Lake County Times

State Senator Jerry C. Cirino (R-Kirtland) has expressed his support for the Ohio Tax Credit Authority's decision to grant a $10 million tax credit to the Valor Acres development in Brecksville. The tax credit is part of the Transformational Mixed-Use Development (TMUD) Program, which has approved a total of $100 million in tax credits for various projects.

Cirino believes that this tax incentive will play a crucial role in making the Valor Acres project a reality. He stated, "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."

Brecksville Mayor Daryl Kingston also expressed his gratitude for the support received from various government officials. He mentioned, "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." Mayor Kingston further extended his appreciation to Senator Cirino and the Ohio General Assembly for their support in creating the TMUD Program.

Valor Acres is a multi-building development site that encompasses corporate, residential, hospitality, and retail spaces. Its strategic location within a 30-minute drive from most of Northeast Ohio and between two major airports makes it highly accessible. The groundbreaking for the project took place in October 2021, and offices are expected to open later this year.

Mayor Kingston congratulated DiGeronimo Companies for their successful application for the tax credit. He emphasized the significance of Valor Acres in serving the Sherwin-Williams Global Research & Development Center and advancing the South End corporate district of Brecksville. Additionally, the development will provide amenities for visitors to the nearby Cuyahoga Valley National Park and Cleveland Metroparks Brecksville Reservation.

The Transformational Mixed-Use Development Program offers a tax credit to cover development costs incurred during the construction of projects that are expected to spur further development in the area. The TMUD Program aims to create catalysts for growth and progress.