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