Rule 122:29-1-02 | Eligibility.
(A) An eligible applicant is the property owner at both the time the application is submitted and the project is certified by the director . If there are multiple property owners within a project, only the property owners included in an application are eligible applicants and only the portions of a project associated with an eligible applicant will be included for consideration as part of a project.
(B) The project is a transformational mixed use development as defined in division (A)(4) of section 122.09 of the Revised Code.
(C) The estimated increase in tax collections from the project site during the completion period exceeds ten per cent of the estimated eligible expenditures for the project.
(D) The applicant has not (i) closed on construction financing, (ii) commenced construction, excluding any brownfield remediation or demolition that may have already been performed, nor (iii) will be able to complete the project unless the applicant receives the credit.
(E) If the project site is located within ten miles of a major city, the estimated eligible expenditures to complete the project exceed fifty million dollars.
(F) The project has in place or has obtained commitments for a minimum of fifty-one per cent of the estimated eligible expenditures attributable to the project. Applicants may only include financing commitments for use on eligible expenditures. Financing sources to be used to pay for the costs associated with ineligible expenditures are not to be included as financing sources. Financing commitments for the project are to be provided at the time of application submission and not older than twelve months from the date of application submission. Commitments may include, but are not limited to, public financing awards, commitment letters, letters of intent or term sheets from financial institutions, or evidence of available equity.
(1) Private financing documented by any one or more of the following:
(a) Term sheet on official letterhead of the investing entity, signed by a bank, financial institution or other investment source declaring its total funding investment in the project, the date that the investment will be made, the term of the investment and any conditions upon closing;
(b) Commitment letter or letter of intent on official letterhead of the investing entity, signed by a bank, financial institution or other investment source declaring its total funding investment in the Project, the date the commitment was made and an established period in which the investment will take place;
(c) Executed loan agreement document demonstrating a commitment to loan a specific amount of funding for the project, the date the commitment was made and an established period in which the investment will take place.
(2) Equity documented by the following:
(a) A signed and dated letter of commitment from the equity source identifying the project and containing the dollar amount committed; and
(b) Information from a bank, financial institution or third-party accountant that clearly demonstrates the committed equity is available for investment in the project.
(3) Public financing documented by an approved council or commission ordinance; development agreement; letter of commitment or approval letter from a jurisdiction or public agency on official letterhead that is signed and dated and contains the funding amount, date funding will be available, and identifies the project the funds are intended for. Any committed public dollars for public infrastructure improvements do not count as sources or uses for the project.
(4) Monetization of state or federal historic preservation tax credits and transformational mixed use development tax credits documented by one or more of the following:
(a) Commitment letter on official letterhead of the investment entity that is signed and dated by the investor, lists the discounted value the investor will be paying for the credits, and indicates when the credits will be purchased;
(b) Bridge loan that satisfies the requirements in (F)(1) of this rule and identifies the tax credits as collateral.
For Federal historic preservation tax credit monetization to be included as a committed source of funding, applicant is to include an approved part 2 National Park Service application.
Monetization of transformational mixed use development tax credits are not considered a committed funding source towards satisfaction of the fifty-one per cent eligibility requirement but may be included for consideration of the total committed sources of funding if the total amount of other committed sources is equal to or in excess of fifty-one per cent.
(5) Architectural and engineering fees or due diligence costs paid by the applicant in connection with the project prior to application submission documented by an itemized list of invoices and proof of payments as support documentation that includes:
(a) The source of each invoice, the invoice number, the invoice amount and the invoice date; and
(b) The check or payment number, the check or payment amount, and the check or payment date.
Last updated May 25, 2026 at 12:08 AM
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