Denison University got an early Christmas present this week.
The university’s improvement efforts for the Granville Inn got a boost with the approval of a $1.4 million tax credit under the Ohio Historic Preservation Tax Credit Program, announced Thursday by the Ohio Development Services Agency.
Denison owns the inn, which is operated by Columbus Hospitality. The inn is temporarily closed for the extensive restoration and is scheduled to reopen in March.
The announcement marks the second Granville project in 18 months to obtain state tax credits. Urban Restorations also received credits for its work on the two-story Warner Building, the former Granvilla Pizza building, on North Prospect Street.
Seth Patton, Denison vice president for finance and management, said the college also has applied for federal tax credits to help offset the cost of the inn renovation.
According to the Services Agency, the total project cost is $14,162,920 and includes construction and substantial upgrades to the 90-year-old village landmark. That figure also includes the purchase price and some money for planning and development and contingencies, a Dension spokesperson said.
Improvements include installation of an elevator, new fire and sprinkler systems, upgraded electrical and plumbing systems, construction of additional guest rooms on the third floor and renovation of the grand ballroom, according to the Services Agency announcement.
The combination of federal and state tax credits should offset between $2.6 and $2.9 million toward the cost of renovating the inn, the Denison announcement said.
“The Granville Inn is a significant historic building as well as an economic stimulus for the village,” Patton said. “It also has been the scene of countless important events and celebrations over the years. We are mindful of the inn’s place in the memory of our community. The character of the inn will be essentially unchanged, while the infrastructure will be substantially upgraded.”
As a nonprofit organization, the college itself cannot use the tax credits; however, it plans to partner with a financial institution that can utilize the credits.
Robertson Construction, a local firm, has been hired to oversee the renovation to the property, with designs by George Acock Architects and Prater Engineering and other services by central Ohio companies.
Columbus Hospitality’s sales and catering team is on-site and continues to be available to book future events and share plans for the renovation and the architects’ renderings. The office remains open Monday through Friday from 9 a.m. to 5 p.m., by appointment, and staff can be reached at 740-587-3333 or by emailing email@example.com.