Strollo Architects have until the end of the year to finalize financing and start work for $1.8M in tax credits

Published: Mon, September 2, 2013 @ 12:05 a.m.

By David Skolnick

skolnick@vindy.com

YOUNGSTOWN

As long as Strollo Architects finalizes financing for a $5 million project to rehabilitate the downtown Wells Building and starts construction by Dec. 31 as well as have the project finished by Sept. 1, 2014, the firm will receive $1.8 million in state and federal tax credits.

In a letter dated Thursday, Jennifer O. Poklar, assistant deputy chief of Ohio Development Services Agencys Office of Redevelopment, wrote that the agency agreed to extend the completion deadline date to September 2014. The original completion date to receive the credits was in April 2014.

As the applicant has made significant progress toward financing the project and moving toward construction, [ODSA] has determined that this amendment is conditionally approved subject to having financing in place and starting construction by Dec. 31, she wrote.

The letter is very good news, and the extension will give the company the needed time to get financing in place, said Gregg Strollo, the firms president and principal.

Given the disruption in the tax credit environment, caused by a large, poorly structured project in New Jersey [the Atlantic City boardwalk], this extension allows us the time required to arrange financing and market the credits appropriately, he said.

Strollo originally was required to start construction by Aug. 11, but at the firms request, the state gave tentative approval a couple of days before that to postpone the completion of the work until sometime in the summer or fall of 2014. Poklars letter gives specific dates.

Continued here:
Strollo Architects have until the end of the year to finalize financing and start work for $1.8M in tax credits