Public Policy

PRESERVATION DAY AT THE CAPITOL 2015

On Wednesday, February 11th, Missouri Preservation had a productive day advocating for the safeguardinIMG_0268g of the Historic Preservation Tax Credits (HPTC). The day included visits with several of our elected officials as we urged the preservation of our HPTC, a program which has helped to support an estimated $7 billion in private investment in the renovation of historic buildings in Missouri, as well as creating jobs and contributing to local economies throughout the state since its inception in 1998.

What is HPTC: They are tax credits that provide an incentive for the redevelopment of commercial and residential historic structures in Missouri and are open to any taxpayer across the state. The program provides state tax credits equal to 25% of eligible costs and expenses of the rehabilitation of approved historic structures.

Preservation Day_2015 IMG_0259Lobbyist Jim Farrell speaking to the crowd.

We were joined by Lobbyist Jim Farrell as well as Senators Joe Keaveny and Jamilah Nasheed speaking in favor of the HPTC. Mr. Farrell kept his audience abreast of HPTC’s current standings. Things are looking positive but we are not out of the woods yet. Given that there are so many new elected officials, it is important for us to keep educating them about the multiple benefits HPTCs bring to Missouri communities and about the unintended consequences that may come from a reduction in the cap. We provided freshman legislators with DVD’s containing Landmarks Association of St. Louis’ video on The Benefits of the Missouri Historic Rehabilitation Tax Credit.

IMG_0265Elizabeth Rosin, Patrick Wolf, Katie Graebe, and Nadia Lanter at the Capitol

Representatives from Missouri Preservation, Historic Kansas City Foundation, Rosin Preservation LLC, Preservation Research Office, The Builders’ Association, Enhanced Historic Credit Partners, and Lisart Capital were on hand to remind legislators how the credits have turned entire neighborhoods around across Missouri.

Thanks to all who made this day such a success.

Missouri’s Historic Preservation Tax Credit at Work

CASE STUDY: Ironton Lodge Hall

One of the Case Studies that we brought to the legislators attention was the Ironton Lodge Hall, located in Ironton, MO. This main street building was rehabilitated by owner Emily Parker and family . The project incurred over $770,000 in expenses of which $720,000 were eligible for the 25% Historic Preservation Tax Credit, resulting in $180,000 in state tax credits. The building has been brought back to life as the Arcadian Academy of Music, and is now her concert pianist studio, classrooms, recital hall, and the Parker’s permanent residence.

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Before/After of the Ironton Lodge Hall

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BENEFITS ACCRUED BY STATE & LOCAL COMMUNITY:

  • JOBS—A majority of the jobs created during Ironton Lodge Hall’s rehab came from workers living in Ironton and nearby St. Francois County
  • NEW RESIDENTS—Since Ironton Lodge Hall functions as both a work space and a residence, it allowed Emily and Brian Parker to leave behind prestigious jobs in Chicago. Brian is currently serving his second term as Ironton County’s prosecuting attorney and Emily has her business/studio in this building
  • ASSESSED VALUE– The property value went from $33,000 prior to rehab to over $120,000 after rehab, generating a significant increase in property taxes for the local schools
  • ADDITIONAL TAX REVENUE– Income tax and sales tax generated on the $770,000 in rehabilitation costs


INTERESTED IN BECOMING PART OF OUR PUBLIC POLICY TEAM?  CLICK HERE FOR AN INVITATION FROM OUR PUBLIC POLICY CHAIR,  PATRICK WOLF

It is important that you let your legislators know that you support the positive economic impact that the State Historic Preservation Tax Credits deliver in Missouri. Don’t know your legislator’s name or contact information?  You can find it at http://www.moga.mo.gov.

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