Project Management Consultants LLC (PMC), a subsidiary of Thompson Hine LLP, is pleased to announce that it succeeded in helping three clients receive Ohio Tax Credit Authority approval totaling $17.6 million in highly competitive Ohio Transformational Mixed-Use Development (TMUD) Tax Credit awards. This is the second straight round that PMC has helped secure tax credit awards for three Ohio projects through the program. PMC handled two of the seven Major City awards.
PMC has been instrumental in enacting key site selection legislation across Ohio. PMC finance professionals assisted in drafting the initial legislation establishing the TMUD Tax Credit for mixed-use new construction and rehabilitation projects. The tax credits help catalyze large mixed-use projects statewide, generating significant tax benefits for Ohio’s communities. At the time this bill was passed, there were no major statewide grants or tax credit incentives available for new construction projects.
PMC’s innovative approach includes utilizing internally developed proprietary scoring analyses to help clients determine the best strategy for preparing a winning application. PMC’s Economic Impact Analyses, generated in-house to Ohio Department of Development standards, help make the application process seamless for clients and enhance chances of success.
PMC helped secure wins for one suburban, one urban, and one rural project, showcasing the diversity of locations in which applications can be successful. Projects include:
- DiGeronimo Companies was awarded $10 million in credits for Valor Acres, a mixed-use redevelopment under way at the former Veterans Administration site in Brecksville. The site sat vacant for a decade before DiGeronimo started planning Valor Acres and secured Sherwin-Williams’ new Research & Development Center on the property. This project was the third highest-scoring TMUD application out of 19 eligible applicants.
- CASTO Communities was awarded $3.5 million for its redevelopment of the Assembly, a brownfield site and the location of a former Ford Model T plant and Kroger Bakery building. These tax credits are the latest incentive that PMC helped CASTO secure for the complicated mixed-use redevelopment project, which will convert the site into a mix of apartments, office, retail, parking and green space. PMC also helped CASTO secure two Brownfield Remediation grants from Ohio in 2022 with a total value of $4.78 million and is helping CASTO finalize its capital stack so that it can break ground later in 2024.
- Wallick Communities was awarded $4.1 million for its planned mixed-use Central Park city center development in Heath. The project will provide Heath with a town center that includes various residential, retail, restaurant and commercial options next to its planned new City Hall building. The project should help provide much-needed residential options in the growing Columbus region near the Intel plant under construction in New Albany.
“PMC has been an invaluable partner to us on projects across Ohio the last five years, including both the Assembly project in Columbus and Dexter project in Cleveland, among others,” remarked Brent Sobczak, President of CASTO Communities. “PMC identifies creative financing sources for complex projects with precision. They look at each project’s unique challenges that create financing gaps, and they work tirelessly in partnership with their clients to reach a successful financing closing where all sources work together.”
Together, Thompson Hine, which boasts the deepest bench of construction and real estate lawyers in Ohio, and PMC, which specializes in providing public and private financing consulting, insurance and risk management consulting, partnering facilitation and mediation, and owner’s representation services, have the unique capability to offer clients the full range of legal and consulting services needed in site selection initiatives. For companies looking to establish roots in a new market, Thompson Hine and PMC bring together seasoned lawyers, consultants, finance professionals, construction managers, engineers and architects to provide a streamlined approach to completing projects on time and on budget. In addition, the organizations’ strong relationships with brokers and developers enable them to seamlessly provide services from acquisition through occupancy.
“We enjoy being a part of such transformative impact projects. These tax credits play an important role in filling project financing gaps and allowing clients’ projects to proceed in the difficult high-interest-rate climate,” said Ryan Sommers, PMC Managing Director of Financial Services. “We are looking forward to helping clients access the next round of $100 million in funding that will become available for projects across the state later this year.”
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About PMC. Founded in 1997, Project Management Consultants LLC (PMC) is a wholly owned subsidiary of Thompson Hine LLP consisting of seasoned construction, design, finance and real estate professionals, including licensed architects, engineers, construction managers, financial strategists and experienced construction lawyers. PMC’s professionals have extensive experience in design, finance, construction consulting, construction management, partnering facilitation and owner’s representation, and work seamlessly with Thompson Hine’s lawyers to provide integrated services to the marketplace. PMC’s four primary services for the real estate, design and construction industries are owner’s representation, public and private financing consulting, project and risk management consulting, and design and construction partnering facilitation and mediation. For more information, please visit aboutPMC.com.
About Thompson Hine LLP. Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by the Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. The firm has been recognized by the National Law Journal as a Legal Technology Trailblazer and featured by Bloomberg for its innovative service delivery models, which drive accuracy and predictability. The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTHTM – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit ThompsonHine.com and ThompsonHine.com/Innovation/SmartPaTH.