Preserving the state historic tax credits

Issues concerning Downtown as described by the Downtown Council. River to 31st Street, I-35 to Bruce R. Watkins.
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dangerboy
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Preserving the state historic tax credits

Post by dangerboy »

The state tax credits for rehabbing historic buildings have been a critical tool for the redevelopment of Downtown. Unfortunately they are in a precarious position in Jeff City and have to be defended every year.

http://www.bizjournals.com/stlouis/stor ... rial2.html


This year will be worse then others. First, Baby Blunt wants to do a full review of all tax credits to find hard data that they are providing a return on the investment. Second, the governor and General Assembly will try increase school funding without raising taxes - that means cutting from elsewhere. Third, they still have to find money to cover the millions moved to MoDOT by Amendment 3.

So, now would be a good time write your state reps and express support for keeping them. Especially if you live and/or work in a building has benefited from the program.

http://www.senate.mo.gov/04info/leg_lookup.htm
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Preserving the state historic tax credits

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Argh, Blunt is already screwing everything up!

This is a hard sell. It probably doesn't provide a hard ROI because you can't really attach a value to saving an amazing, historic building, and I wouldn't expect baby Blunt to understand.

Sorry, I don't want to make this go political -- but this is relevant to development.

In any case, the historic tax credit probably isn't garnering a great return, but it is a good way to use tax policy to drive GOOD behavior in the public interest.
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Preserving the state historic tax credits

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I'm no fan of Baby Blunt, but I think it's a good idea to review the entire economic development program. And I do think there should be some hard numbers for the historic tax credits... They should be able to count the number of businesses, residents, and employees in the buildings that received the credits.
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Preserving the state historic tax credits

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dangerboy wrote:I'm no fan of Baby Blunt, but I think it's a good idea to review the entire economic development program. And I do think there should be some hard numbers for the historic tax credits... They should be able to count the number of businesses, residents, and employees in the buildings that received the credits.
But put that number up against the same developments in new buildings and it won't hold.
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Preserving the state historic tax credits

Post by DiggityDawg »

Yikes...I live in the Ellison, which was renovated under this type of plan.
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Preserving the state historic tax credits

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More info and web site at http://www.savehistorictaxcredit.org in St. Louis. Go send them some KC love.

There are two specific bills at the moment. One would limit the tax credits to residential buildings already on the National Register, leaving no support for buildings that either aren't on the Register or are being converted from industrial or office uses. This would be devastating for Kansas City.

The other would set a yearly cap of $125 million statewide, and leave the cities to fight over a limited supply.
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Re: Preserving the state historic tax credits

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State Task Force Proposes Major Cuts and Restrictions to Historic Tax Credit Program
A task force established by Gov. Greitens to examine state tax credit policy has returned with recommendations that preservationists say would substantially cut the historic tax credit program and make it much more difficult to utilize

The task force is recommending the historic tax credit program be lumped together with the brownfield tax credit program and both capped at $50 million annually. The current yearly cap on the historic tax credit program is $140 million, and the brownfield program generally runs $6- to $10 million annually, said Elizabeth Rosin.

The task force also is recommending a $2 million historic tax credit cap for each project.
https://cityscenekc.com/state-task-forc ... t-program/
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Re: Preserving the state historic tax credits

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At least many buildings downtown have already received it, would be worse if downtown momentum just getting started. Are there many other building candidates downtown that may request?
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Re: Preserving the state historic tax credits

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Off the top of my head, these buildings could be affected:

Kemper Arena repurposing.
Mark Twain conversion.
Any renovation of the Board of Education building at 12th and McGee.
Conversion of the Midland Office Tower at 13th and Baltimore.
Boone Theater restoration in the Jazz District.
Restoration of the Water Department & Public Works buildings on Vine.
Renovation of numerous retail buildings along Troost.
Hawthorne Plaza Apartment Building at 39th and Main.
The retail building on the SW corner of 27th and Troost.
Many apartment buildings east of Troost along Linwood and Armour need renovation.
Various former KCPSD schools that still need repurposing.

Keep in mind that if the credits program is capped even more, we are competing with every municipality in the state with historic buildings that need renovation (but mostly St. Louis).
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Re: Preserving the state historic tax credits

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Mayor James Defends Missouri Historic Tax Credit Program, Says Jeff City: “Doesn’t Like Cities”

https://cityscenekc.com/mayor-james-def ... ke-cities/
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