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'People often think tbal <br />prserralion is just fin <br />major Buildings grand <br />hotels. churches. mansions <br />of frr people but the <br />work of thousands of <br />homeowners and small <br />businesses across the slate <br />who are rehabilitating <br />their historic homes and <br />.I1criu Street buildings add <br />valve 10 Kolb our econolJ/ r <br />and our ennvnnnilies. <br />Mark A. Rodman <br />Executive Director <br />Colorado Preservation, Inc. <br />4 <br />Historic Old Town <br />Fort. Collins. Colorado <br />REHABILITATION OF HISTORIC RESOURCES <br />Historic rehabilitation happens each day in <br />Colorado in communities of all types, from <br />quiet rural hamlets to bustling Front Range <br />cities. Projects range from minor repairs of <br />historic homes to large -scale renovations of <br />landmark commercial buildings. <br />Many rehabilitation projects are eligible for <br />economic incentive programs that assist owners <br />in returning underutilized resources back to <br />active service within the community. Two <br />often -used incentives are the federal and state <br />historic preservation tax credits. Another <br />economic incentive, unique to Colorado, is <br />the State Historical Fund (SHF), which is the <br />largest historic preservation grant program of its <br />kind in the nation. All types of historic properties <br />throughout Colorado, such as Silverton's <br />Town Hall, Denver's Quigg Newton Municipal <br />Auditorium, and Leadville's Dexter Cabin, <br />as well as hundreds of private homes, have <br />benefited from such preservation incentives. <br />Any rehabilitation that uses tax credits <br />or a grant from the State Historical Fund must <br />conform to the Secretary of the Interior's <br />Standards for Rehabilitation, thus ensuring <br />that a consistent standard for rehabilitation <br />is applied. <br />The following pages summarize the economic <br />benefits to Colorado that have resulted from <br />projects taking advantage of either the federal <br />and state preservation tax credits and /or SHF <br />grants. Many projects have taken advantage <br />of more than one of these incentive programs. <br />With minimal public cost, these programs <br />have generated vast amounts of private <br />investment devoted to the preservation of <br />Colorado's historic resources. In summary: <br />Between 1981 and 2003, 334 Colorado <br />projects with a combined total project <br />cost of $493.8 million utilized the federal <br />rehabilitation tax credit. <br />Between 1991 and 2003, 574 Colorado <br />projects with a combined total project <br />cost of $48.9 million utilized the state <br />rehabilitation tax credit. <br />Between 1993 and 2004, the State <br />Historical Fund distributed over $142.9 <br />million in grants to over 2,600 Colorado <br />rehabilitation projects, with an additional <br />$505.8 million contributed through public <br />and private matching funds. <br />The following pages first document the <br />economic impacts associated with each of the <br />three incentive programs. The cumulative <br />benefits from all three programs are discussed <br />on pages 9 -11. All data has been updated to <br />reflect activity through state fiscal year 2004. <br />THE ECONOMIC BENEFITS OF HISTORIC <br />