For Immediate Release

April 7, 2010

PATT-MCDANIEL ANNOUNCES APPLICATIONS RECEIVED FOR ROUND 4 OF THE

OHIO HISTORIC PRESERVATION TAX CREDIT PROGRAM

COLUMBUS – Lisa Patt-McDaniel, Director of the Ohio Department of Development, announced today that
50 applications from 14 cities around Ohio were submitted for Round 4 of the Ohio Historic Preservation
Tax Credit program. Applicants were required to submit their applications by March 31, 2010 to be
considered, and collectively represent more than $550 million in planned investments in the state, with more
than $80 million in tax credit awards requested. The requests range from the program cap of $5 million to
$8,000 in tax credits.

“The Ohio Historic Preservation Tax Credit program is an excellent economic stimulus driver for the state,”
Patt-McDaniel said. “Every $1 dollar that the state invests in these projects leverages more than $5.50 in
private investments. But beyond the shear economic impact, the program is catalyzing revitalization in
Ohio’s great historic downtowns in cities such as Akron, Youngstown, Piqua, and Springfield, unique urban
neighborhoods like Over-the-Rhine in Cincinnati; and important historic streets like Euclid Avenue in
Cleveland.”

The Ohio Historic Preservation Tax Credit program is part of the Ohio Bipartisan Job Stimulus Plan, which
creates new jobs while laying the foundation for future economic prosperity. In the Job Stimulus Plan $120
million was set aside for Historic Preservation Tax Credits. In October 2008, 48 projects were approved for
a total of $78.2 million in tax credits and in Round 3, 12 projects were approved for $22.5 million. The final
remaining tax credits from the Ohio Bipartisan Job Stimulus Plan will be available in Round 4 (currently
$24.4 million).

The Ohio Department of Development, in partnership with the Ohio Historical Society and the Ohio
Department of Taxation, will review all eligible applications and announce approved applications for Round
4 funding by June 30, 2010. Below are the number of applications received by city:

Round 4 Ohio Historic Preservation Tax Credit Program Applications 
Received 
Number of Applications  New Jurisdiction for this 
City  Received  Round? 
Akron  7    
Berea  3  Yes 
Celina  2  Yes 
Cincinnati  11    
Cleveland  12    
Columbus  3    
Dayton  1    
Ironton  2    
Lima  1    
 Marietta  1    
Newark  1  Yes 
Sandusky  2    
Toledo  3    
Youngstown  1    

About the Ohio Historic Preservation Tax Credit Program

The Ohio Historic Preservation Tax Credit program provides a tax credit for the rehabilitation expenses to
owners of historically significant buildings. The program was enacted on December 13, 2006 by the General
Assembly (Sub. H.B 149) and amended on June 12, 2008 by House Bill 554, the Ohio Bipartisan Job
Stimulus Plan. The Ohio Department of Development, through its Urban Development Division, is
responsible for administering the program in partnership with the Ohio Department of Taxation and the Ohio
Historical Society.

The tax credit provides 25 percent of qualified rehabilitation expenditures for historic rehabilitation projects.
Qualified rehabilitation expenditures represent hard construction costs generally consisting of improvements
made to the building structure and interior. The work must meet the U.S. Secretary of Interior’s Standards
for Rehabilitation of Historic Properties. A building is eligible if it is individually listed on the National
Register of Historic Places, is located in a registered historic district, and is certified by Ohio's Preservation
Officer as being of historic significance to the district, or is listed as a historic landmark by a certified local
government.

To date, three rounds of applicants have been approved for $220 million in tax credits to 99 applicants in 26
different cities, and are projected to leverage $1.2 billion in private redevelopment funding and federal tax
credits. Twenty of the 99 approved projects have been completed. The completed projects have created
more than 1,500 full-time construction jobs, more than 1,100 permanent jobs, and developed 600
residential units.

For more information about the Ohio Historic Tax Credit program, including the 2008 Annual Report and
applications, visit development.ohio.gov.

The Urban Development Division assists communities with place-based redevelopment which creates wealth
from personal, business, and community successes. The Division works to identify the resources and financing
necessary to enhance the economic viability of local communities.

Working with our partners across business, state and local governments, academia, and the nonprofit sector, the Ohio
Department of Development works to attract, create, grow, and retain businesses through competitive incentives and
targeted investments. Engaged every day in marketing, innovating, investing, and collaborating, the Ohio Department
of Development works at the speed of business to accelerate and support the teamwork that is absolutely necessary
for success by providing financial, informational, and technical assistance to those making an investment in Ohio’s
future.

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Media contacts: Eileen Turner at (614) 728-6674

or the Communications & Marketing Office at (614) 466-2609