DAYTON, Ohio — The historic Dayton Arcade renovation project has landed an additional $4 million in historic tax credits.
The Dayton Daily News reports the Ohio Development Services Agency announced the award Tuesday.
The iconic arcade complex, located in the heart of the city’s downtown, closed 26 years ago. A development group is working to raise $90 million to overhaul the property with new housing for artists and creative professionals, event spaces and a hub for entrepreneurs, students, faculty, businesses and other groups.
Backers had said the $4 million in state tax incentives was one of the last pieces of financing they needed to allow the project to go forward.
Skeptics say many past proposals to revive the site over the decades have fallen flat. Officials say none has come this close.
Information from: Dayton Daily News, http://www.daytondailynews.com