Centre City trouble: State rescinds $5M for Dayton project

A view of the Centre City building at 40 S. Main St. from the Levitt Pavilion Dayton. TY GREENLEES / STAFF

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A view of the Centre City building at 40 S. Main St. from the Levitt Pavilion Dayton. TY GREENLEES / STAFF

The state has notified the owners of the Centre City building that it has rescinded the owner’s approved application for $5 million in tax credits for missing key deadlines.

The Ohio Development Services Agency notified Centre City Partners that its previously approved application for state historic tax credits is rescinded effective Dec. 31, according to a Jan. 3 letter obtained by this newspaper.

“The tax credits have been rescinded for this application,” said Penny Martin, spokeswoman with the Ohio Development Services Agency. “They are more than welcome to apply again in the future.”

The Centre City building is a vacant, 21-story high-rise apartment building at 40 S. Main St. Centre City Partners proposed spending more than $46 million to turn the building into 164 apartments and ground floor commercial space.

MORE: Owner reaches deal to keep $5M in tax credits for downtown Dayton project

The state said the group failed to provide documentation showing it made progress to secure and close on financing for the proposed renovation of the building.

Last week, David Roos with Centre City Partners told this newspaper that he recently spoke with the state and “we have it worked out.”

But the state gave the project multiple extensions to submit proof of ownership and evidence that financing was lined up for the proposed rehab work.

Roos did not immediately comment when contacted by this newspaper.

The $46 million rehab proposal was awarded $5 million in state historic tax credits in December 2016, beating out a request from the Dayton Arcade for state tax credits.

The loss of credits would be another blow to a building that has been targeted for redevelopment for years. The previous owner of the building won $2.8 million in state historic tax credits in December 2013, but the funding was returned to the state after the project never got off the ground.

MORE: Centre City Building in Dayton facing deadline for tax credits

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