New Report Shows Historic Tax Credits Boost Virginia’s Economy

During an annual legislative reception hosted last week, First Lady Pam Northam highlighted the findings of two just-completed studies showing the sustained and substantial contribution that historic preservation makes to Virginia’s economy, specifically through the state and federal historic rehabilitation tax credits (HRTCs)

One study, conducted by the L. Douglas Wilder School of Government and Public Affairs at Virginia Commonwealth University, found that much of the $4.5 billion in private investment would have gone untapped without the incentive of the state’s tax credit being available to property owners, developers, and entrepreneurs. Preservation Virginia’s study examines the impact of the federal Historic Tax Credits (HTC) on Virginia’s economy, finding that the program resulted in $467 million in economic output, supported 9,960 jobs and generated $3.50 for every $1 invested through the first three years.

“These studies clearly demonstrate the sustained and substantial contribution that preservation makes to Virginia’s economy,” said First Lady Pamela Northam. “The Governor and I applaud the Department of Historic Resources and Preservation Virginia for caring for our rich past and preparing us for an amazing future.”

Conducted on behalf of the Virginia Department of Historic Resources, the VCU study analyzed the overall impact of the state’s HRTC program from its inception in 1997 through 2017, its twentieth anniversary. During those two decades, according to VCU’s Wilder School, the HRTC program issued $1.2 billion in tax credits and leveraged $4.5 billion in private investment.

Virginia Main Street and Department of Housing and Community Development have always known that our historic resources are great investments!

Find an executive summary from the Wilder School study here.

Believe in Bristol

Tax Reform and Downtown Rehabilitation

From South Boston to Winchester, St. Paul to Norfolk, many of our Virginia communities have seen significant revitalization as a result of the Federal Historic Tax Credits (HTC). In many cases, if not most cases, rehabilitation of historic structures counts on this funding to make those projects work – and the credits are slated for elimination in the Tax Reform proposal under consideration.

Masonic Theatre, Clifton Forge, VA

The rehabilitation, re-use, and preservation of Virginia’s historic buildings is good for the commonwealth’s economy, according to a recent study conducted by Virginia Commonwealth University.  During a 17-year period, nearly $1 billion in tax credits leveraged almost $3 billion in private investment, resulting in the reuse of 2,375 buildings, ranging from warehouses, hotels, and theaters.

Where do you go for more, so you can put this economic development tool to good use?  Let me introduce you to your partners:

Here are your administrative partners.  While the National Park Service ultimately approves the federal Historic Tax Credit, the Virginia Department of Historic Resources (DHR) acts as the “gatekeeper”, administering both the federal and state tax credit programs. All applications go through DHR first and they also provide technical assistance.

Here are your advocacy partners. The National Trust for Historic Preservation and its subsidiary the National Main Street Center, a proven leader of preservation-based economic development, both work to educate national and local community leaders about its value. Your local preservation advocacy partner, Preservation Virginia, promotes this development tool, too.

Rehabilitated Masonic Theatre, Clifton Forge, VA

Explore the Value of Partnerships at the 2017 Virginia Preservation Conference

Preservation Virginia is excited to co-host the Virginia Preservation Conference alongside the Virginia Department of Historic Resources in Petersburg, Virginia on Friday, October 6 at Union Train Station!

This year, they invite you to “Explore the Value of Partnerships” happening between organizations in the private and public sector that strengthen Virginia’s communities. You’ll get to hear from incredible guest speakers about the collaborations and preservation programs that help revitalize and sustain historic places, including Virginia’s downtowns.

Sessions will cover:

  • Leveraging Historic Tax Credits as Tools for Community Revitalization
  • Promoting Heritage and Recreational Tourism via Historical Interpretation
  • Establishing Public and Private Partnerships in Historic Preservation

As a conference sponsor, Virginia Main Street cheers our preservation partners focusing on a key topic.  Public-private partnerships are vital for a vibrant downtown, allowing your program to extend its reach and achieve better results.

Register today! >>

 

Remaking Petersburg – Style Weekly, September, 2014

Make the Most of Heritage Tourism in Virginia

Did you know that the cultural heritage tourist typically spends more and stays longer than other types of U.S. travelers?

