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Historic Tax Credits News Briefs - September 2013

The Montgomery, Md. county council approved Expedited Bill 14-13, the county’s historic tax credit (HTC) bill with a vote of 8-1 on July 16. The bill increases the credit for historic properties from 10 percent to 25 percent for qualified improvements – the maximum amount allowed for the state. A hearing was held June 25 on the bill. The city of Rockville and all historic preservation groups in the county expressed approval of the bill; there was no testimony given against it. The bill is available at www.historictaxcredits.com.

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Two historic buildings in downtown Salem, Ore. were purchased by investor group McGilchrist, Roth Buildings LLC. The investor group plans extensive renovations for both buildings. At the time of this writing, the buildings were in the demolition phase. Built in 1916, the YMCA, Woolworths, basement night clubs, Jonathan’s Oyster Bar and Long Bar Café and Heath Florist have occupied the buildings. The group will retain the original columns, brick, metal step coverings, windows and glass. David Holton, a building design consultant, is working with the state historic preservation office and the city’s historic landmarks commission to get approval for the project and to utilize tax incentive programs for the National Register of Historic Places-listed buildings. Upon completion, there will be nine apartments on the upper levels, Doty and Company PC, will have offices in one of the buildings and there are plans to open a market. Renovations are expected to be complete in winter 2014.

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The Vermont Downtown Development Board awarded 31 projects in 21 towns a total of nearly $2 million in HTCs in July for downtown revitalization. Some of the properties include Arthur’s Main Street Redevelopment in Morrisville, a rehabilitation project including a three-story block of buildings. The property was allocated $235,000 in tax credits toward a predicted $5.38 million in total project costs. The Haviland Shade Roller Mill and annex in Vergennes will be renovated, with the main building converted to 20 residential units and 450 square feet of retail space. The property received the largest single award of $237,500 in tax credits.

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On July 18, Leonard Forsman, chairman of the Suquamish Tribe, took the oath of office for the Advisory Council on Historic Preservation (ACHP). President Barack Obama in May appointed Forsman to serve on the 23-member board. Forsman has been vice president of the Washington Indian Gaming Association since 2010 and has been a member of the Washington State Historical Society Board since 2007. Previously, Forsman was a research archaeologist for Larson Anthropological/Archaeological Services in Seattle, Wash. from 1992 to 2003, and from 1984 to 1990, he was director of the Suquamish Museum in Suquamish, Wash. Forsman received a bachelor’s degree in anthropology from the University of Washington and a master’s degree in historic preservation from Goucher College.

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Middle Way House Inc., New Wings Community Partnership and the U.S. Department of Housing and Urban Development (HUD) received the Chairman’s Award for Achievement in Historic Preservation at the summer business meeting of the ACHP on July 18. The award was given to recognize the partnership’s six-year renovation of the Coca-Cola bottling plant in Bloomington, Ind. Constructed in 1924, the plant was added to the National Register of Historic Places in 2000. Middle Way House provides services to victims of domestic abuse. HUD provided early funding through its Community Development Block Grant program. Funding from the U.S. Department of Agriculture and the National Park Service also contributed to the property’s renovation. The Kresge Foundation and the Sunshine Lady Foundation provided challenge grants of $400,000 and $250,000, respectively.

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Since 2000, New Hampshire has seen almost $60 million in investment due to the federal preservation tax credit, according to the New Hampshire Department of Cultural Resources. Properties such as the Newmarket Mills generated as much as $23.5 million in local investment. New Hampshire’s planned projects – worth $35 million in investment – are now in development.

Journal Category:

Historic Tax Credits

Authors:

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