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Cirino Applauds Tax Credit for Valor Acres Development

January 31, 2024
Jerry C. Cirino News

COLUMBUS - State Senator Jerry C. Cirino (R-Kirtland) applauds the Ohio Tax Credit Authority's approval of a $10 million tax credit for the Valor Acres development in Brecksville. The Authority approved a total of $100 million in tax credits against development costs for projects taking part in the Transformational Mixed-Use Development (TMUD) Program.

“The tax incentive going to Brecksville will significantly help the Valor Acres project become a reality,” Cirino said. “This new development will continue the city down the path to prosperity as new businesses open and more jobs are created. Most importantly, the project will bring countless opportunities into the heart of the community for everyone to enjoy.”

“Valor Acres is a truly catalytic mixed-use development, and on behalf of the City of Brecksville, I would like to thank Governor Mike DeWine, Lt. Governor Jon Husted, Ohio Department of Development Director Lydia Mihalik, and the Ohio Tax Credit Authority for supporting this project through the TMUD Program," said Brecksville Mayor Daryl Kingston. "I would like to extend my appreciation to State Senator Jerry Cirino (18th District) and the Ohio General Assembly for supporting the creation of the TMUD Program."

Valor Acres is a multiple building development site that will include a corporate campus in addition to residential, hospitality, and retail development. The site is conveniently located within a 30-minute drive to most of Northeast Ohio and between two major airports. The groundbreaking for this project occurred in October 2021, which Senator Cirino attended. Valor Acres expects to have offices spaces open later this year. 

"Congratulations to DiGeronimo Companies on their successful application for this highly competitive tax credit. Valor Acres is a unique mixed-use development that will serve the Sherwin-Williams Global Research & Development Center, located adjacent to the site and slated for a 2024 opening," the Mayor said. "It will serve the Brecksville community, advance the City’s South End corporate district, and provide amenities to those visiting the adjacent Cuyahoga Valley National Park and Cleveland Metroparks Brecksville Reservation. The City of Brecksville looks forward to its continued collaboration with DiGeronimo Companies to bring this transformative project to fruition.”

The Transformational Mixed-Use Development Program provides a tax credit against development costs incurred during the construction of a project that will be a catalyst for future development in its area. Learn more about the TMUD program here.