project-update 18902

The State of Ohio’s Department of Development has officially awarded the new convention headquarters hotel a $40 million Transformational Mixed-Use Development (TMUD) Tax Credit. This is a critical piece of funding for the project, without which construction of the new hotel would likely not be possible. The tax credit will generate approximately $35 million in equity to the project, which had a $160 million financing gap. Separately, the Ohio House of Representatives passed a spending bill that includes $22 million dollars from the One-Time Strategic Community Investment Fund for the hotel. As project financing is being finalized, 3CDC and Portman Holdings are working on a term sheet to formalize commitments and responsibilities for advancing the project through construction. 3CDC will begin sending out regular construction updates on the Convention District, with the first installment schedule to be sent out later today. Stay in the know with everything happening in the Convention Center District by subscribing to receive regular construction updates.