New Report Shows Historic Tax Credits Boost Virginia’s Economy

During an annual legislative reception hosted last week, First Lady Pam Northam highlighted the findings of two just-completed studies showing the sustained and substantial contribution that historic preservation makes to Virginia’s economy, specifically through the state and federal historic rehabilitation tax credits (HRTCs)

One study, conducted by the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University, found that much of the $4.5 billion in private investment would have gone untapped without the incentive of the state’s tax credit being available to property owners, developers, and entrepreneurs. Preservation Virginia’s study examines the impact of the federal Historic Tax Credits (HTC) on Virginia’s economy, finding that the program resulted in $467 million in economic output, supported 9,960 jobs and generated $3.50 for every $1 invested through the first three years.

“These studies clearly demonstrate the sustained and substantial contribution that preservation makes to Virginia’s economy,” said First Lady Pamela Northam. “The Governor and I applaud the Department of Historic Resources and Preservation Virginia for caring for our rich past and preparing us for an amazing future.”

Conducted on behalf of the Virginia Department of Historic Resources, the VCU study analyzed the overall impact of the state’s HRTC program from its inception in 1997 through 2017, its twentieth anniversary. During those two decades, according to VCU’s Wilder School, the HRTC program issued $1.2 billion in tax credits and leveraged $4.5 billion in private investment.

Virginia Main Street and Department of Housing and Community Development have always known that our historic resources are great investments!

Find an executive summary from the Wilder School study here.

Believe in Bristol

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Frazier Associates Recognized for Design Achievement

“Downtowns are being reborn through the Main Street Approach.”                   – Kathy Frazier

Behind those encouraging words are years of wisdom and committed service to small towns across Virginia, something worthy of recognition.  Accordingly, Frazier Associates was recently recognized for their distinguished architecture and community leadership with AIA Virginia’s highest honor, the T. David Fitz-Gibbon Virginia Architecture Firm Award.  Congratulations!

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From Left: Virginia AIA President William T. Brown, Principals Kathy and Bill Frazier, Virginia AIA Executive Vice President R. Corey Clayborne, and the Frazier Associates staff Deneen Brannock, Annie Mathot, Carter Green, Susan Lancaster, and Thomas Clayton.

Tax Reform and Downtown Rehabilitation

From South Boston to Winchester, St. Paul to Norfolk, many of our Virginia communities have seen significant revitalization as a result of the Federal Historic Tax Credits (HTC). In many cases, if not most cases, rehabilitation of historic structures counts on this funding to make those projects work – and the credits are slated for elimination in the Tax Reform proposal under consideration.

Masonic Theatre, Clifton Forge, VA

The rehabilitation, re-use, and preservation of Virginia’s historic buildings is good for the commonwealth’s economy, according to a recent study conducted by Virginia Commonwealth University.  During a 17-year period, nearly $1 billion in tax credits leveraged almost $3 billion in private investment, resulting in the reuse of 2,375 buildings, ranging from warehouses, hotels, and theaters.

Where do you go for more, so you can put this economic development tool to good use?  Let me introduce you to your partners:

Here are your administrative partners.  While the National Park Service ultimately approves the federal Historic Tax Credit, the Virginia Department of Historic Resources (DHR) acts as the “gatekeeper”, administering both the federal and state tax credit programs. All applications go through DHR first and they also provide technical assistance.

Here are your advocacy partners. The National Trust for Historic Preservation and its subsidiary the National Main Street Center, a proven leader of preservation-based economic development, both work to educate national and local community leaders about its value. Your local preservation advocacy partner, Preservation Virginia, promotes this development tool, too.

