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Incentives for the Preservation of Commercial Structures Available in Historic Old <br />Town Louisville <br />(Dec. 31, 2010 draft) <br />Incentives Already Available <br />Federal, state and local incentives for historic preservation are already available to <br />commercial property owners in Historic Old Town Louisville. These incentives are not <br />mutually exclusive, and include: <br />1) In many circumstances, federal and state tax credits are available for 20% of <br />rehabilitation costs of historic structures which are locally landmarked or on the <br />State or National Registers of Historic Preservation. See <br />http : / /www.nps.gov/history /hps /tps /tax /download/intro main street.pdf and <br />http: / /coloradohistory-oahp. org/ programareas /itc /taxcredits.htm. <br />2) In November of 2008, the citizens of Louisville approved a ballot measure to levy <br />a 1/8 of one percent sales tax to fund incentives for historic preservation in <br />Historic Old Town Louisville. These monies are placed in the Historic <br />Preservation Fund (HPF), which offers grants and other types of incentives to <br />property owners in the Old Town Overlay and Commercial Core to restore and <br />rehabilitate historic properties. There is no specific dollar limits on these <br />incentives, thought the structures must be landmarked, if possible, or otherwise <br />subject to a preservation easement. Incentives must be recommended by the <br />Historic Preservation Commission (HPC) and approved by City Council. For <br />more information and an application, see <br />http: / /www.loui svilleco. gov /GOVERNMENT /BoardsCommi ssions /HistoricPrese <br />rvationCommission/tabid /260 /Default. aspx. <br />3) In April 2010, City Council, at the recommendation of the HPC, approved an <br />incentive program for properties newly landmarked in Historic Old Town <br />Louisville. Owners of these properties receive a $1,000 "signing bonus ". In <br />addition, owners are eligible to apply for an up to $5000 grant within the first year <br />for preservation, restoration and rehabilitation, including routine maintenance. <br />These grants are broader than the grants otherwise available from the HPF. While <br />these incentives were primarily aimed at residential property owners, and several <br />have already availed themselves of these incentives, commercial property owners <br />are also eligible for them. <br />Potential New Incentives for Commercial Properties <br />Recognizing that the preservation of commercial properties may be more expensive than <br />residential properties, the HPC is considering whether to recommend to Council specific <br />additional incentives from the HPF for these properties to take the place of the $1,000 <br />bonus and $5000 grant mentioned above for residential properties. These specific <br />incentives might include: <br />For newly landmarked structures: <br />13 <br />