UB Greensfelder’s Real Estate Practice Group provides comprehensive legal services to clients seeking to utilize tax-based and economic development incentives in connection with real estate investments and development projects. We also assist clients with other real estate tax planning strategies, such as installment sales, maintaining “investor” status, and the valuation and gifting of partnership or membership interests to family members.
Who We Are
Our team has substantial knowledge and skill in the areas of law crucial to implementing these incentives, including real estate, tax, environmental, and finance law, as well as extensive combined experience in closing a wide array of transactions that include one or multiple tax and economic development incentives.
How We Help
We work closely with clients to explore the availability of incentives for a specific project and advise clients on structuring, negotiating, documenting, and closing on those incentives. Projects utilizing special taxing districts often include shopping centers, hotels, warehouse and office redevelopment, and mixed-use commercial/residential projects. We also work closely with accountants, investors, consultants, and lenders, all as applicable, to optimize the implementation of incentives and the likelihood of a successful project.
Our team regularly counsels clients on tax-based and economic development incentives such as the following:
- Historic Tax Credits (HTC):We help clients navigate the application process, structure the investment, negotiate the relevant transaction documents, and ensure compliance with IRS historic tax credit rules and regulations. Our attorneys have managed a broad range of historic rehabilitation tax credit transactions nationwide, representing developers and investors alike. Historically, we represented the first projects to successfully close with the Ohio Preservation Tax Credit.
- New Markets Tax Credits (NMTC): Our attorneys guide clients through the structuring, closing, and compliance process for NMTCs, including twinning NMTCs with HTCs. We help clients structure transactions that effectively utilize these credits to attract investment and spur economic growth.
- Tax Increment Financing (TIF): Our attorneys have extensive experience structuring TIF transactions and advising clients on the complex legal and regulatory aspects of TIF financing. We work closely with developers, municipalities, and other stakeholders to maximize the benefits of TIF for all parties involved.
- 1031 Exchanges: Our attorneys have extensive experience structuring 1031 like-kind exchange transactions, including reverse exchanges. We help clients negotiate exchange agreements and guide clients through the entire exchange process.
- Property Tax Abatements and Enterprise Zones: Our practice group has the knowledge and experience to navigate the legal and regulatory landscape associated with these programs. We assist clients in leveraging these incentives to optimize their investment and achieve their business objectives.
- Brownfield Remediation Grants and Loans, Ohio Water Development Authority Loans:Our attorneys assist clients with brownfield remediation grants and loans, including state programs and other incentives available based on the project’s location.
- Port Authority and Tax-Exempt Bond Financing: Our practice group has significant experience helping developers utilize Port Authority financing structures to obtain state sales and use tax exemptions for project construction materials and, in appropriate circumstances, receive additional tax-exempt bond financing as part of the developer’s overall construction funding sources.
- Opportunity Zones:Our attorneys have deep experience advising investors, sponsors, developers, and funds on qualifying for and using federal and state benefits to revitalize designated urban and rural communities, including the formation and structuring of Qualified Opportunity Funds (“QOF”), formation and structuring of Qualified Opportunity Zone Businesses, and meeting compliance obligations.
- Preservation Easements: When properly structured, preservation easements can ensure the long-term preservation of your historic property and provide tax benefits. Our attorneys help clients understand their tax advantages and liabilities, how to finance these projects using easements, and how to effectively navigate the extensive auditing process involved with preservation easements.
We also assist clients with other real estate tax planning strategies, such as installment sales, maintaining “investor” status, and the valuation and gifting of partnership or membership interest to family members.
