TEMPLATE FOR NCDDA MEMBER USE
Instructions: Replace the underlined sections with the appropriate information for your town.
If you wish to provide specific economic impact numbers to your town, you can call your NC State Historic Preservation Office representative for a listing of the completed historic preservation tax credit projects in your community. They typically have the total investment dollars for each project. If you are interested in applying an economic impact formula to that total investment number, here are two that are specific to NC rehabilitation construction investments: Jobs Created/Retained – For every $1M invested/spent, a historic rehabilitation project results in 41.4 jobs. Household Income Impact – For every $1M invested/spent, a historic rehabilitation project spurs $801,000 to local household incomes. If you wish to add this, you may want to create a new line that state, WHEREAS, ______has experienced ___ of historic preservation tax credit projects which incurred a collective private investment of ____ and, based on NC economic impact figures specific to historic rehabilitation projects, created/retained __ jobs and spurred ____ to our local household incomes; and….
RESOLUTION NO. ____
RESOLUTION SUPPORTING NORTH CAROLINA’S HISTORIC PRESERVATION
TAX CREDIT PROGRAMS
WHEREAS, the ______(your town name)______ along with other local and regional partners are working towards the (revitalization of our downtown area and/or historic neighborhood(s) to establish it as a vital economic sector of the City for the community’s benefit; and
WHEREAS, the ______(your town name)______ realizes that a healthy, vibrant (downtown and/or neighborhood) makes all other economic development initiatives in the community easier to achieve; and
WHEREAS, the ______(your town name)______, as well as many private investors, have made significant advancements towards our (downtown’s and/or neighborhood(s)) improvement through strategic planning and reinvestment; and
WHEREAS, the ______(your town name)______understands that the (City/Town) is fortunate to retain a wealth of historic commercial and residential structures that offer unique opportunities by differentiating our community from other communities and thus, we wish to preserve them when appropriate for future use and re-investment; and
WHEREAS, the ______(your town name)______ recognizes that the highest concentration of our historic structure stock is in the downtown area and this area provides more tax base value per acre than any other segment of the community.
WHEREAS, the ______(your town name)______ recognizes that these buildings offer opportunities for small business development, job creation and desirable living spaces in an existing built environment with previously invested infrastructure; and
WHEREAS, the ______(your town name)______ is interested in building upon these established investments to strengthen our tax base thus decreasing the potential of future tax increases for our citizens to maintain existing levels of service throughout the community; and
WHEREAS, the historic residential and commercial structures play a vital role in our capabilities to entice re-investment and create our market niche; and
WHEREAS, the rehabilitation of historic structures is challenging in terms of acquiring needed bank financing, meeting building code regulations and overcoming general risks of unknown conditions and securing private investment in blighted or transitional neighborhoods; and
WHEREAS, the ______(your town name)______ has experienced success with meeting these historic rehabilitation challenges due to the availability of the North Carolina Historic Preservation Tax Credit (HPTC) programs which resulted in positive private investment projects that support our local economy; and
WHEREAS, the ______(your town name)______ recognizes that these programs offer an often necessary financial tool that level the private investment risks and opportunities when competing for sites outside the built area and also provide the leverage needed to meet financial gaps experienced with traditional lending institutions; and
WHEREAS, a (Describe a recent tax credit project that occurred in your town and share the story/impact. For Example: downtown Goldsboro property owner recently converted an upper-story commercial space that had been vacant and unused for over forty years into four, two-bedroom apartments that are meeting an unmet demand for urban residential space) due to the availability and use of the HPTC programs; and
WHEREAS, the ______(your town name)______ believes that more of this type of reinvestment can occur with the availability of the HPTCs and believes the HPTC programs is a worthy leveraging tool to stimulate a specific, challenged area of our economy that will support the entire community; and
WHEREAS, the North Carolina Downtown Development Association has adopted a position paper, titled, “Position Paper of Support for North Carolina’s Historic Preservation Tax Credit Programs” and the ______(your town name)______ has reviewed this document and agrees that the HPTC programs are a necessary economic development tool and thus, generally agrees with the NCDDA Position Paper and will utilize it to advocate for the continuation of the HPTC programs; and
NOW, THEREFORE, BE IT RESOLVED, by the Mayor and City Council of the ______(your town name)______, on behalf of themselves, the other City officials and employees and the citizens of the ______(your town name)______, do hereby support North Carolina’s Historic Preservation Tax Credit Programs and their continued availability as a tool to spur economic recovery in traditionally blighted or underutilized areas of our communities; and
BE IT FURTHER RESOLVED that a copy of this Resolution will be submitted and shared to persons and organizations that the ______(your town name)______partners with related to our ______(if you have adopted plans related to downtown or community development where historic preservation is a tool, name them here)______ to encourage support of our position to maintain the NC Historic Preservation Tax Credit programs for continued availability to those interested in reinvesting in our historic structures.
Approved as to Form Only: Reviewed By:
______
City Attorney City Manager