EAST LIVERPOOL, Ohio (WKBN) – East Liverpool is moving forward with plans to renovate one of its most historical buildings.

The J.C. Thompson Building is one of many landmarks in East Liverpool. It’s been around since the 1800s.

The city council passed a resolution last week to restore and renovate the Thompson Building. It’s located in the city’s historic diamond.

“It’s been empty for the last several years. You can see there are some structural problems, mostly wood is rotting. It needs some work, but the building itself is very sturdy,” said Councilman John Mercer.

The renovated building will provide space to facilitate new jobs. The first floor will become retail space. The second floor will be office space and the third and fourth floors will become loft-style apartments.

“Preservation helps bring up property values. It helps attract tourism. Millennials and older people want to live in areas like this. They want to live in walkable communities,” Mercer said.

The city is seeking historical tax credits as well as a couple of state grants to help with the renovations.

East Liverpool Mayor Greg Bricker said historic preservation positively impacts the economy. It increases property values, is more environmentally friendly than new construction and reduces infrastructure costs.

“Saving the building first and foremost, you couldn’t rebuild this building. It’s a beautiful structure in the heart of our city but mostly downtown living. I think that’s a huge opportunity we are missing out on,” Bricker said.

City leaders say they want to take this opportunity to inspire other people to renovate and restore historical structures.

A competition date for the project has not been determined.