City Council Agenda and Packet 2011 07 12 SP

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In sum, historic preservation is not only about protecting and appreciating the past. Historic preservation is a key strategy for successful community plan ning and economic development. This report confirms what many of the state's preservationists have long understood: historic preservation has had a profound economic benefit on Colorado and its citizens over the past several decades, generating billions of dollars and creating tens of thousands of jobs throughout the state. A snapshot of the results includes the following: • Preservation protects and revitalizes historic resources. Colorado property owners can take advantage of federal and state tax credit programs, as well as the State Historical Fund, to help rehabilitate historic buildings. Since 1981, the federal rehabilitation tax credit has been used by 334 Colorado projects, for a total of $493.8 million in qualified rehabilitation costs. Since 1991, the state rehabilitation tax credit has been utilized by 574 projects, for a total of $48.9 million in qualified rehabilitation costs. Over the last 11 years (1993 2004), the State Historical Fund has distributed over $142.9 million throughout the stale to more than 2600 projects for use in rehabilitation /restoration, educational, and planning projects. • Preservation creates jobs and income. Since 1981, rehabilitation activities in Colorado have created almost 29,000 jobs and generated a total of over $2 billion in direct and indirect economic impacts. Even more impressive, in a single recent year heritage tourism in Colorado created $3.4 billion in direct and indirect economic impacts and another 60,964 jobs throughout the state. • Preservation benefits downtowns and commercial areas. Examples throughout the country show that historic preservation is a useful economic development strategy and often a key factor in enhancing property values. The 2001 Colorado study showed this to be true in predominantly residential historic districts. This 2004 -05 study focuses on Colorado's business and commercial areas, where historic preservation can help communities reuse public infrastructure, maintain a sense of community and place, and support locally owned businesses, thus keeping downtown investment dollars within the community. As an example, eight Colorado Main Street communities have attracted considerable private investment since 2001, totaling over $21.5 million in their downtown districts. • Preservation attracts visitors. The link between preservation and tourism is well - established. Preserving historic character helps support tourism by providing interesting and unique opportunities for visitors, and tourism supports preservation by providing financial resources for ongoing preservation efforts. Heritage tourism is a key industry in Colorado, providing significant income and thousands of jobs. PRESERVATION IN COLORADO - 2005 UPDATE 12 INTRODUCTION Boom Days Festival, Leadvllle, Colorado 3