Christmas came early today for Music Hall, one of Cincinnati’s Icons, when the Ohio Development Services Agency (ODSA) announced that Music Hall’s rehabilitation effort will receive a one-time catalytic tax credit of $25 million.
Music Hall was competing against three other buildings across the state for the special tax credit allocation, which is only awarded every other year to a project that will have a catalytic impact on its surrounding neighborhood. ODSA believes that the rehabilitation of Music Hall will have a significant impact on Over-the-Rhine, the West End, and parts of Downtown Cincinnati that are in need of revitalization, and will increase economic activity in local shops and restaurants.
The Task Force has now raised nearly $100 million of the $123 million needed to begin rehabilitation of this iconic building, and the catalytic tax credit will provide the momentum to close the remaining funding gap. Congratulations to our friends at the Cultural Facilities Task Force and the Music Hall Revitalization Company on this fantastic news!