Preservation Virginia is co-hosting the 31st annual Virginia Preservation Conference in Charlottesville, an event that draws 200 community leaders, developers, architects, local planning officials and others from across the Commonwealth.   Following the release of the final phase of three interrelated economic impact studies, including Virginia Main Street, this year’s theme focuses on heritage tourism and the places that make Virginia unique and appealing to visitors.160908-program-cover_bleed2

The schedule includes a keynote address by product-development consultant Cheryl Hargrove; debut of the new study of heritage tourism in Virginia; DIY historic preservation research sessions; guided tours of the restored Paramount Theater and Charlottesville’s revitalized West Main Street corridor; and a Preservation Pitch contest, a spirited competition to win $2,000 in seed money for a preservation project.

The conference takes place Sunday, October 16 and Monday, October 17 at the Jefferson School African American Heritage Center.

Learn more >>>

 

Three Upcoming Opportunities to Rev up Your Downtown Revitalization Efforts

Is your downtown ready for new businesses and residential investment?

Open Late - Fredericksburg, VA

Open Late in Fredericksburg, VA

In order to meet new challenges and ensure a strong Main Street, communities need ongoing training.  Whether the community is just getting started with Main Street activities or well-seasoned in managing a prosperous commercial district, staff and volunteers need different skills in different phases of the downtown revitalization process.  All in all, to keep attracting downtown investment, local leaders should stay current on impactful revitalization techniques and issues that affect traditional commercial districts.

Continue local program volunteer and staff development in the Main Street Approach by attending training as provided by Virginia Main Street, the National Main Street Center and other statewide partners.

Here are three upcoming opportunities in 2016:

Oct. 16-17:  Preservation Virginia Conference, Charlottesville, VA

Nov. 1, 3, and 4: Virginia Main Street Regional Rev Ups, Wytheville, Culpeper and Farmville, VA

Nov. 13-15: VA-1 Tourism Summit, Roanoke, VA

Save the Date! Virginia Main Street Downtown Intersections 2016

VMS Downtown Intersections 2016 Save the Date

VMS Downtown Intersections 2016 Save the Date

Preservation Virginia Releases Economic Impact Study of Virginia Main Street Program

Preservation Virginia LogoOn Wednesday, Preservation Virginia released a study measuring the economic impact of 30 years of the
Virginia Main Street program. The report documents the Virginia Main Street program throughout the last 30 years. The report has documented the direct economic effects across Virginia Main Streets since 1985, when the program was adopted in Virginia to revitalize its historic downtowns.

“Preservation Virginia’s study highlights the impressive work the Virginia Main Street program is doing to help our communities across the commonwealth stay healthy, create jobs, grow entrepreneurs and attract visitors,” said Secretary of Commerce and Trade Maurice Jones. “These communities are one of the many vital assets that will help Virginia prosper in the 21st century.”

Some notable statistics from the impact study range from the number of businesses and jobs created to the amount of private investment and volunteer time. In the last 30 years, 11,908 net new jobs have been created by Virginia Main Street businesses. More than 3,365 net new businesses have been created in our Main Street districts, and these entrepreneurs are a key component to Virginia’s economic strategy. Virginia’s Main Street districts have been able to weather business cycle downturns better than the overall economy. More than $1.2 billion has been invested in Main Street districts, with 71 percent being from the private sector. Almost $2 billion in total economic impact has been generated from the Virginia Main Street districts.

“Beyond the notable numbers, the Virginia Main Street program has helped these communities embrace the cultural history, a sense of community and a wonderful quality of life that attracts visitors, residents and businesses alike,” said Bill Shelton, director of the Virginia Department of Housing and Community Development.

Preservation Virginia commissioned the report with funding assistance from the Virginia Department of Housing and Community Development. The report details the economic impacts of the Virginia Main Street Program, an approach to downtown revitalization that purses economic development within the context of historic preservation. The study and research includes case studies on three of the 25 Virginia Main Street communities: Culpeper, Harrisonburg and South Boston.

“In 2014, Preservation Virginia commemorated its 125th anniversary. We used this anniversary as a way to celebrate and highlight the many historic preservation efforts and accomplishments in communities across the commonwealth. We commissioned a three-part economic study by the Center Urban and Regional Analysis at Virginia Commonwealth University to measure the impact historic preservation is having in communities across Virginia.” said Elizabeth Kostelny, chief executive officer of Preservation Virginia. “The second phase of the project demonstrates the value of the Virginia Main Street program regionally and on Virginia’s overall economy.”

To view the entire report, visit http://preservationvirginia.org/preserve/economicimpact.

Downtown South Boston Logo Image

Destination Downtown South Boston