underutilized. With support from the tax credit program, they will be transformed into residential units, commercial and office spaces, and manufacturing facilities. Tax credits are only issued after construction is complete and all program requirements are verified. 

“Across Ohio, we have historic gems that define our main streets and provide valuable resources for their communities,” said Director Mihalik. “With the help of the Ohio Historic Preservation Tax Credit Program, we’re able to help restore and preserve these structures so they can continue to serve their neighborhoods and residents for generations to come.” 

The Ohio Historic Preservation Tax Credit program is administered in partnership with the Ohio History Connection’s State Historic Preservation Office. The State Historic Preservation Office determines if a property qualifies as a historic building and that the rehabilitation plans comply with the United States Secretary of the Interior’s Standards for Rehabilitation. 

“The rehabilitation of historic buildings through the Ohio Historic Preservation Tax Credit Program and federal historic tax credit programs can revitalize main streets, help the environment – because nothing is greener than using what is already built – and create jobs, with the added bonus of preserving local history,” said Mariangela Pfister, Department Head and Deputy State Historic Preservation Officer for Technical Preservation Services in the Ohio History Connection’s State Historic Preservation Office.