State of Colorado allocates $5 million in Historic Preservation Tax Credits
Weds., March 9, 2016 – The State of Colorado, through the Colorado Office of Economic Development and International Trade (OEDIT) and History Colorado, has issued preliminary approval letters to 13 commercial building owners under the new Commercial Historic Preservation Tax Credit Program. These rehabilitation projects are spread across eight counties. and are the first to take advantage of the new transferable state income tax credits that are part of the Job Creation and Main Street Revitalization Act.
“The goal of the new tax credit was to not only restore and preserve historic commercial buildings in Colorado, but also to provide an opportunity to stimulate economies across the state,” said Steve Turner, Colorado State Historic Preservation Officer. “The projects that have been approved span throughout Colorado and reflect the diverse historic preservation needs of our state.”
The projects span a diverse range of uses, which will provide public benefits from boutique retail, multi-family residential and office space, to industrial and tourism.
Projects that have been pre-approved and dollar amounts that have been reserved:
* Aurora: $521,714 for Stanley Marketplace at 2501 Dallas St
* Brighton: $599,700 for the Cannery Lofts at 238 N Main St
* Brighton: $27,000 for the Buddhist Temple at 21 S First Ave
* Denver: $1,000,000 for the Cathedral High School at 1840 Grant St
* Denver: $165,000 for the Rice’s Tap House at 2801 Welton St
* Denver: $525,000 for the Alliance Center at 1536 Wynkoop
* Englewood: $180,000 for the Odd Fellows Building at 3421 S Broadway
* Fort Collins: $67,500 for the E.A. Schlitcher House at 1312 S College Ave
* Greeley: $45,000 for the Home Light and Power Building at 810 9th St
* Greeley: $978,287 for the Ice House at 517 12th St
* Louisville $17,625 for the Pearson Building at 927 Main St
* Pueblo: $98,054 for the Riverside Block at 101 N Union Ave
* Trinidad: $525,000 for the Trinidad Opera House at 100 W Main St
The applicants estimate that these properties will eventually host 339 full-time, non-construction jobs, with a total annual payroll of $15.5 million. Most of the rehabilitation expenditures will be spent locally and will generate $2 million in additional state, county and local sales tax revenues just from the construction phase. Nine of the existing projects are placing new businesses in formerly-vacant buildings, which means that additional property tax revenue can also be expected.
These tax credits are awarded every fiscal year, and applications are ongoing. Interested applicants should contact OEDIT and History Colorado’s Office of Archaeology and Historic Preservation. To learn more about Historic Preservation Tax Credits visit h-co.org/statetaxcredit.
The Colorado Office of Economic Development and International Trade (OEDIT) works with statewide partners to create a positive business climate that encourages dynamic economic development and sustainable job growth. Under the leadership of Governor John Hickenlooper, we strive to advance the state’s economy through financial and technical assistance in support of local and regional economic development activities throughout Colorado.
History Colorado’s mission is to inspire generations to find wonder and meaning in our past and to engage in creating a better Colorado. We serve as the state’s memory, preserving the places, stories, and material culture of Colorado through our museums, educational programs, historic preservation grants, research library, collections, and outreach to Colorado communities. Find History Colorado on all major social media platforms. Visit HistoryColorado.org or call (303) HISTORY for more information.