Rep. McNally Announces $1.390,181M to Rehabilitate Mahoning National Bank Office Tower
COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced $1,390,181 million in funding for the Mahoning County Bank Project as part of the Ohio Department of Development’s (ODD) Transformational Mixed-Use Development Program.
“Supporting redevelopment projects is crucial to improving our communities ,” said Rep. McNally. “By giving priority to these projects, we are creating an Ohio that people will want to live in both the present and the future.”
The Department of Development’s Transformational Mixed-Use Development Program provides a tax credit offsetting Development costs incurred during the construction of a project that will be a catalyst for future development in its area. These tax credits will fund projects to support the construction or redevelopment of more than 7.4 million square feet of transformational space to create housing, retail, dining, office, lodging, and entertainment opportunities across the state. Developments include new construction and/or improvement of vacant buildings that will have a major economic impact on the site and the surrounding area. Developments must include a combination of retail, office, residential, recreation, structured parking, and other similar uses into one mixed-use Development.
The Mahoning County Land Back Project will utilize funding to:
- Reimagine the 13-story Mahoning National Bank Office Tower with an event space in the basement bank vault, commercial space on floors 1-4, and 71 residential units on the upper floors.
- Create approximately 180 construction jobs and 196 permanent jobs at the project site.
Administered by the Ohio Tax Credit Authority (TCA), the Transformational Mix-Use Development Program invests in supporting the construction of mix-use development projects across Ohio. The Mahoning County Bank in downtown Youngstown is one of nine projects that will benefit with a total development cost of $16,500,000 and a total tax credit of $1,390,181.