OAQDA Issues More Than $1.6 Million for Energy Efficiency Upgrades to Revitalize Historic Vacant Church Building in Cincinnati

FOR IMMEDIATE RELEASE
December 9, 2024

Media Contact: Katie Lundy
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OAQDA Issues More Than $1.6 Million for Energy Efficiency Upgrades to Revitalize Historic Vacant Church Building in Cincinnati

First project to utilize Property Assessed Clean Energy (PACE) through OAQDA and local government approval

COLUMBUS - The Ohio Air Quality Development Authority (OAQDA) has approved more than $1.6 million in bond financing to support energy-efficiency improvements for a building conversion of a vacant historic church into a modern event venue. Financial assistance for the project, located at 118 W 9th St in Cincinnati, Ohio in Hamilton County, is being provided through OAQDA's small business assistance program that now allows for energy-efficiency upgrades. It also marks the first assistance OAQDA is providing through its statewide authority for the use of Property Assessed Clean Energy (PACE) at the approval of the local government partner. The City of Cincinnati approved the PACE assessment in October.

"This project aligns with OAQDA's focus to provide innovative financing tools that catalyst the economic and environmental goals of Ohio communities," said OAQDA Executive Director Christina O'Keeffe. "With the partnership and local PACE approval by the city of Cincinnati, OAQDA is able to improve access to capital for this local business in revitalizing this historic vacant building through energy efficiency upgrades and savings."

The project, an 1869 historical church, is funded through the issuance of two OAQDA bonds purchased by IR Capital Funding, LLC, a PACE capital provider, for $810,000 and Farmers & Merchants Bank for $845,000. The financing will facilitate a range of clean air improvements including building energy-efficiency improvements and LED lighting, new more efficient hot water tanks, and electrical upgrades.

"The improvements made possible by OAQDA's financing will enhance the building's energy performance and truly breathe new life into a previously vacant structure," said Sheri Scott, Managing Member of 118 W 9th St, LLC. "OAQDA's efforts to provide a seamless process for clean energy project financing is important work and I'm grateful for what they do."

The historic church, constructed in 1869, is a part of the Ninth Street Historic District, the last sizable collection of 19^th century residential buildings in the Cincinnati Central Business District. The district has remained unchanged for the last 80 years. The building features stain-glass windows, a stone front exterior and wooden vaulted ceilings, which will be restored as approved by the Cincinnati Historic Conservation Board.

"With so much history in Cincinnati, it's great to see historical structures being repurposed with a proactive approach when thinking about clean energy implementation," said State Rep. Dani Isaacsohn (D-Cincinnati). "OAQDA is opening up opportunities for small business owners to make their aspirations come to life."

"Revitalizing our Cincinnati communities while preserving our historic heritage is important work," said Sen. Catherine D. Ingram (D-Cincinnati). "I'm thrilled that OAQDA is providing accessible pathways for small businesses to invest in clean energy building projects that will bring lasting benefits for generations to come."

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The Ohio Air Quality Development Authority (OAQDA)is a non-regulatory government agency working to position Ohio as a leader in harmonizing a strong economy and a healthy environment. Since its creation in 1970, OAQDA has worked to improve air quality by supporting businesses, creating jobs and improving communities while enhancing the health and safety of all Ohioans. To date, OAQDA has awarded more than $6 billion to finance air quality projects. For more information about OAQDA and its services, please visit ohioairquality.org.