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As Expected, Hotel Restoration gets State Tax Credit

Ohio Department of Development awards $955,750 tax credit to 'Acorn Corner'

 

It should come as no surprise that the Ohio Department of Development has awarded a nearly $1 million tax credit for restoration of the Franklin Hotel in downtown Kent.

The ODOD announced Tuesday that developer Ron Burbick's $5.8 million restoration project to turn the old Kent hotel into Acorn Corner will get a $955,750 tax credit.

While applying earlier this year, Burbick learned the project was a virtual lock for state and federal tax credits due in large part to its 80-point score on a 100-point rating scale.

Restoration work on the brick facade is already under way.

In May, Burbick told the Kent Planning Commission that he already has committments from tenants to fill the entire building when it is scheduled to reopen later this year.

For complete coverage of this story, follow our Kent Patch topic page created exclusively for the old hotel restoration.

Related Topics: Acorn Corner, Old Kent Hotel, and State Tax Credits
Are you excited to see the building renovated? Tell us in the comments.

Tom Tucker

9:54 am on Wednesday, June 27, 2012

I don't live IN Kent, but I'll tell you -- see all of this development is really exciting. Looking forward to all of it when it's completed.

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Pam Weese

10:01 am on Wednesday, June 27, 2012

I am so glad to see Mr. Burbick fix the old hotel. I'm sure it will be a jewel in the crown we call Kent.

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