Mechanics Bank gets state funds for office expansion project of historic buildings
Ohio Gov. Mike DeWine Thursday announced state support of 46 historic rehabilitation projects including two projects locally for Mechanics Bank's downtown office expansion.
DeWine, Lt. Governor Jon Husted, and Director Lydia Mihalik of the Ohio Department of Development made the announcement in a news release.
In total, 46 projects involving the renovation of 54 buildings will be awarded $67,517,474 in tax credits as part of the Ohio Historic Preservation Tax Credit program. The projects are also expected to leverage approximately $732 million in private investments. “Historic preservation is so much more than just updating old buildings. We’re preserving what exists and making concerted efforts to weave this history into the fabric of Ohio's future,” said DeWine.
Husted added, “By restoring our historical assets, we’re ensuring that these structures remain part of their communities for years to come.”
“Historic preservation is a recognition of our past and an investment in our future. Each and every project that’s completed becomes a new business or housing for residents and once again contributes to the local economy and future of the community.”
Mechanics Bank projects include 10-14 S. Main St. Total project cost is: $812,761 and total tax credit is $242,538. This small building in downtown Mansfield will be rehabilitated to accommodate the expansion of Mechanics Bank, according to the news release. Dating to the 1880s, the brick building held a saloon, hardware store, and other businesses on both floors. Though the storefront has been altered, it retains original cast iron columns. The bank will rehabilitate second floor spaces for additional offices while the first floor is already in use in that capacity.
Mechanics Bank at 16 S. Main St., shows total project cost of $289,739 and a total tax credit of $86,461. Part of a larger project with the neighboring building, this property will be rehabilitated by Mechanics Bank for the expansion of its downtown Mansfield offices. Built in the 1880s as a store, it was later turned into a pool hall. The bank already uses the first floor but this project will address the second floor and convert the open spaces into six offices, according to the state.
Mechanics Bank has outgrown rehabbed space done 10 years ago
Mark Masters, president and CEO, said the work will start sometime in early 2024.
"It's not yet underway. We're just in the bidding process right now," he said.
Masters said the second floors remain unfinished in three buildings. "That's what this rehab project will do, finish the remaining unfinished space on our second floor," he said.
Mechanics Bank operates in buildings on the whole block except for the restaurant, Uncle John's.
Masters said the bank rents space to an attorney in the very last building, but the bank owns all of the buildings.
"It's an exciting project for us because approximately 10 years ago we completed the rehabilitation of the spaces to the south of the main bank and within that period of time we've outgrown our rehabbed space and are looking forward to expanding into the additional space that is identified here," Masters said.
In another unrelated upgrade, Masters said the bank is refreshing the main office lobby.
"That's a beautiful statement from the bank. The building was constructed in the early 1900s and it's been refreshed of course since then but we'll be refreshing that," he said.
Among the 16 communities receiving tax credits are Columbus, Somerset, Akron, Berea, Cleveland, East Liverpool, Mansfield, Salem, Steubenville, Youngstown, Toledo, Nelsonville, Zanesville, Arlington Heights, Cincinnati and Dayton. Of these, Zanesville, Steubenville, and Arlington Heights are first-time recipients.
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This article originally appeared on Mansfield News Journal: Mechanics Bank among 46 historic rehabilitation projects to get funds
