The Chillicothe City Council is considering amending its ordinance involving tax abatements to encourage Adena Health System to move into the Carlisle Building, which has been empty since a fire in April 2003, The Chillicothe Gazette reports. Currently, "commercial and industrial facilities can only receive a 50 percent abatement for up to 12 years within a designated Community Reinvestment Area" (CRA). The proposed change would increase the maximum abatement rate to 75 percent and increase the maximum number of years for an abatement to 15. The Chesler Group, a Cleveland-based developer, is "leading the charge to renovate the building." It plans to purchase the building next month and, in April, to begin construction on a $7 million project that includes nearly three dozen apartments for medical students and staff, a retail pharmacy, office space and stores. For more, read the full story.
Update: On February 13, Adena signed a 15-year deal to lease the Carlisle Building, Columbus Business First reports. The Ohio Development Services Agency (DSA) approved $1.4 million in preservation tax credits for the historic building, which was built in 1885. For more, read the full story.