Historic Preservation Commission Agenda and Packet 2011 09 19

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Incentives for the Preservation of Commercial Structures Available in Historic Old Town Louisville September 7, 2011 Incentives Already Available Federal, state and local incentives for historic preservation are already available to commercial property owners in Historic Old Town Louisville. These incentives are not mutually exclusive, and include: 1)In many circumstances, federal and state tax credits are available for 20% of rehabilitation costs of historic structures which are locally landmarked or on the State or National Registers of Historic Preservation. See http://www.nps.gov/history/hps/tps/tax/download/intro_main_street.pdf and http://coloradohistory-oahp.org/programareas/itc/taxcredits.htm. 2)In November of 2008, the citizens of Louisville approved a ballot measure to levy a 1/8 of one percent sales tax to fund incentives for historic preservation in Historic Old Town Louisville. These monies are placed in the Historic Preservation Fund (HPF), which offers grants and other types of incentives to property owners in the Old Town Overlay and Commercial Core to restore and rehabilitate historic properties. There is no specific dollar limits on these incentives, though the structures must be landmarked, if possible, or otherwise subject to a preservation easement. Incentives must be recommended by the Historic Preservation Commission (HPC) and approved by City Council. For more information and an application, see http://www.louisvilleco.gov/GOVERNMENT/BoardsCommissions/HistoricPrese rvationCommission/tabid/260/Default.aspx. 3)In April 2010, City Council, at the recommendation of the HPC, approved an incentive program for properties newly landmarked in Historic Old Town Louisville. Owners of these properties receive a $1,000 “signing bonus”. In addition, owners are eligible to apply for an up to $5000 grant within the first year for preservation, restoration and rehabilitation, including routine maintenance. These grants are broader than the grants otherwise available from the HPF. While these incentives were primarily aimed at residential property owners, and several have already availed themselves of these incentives, commercial property owners are also eligible for them. Potential New Incentives for Commercial Properties Recognizing that the preservation of commercial properties may be more expensive than residential properties, the HPC is considering whether to recommend to Council specific additional incentives from the HPF for these properties to take the place of the $1,000 bonus and $5000 grant mentioned above for residential properties. These specific incentives might include: For newly landmarked structures: