PMC Secures 50% of Major City TMUD Tax Credit Awards for Ohio Projects

Project Management Consultants LLC (PMC) is pleased to announce that it succeeded in helping three clients receive Ohio Tax Credit Authority approval totaling $15.3 million in highly competitive Transformational Mixed-Use Development (TMUD) Tax Credit awards in Ohio.

Six out of 23 projects received Major City awards, with PMC managing three of them. PMC managed more applications for the program than any other firm in the state, working on projects that spanned from Cleveland to Columbus to Cincinnati.

Drawing on its tenured experience in this space, PMC developed a strategy for each project that involved using innovative, proprietary scoring analyses developed internally to help clients determine the best strategy for preparing a winning application.

PMC client Thrive Companies was awarded $6.3 million in credits for Grandview Crossing, the multifaceted redevelopment of a former brownfield site located along the Columbus and Grandview Heights border. “We are thrilled to have been awarded the credits,” said Joel Lilly, Thrive Companies Principal and CFO. “The PMC team was informative, had critical relationships with the state, and really had a deep understanding of TMUD. We were skeptical after not being selected on the last round, but the PMC team was confident that we had a strong case for an award and we were confident that having them on our team would make the difference.” Lilly noted that Thrive also works with Thompson Hine on the legal side.

Five Forty Investments was also excited about their award for the Circle Square mixed-use development in Cleveland’s University Circle neighborhood. “We are deeply appreciative for the assistance we received from PMC, without which this award of TMUD tax credits would not have been possible,” said Steven Rubin, Chief Operating Officer of Real Estate, General Counsel and Secretary. “For a decade, PMC has been and continues to be our go-to firm for all matters involving public finance.”

Adding to its strong expertise in this area, PMC has been instrumental in key site selection legislation across Ohio.  PMC finance professionals assisted in drafting the initial legislation establishing the new TMUD Tax Credit for mixed-use new construction and rehabilitation projects. The tax credits help catalyze large mixed-use projects statewide, generating significant tax benefits for Ohio’s communities. At the time this bill was passed, there were no major statewide grants or tax credit incentives for new construction projects.

“We are pleased for the results we secured on behalf of our clients. These projects will have a transformative impact on their surrounding areas. These tax credits play an important role in filling project financing gaps and allowing their projects to proceed in the difficult inflationary climate,” said Ryan Sommers, PMC Managing Director of Financial Services. “We are looking forward to the next two rounds of $100 million in funding that will become available for projects across the state.”

PMC and its parent organization, Thompson Hine LLP, offer an integrated platform for companies that need full-service site selection representation. Services start at the project assessment stage and include support for acquiring property, obtaining zoning and land use approvals, securing incentives, obtaining financing, negotiating design and construction agreements, and owner’s representation during construction. The firm also has strong practices to support companies moving to relocate or open operations in Ohio, including environmental, labor and employment, and transportation, as well as a practice focused on electric vehicles. Together, Thompson Hine, which boasts the deepest bench of construction and real estate lawyers in Ohio, and PMC, which specializes in providing public and private financing consulting, insurance and risk management consulting, partnering facilitation and mediation, and owner’s representation services, have the unique capability to offer clients the full range of legal and consulting services needed in site selection initiatives. For companies looking to establish roots in a new market, Thompson Hine and PMC bring together seasoned lawyers, consultants, finance professionals, construction managers, engineers and architects to provide a streamlined approach to completing projects on time and on budget. In addition, the organizations’ strong relationships with brokers and developers enable them to seamlessly provide services from acquisition through occupancy.