COLUMBUS – State Rep. Mark Fraizer (R-Newark) Wednesday announced his support of a $1,560,000 tax credit to be used for a redevelopment project of the Historic Newark Arcade.
Located in the Historic Downtown Newark District the Arcade was built in the 1900’s with local community support.
“The space has long been an underutilized gem in our community. This tax credit will go a long way in helping bring Newark’s downtown area back to support commercial activity, housing, and continue to build additional pride in our local community,” said Fraizer.
The Arcade will be renovated to include a restaurant space, art studios, retail establishments, commercial spaces, and offices spaces. In addition, 19 market-rate apartments will be a part of the redevelopment.
“This redevelopment project will continue to revitalize Downtown Newark and will serve as a community center to bring the great people of Licking County together,” added Fraizer.
The $1,560,000 tax credit is vital to the local community support for the renovation of the 44,000 square foot space.