Rehabilitated Masonic Theatre, Clifton Forge, VA

The District Digest Vol. 2 – Downtown Ideas to Put to Work

While you were busy making a difference in your home town, you might have missed these thought-provoking posts:

  1. Holiday Customer Service: 7 Tips Retailers Should Not Ignore – Retail Minded
  2. Craft Beer’s Big Impact on Small Towns and Forgotten Neighborhoods – Curbed
  3. 6 Urban Projects Built Thanks to Online Civic Engagement – CitizenLab
  4. How to Encourage Entrepreneurship in Your Town – Strong Towns
  5. Millennials Prefer Revitalized Historic Areas Not Malls – Modern Cities

Abingdon, Virginia

 

VMS Commercial District Affiliate Grants Now Available!

Virginia Main Street has opened the application process for our first ever Commercial District Affiliate Grants! Affiliate Grants are designed to assist organizations and communities in achieving their downtown revitalization goals and be used for projects or planning purposes.

The maximum grant amount is $7,000 and can be used for…

  • non-profit organizational development;
  • vision/mission development;
  • work plan and budget development;
  • market studies;
  • downtown organization website development;
  • design projects;
  • entrepreneur support projects;
  • wayfinding system development;
  • economic vitality projects; or
  • other consultant services that will contribute to the historic downtown and for which other funds are not available.

Affiliate grants are available to registered DHCD Commercial District Affiliates and Virginia Downtowns. DHCD invites projects that hold the potential for positive impact on the downtown neighborhood’s long-term goals.

Applications for Affiliate Grants will be due on December 1, 2017, and the projects associated with the applications should be completed in our CAMS system by June 1, 2018. Our grant manual is available here!

The Destination Express: Enhancing the Visitor Experience with History

The Ashland Main Street Association and its local partners are dedicated to making downtown an amazing destination.  How?  By embracing their transportation history they are improving the visitor experience and creating memorable central gathering spaces. Executive Director Tom Wulf is our guest blogger with the details.    

Earlier in 2017, mural artist Ed Trask and his team finished a masterpiece on the side of the Caboose Wine & Cheese shop in downtown Ashland–a 250 foot long rendering of a locomotive that traveled Ashland’s tracks 50 years ago. The mural honors the late Art McKinney, former owner of the building and great steward of his historic properties, depicted at the train’s helm as the engineer. I captured the entire mural using a video drone.

The mural is one of several exhibits for the proposed Mid-Atlantic Railroad Park. The park will also include the installation of train-related artifacts as public art exhibits along the key corridor into downtown, England Street. This initiative will not only encourage walking tours along England Street, it will also strengthen Ashland’s brand as a railroad town.

The concept aligns with one of Ashland Main Street’s key strategic priorities, extend the Railroad Avenue [Ashland’s “Main Street”] experience to the England Street corridor.  A railroad park will spread the pedestrian-friendly feel of Railroad Avenue throughout the district and increase foot traffic to England Street restaurants and retailers.

The Ashland Main Street Association will host the upcoming Virginia Main Street Regional Rev-Up, Start with “Why”: Creating Purpose-driven Special Events, November 8, 10 AM – 2 PM.  Register today and experience Ashland up close!

Explore the Value of Partnerships at the 2017 Virginia Preservation Conference

Preservation Virginia is excited to co-host the Virginia Preservation Conference alongside the Virginia Department of Historic Resources in Petersburg, Virginia on Friday, October 6 at Union Train Station!

This year, they invite you to “Explore the Value of Partnerships” happening between organizations in the private and public sector that strengthen Virginia’s communities. You’ll get to hear from incredible guest speakers about the collaborations and preservation programs that help revitalize and sustain historic places, including Virginia’s downtowns.

Sessions will cover:

  • Leveraging Historic Tax Credits as Tools for Community Revitalization
  • Promoting Heritage and Recreational Tourism via Historical Interpretation
  • Establishing Public and Private Partnerships in Historic Preservation

As a conference sponsor, Virginia Main Street cheers our preservation partners focusing on a key topic.  Public-private partnerships are vital for a vibrant downtown, allowing your program to extend its reach and achieve better results.

Register today! >>

 

Remaking Petersburg – Style Weekly, September, 2014