Connecting Van Wert government development organizations. Building vibrancy in Van Wert together.
The right contractors mean the right results.
Sources of Funds – Phase One
Pursuing external resources, investing our current ones.
Van Wert Forward was awarded approximately $15 million worth of state and federal historic and new market tax credits through the National Parks Service, Ohio Department of Development, Finance Fund (Columbus, OH), and Brownfield Revitalization, LLC (Raleigh, NC).
The Van Wert County Foundation has provided approximately $5.6 million in equity capital to the project.
Central Insurance has provided approximately $4.9 million of equity capital to Van Wert Forward. The company has also invested $12.1 million with respect to the awarded tax credits associated with the project.
The project was awarded $156,000 from the Paul Bruhn Historic Revitalization Grants Program administered at the federal level by the National Park Service, Department of Interior, and by the Ohio History Connection and Heritage Ohio. Furthermore, the Van Wert County Foundation received a $1.5 million Vibrant Communities Grant from JobsOhio for project use.
The Van Wert Port Authority is partnering on the project. The Port Authority is providing a capital lease on the parcels, which affords nearly $1 million in savings on the sales tax of Phase One construction materials. In addition, the City of Van Wert granted this phase of the Van Wert Forward project a tax exemption for improvements made to the project for 90% of the assessed value for ten years. These savings have an estimated value of $1.5 million.