nehemiah
May 31st, 2006, 9:14:10 AM
this is a good idea, IMO. buffalo's architecture should be a major draw.
Rocco Termini wants to convert Pearl Street's historic but run-down Webb Building into loft-style housing.
What would make the project more viable and hasten, he believes, the restoration of other vacant downtown structures would be providing developers state historic tax credits.
"The tax credit would raise an extra $900,000 in equity to do the Webb Building," said Termini, who estimates the cost to rehab the 1888 structure at $9.2 million. "Just walk down Main Street. All those buildings would qualify for this program."
Twenty-six states now offer historic tax credits as economic incentives for preserving historic buildings.
New York is not one of them - and some blame that on past resistance from downstate lawmakers. But supporters believe a bill before the State Legislature that targets Buffalo alone could pass this year. It's sponsored by Sam Hoyt, D-Buffalo, in the Assembly, and Dale M. Volker, R-Depew, in the State Senate.
Proponents say the legislation would make financially risky projects more viable in Buffalo, help preserve and, in some cases, return buildings to municipal tax rolls and add construction jobs.
The proposal provides 30 percent of rehabilitation costs for historic residential buildings to be reimbursed in the form of a credit or refund. That rises to 50 percent for rehabbing historic commercial structures when twinned with the federal Historic Preservation Tax Incentives program, which provides 20 percent.
The legislation would apply to any local, state or National Register-listed structure in the City of Buffalo. Rehabilitation must conform to standards set by the state Office of Parks, Recreation and Historic Preservation.
http://www.buffalonews.com/editorial/20060530/1046377.asp
Rocco Termini wants to convert Pearl Street's historic but run-down Webb Building into loft-style housing.
What would make the project more viable and hasten, he believes, the restoration of other vacant downtown structures would be providing developers state historic tax credits.
"The tax credit would raise an extra $900,000 in equity to do the Webb Building," said Termini, who estimates the cost to rehab the 1888 structure at $9.2 million. "Just walk down Main Street. All those buildings would qualify for this program."
Twenty-six states now offer historic tax credits as economic incentives for preserving historic buildings.
New York is not one of them - and some blame that on past resistance from downstate lawmakers. But supporters believe a bill before the State Legislature that targets Buffalo alone could pass this year. It's sponsored by Sam Hoyt, D-Buffalo, in the Assembly, and Dale M. Volker, R-Depew, in the State Senate.
Proponents say the legislation would make financially risky projects more viable in Buffalo, help preserve and, in some cases, return buildings to municipal tax rolls and add construction jobs.
The proposal provides 30 percent of rehabilitation costs for historic residential buildings to be reimbursed in the form of a credit or refund. That rises to 50 percent for rehabbing historic commercial structures when twinned with the federal Historic Preservation Tax Incentives program, which provides 20 percent.
The legislation would apply to any local, state or National Register-listed structure in the City of Buffalo. Rehabilitation must conform to standards set by the state Office of Parks, Recreation and Historic Preservation.
http://www.buffalonews.com/editorial/20060530/1046377.asp