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

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

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

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

Plan now to attend 2011 Main Street trainings

Now is the time to plan for 2011 downtown revitalization trainings.  The Virginia Main Street training calendar is available.  And on the national front, preparations are being made for the Main Streets Conference, this year to be held in Des Moines, Iowa. Don’t wait. Get these important dates inked in on your 2011 calendar today:

March 31: Milestone Awards, Richmond
May 22-25: National Main Streets Conference, Des Moines, Iowa
July 13-14: VMS Summer Toolkit, Staunton
September 14-15: VMS Essentials, TBD
September 26-27: Preservation Virginia Conference
Fall: Virginia Downtown Development Association (VDDA) Conference

The Main Street Center, in preparation for the conference, this year themed, “Grow your Main Street,”  has put together a list of reasons and strategies that can help you make that valuable experience a reality. Make the case  in your community to attend.  A big team of dedicated leaders (including our own Kyle Meyer) are finalizing the list of session topics for the conference, and between now and May, much more information will be available. You can sign up here for email updates as topics, speakers, and special events are set.

Thanks from the Virginia Main Street staff to everyone who participated in the 2010 trainings. The more communities that particpate in them, the richer and more productive they are.  We on the VMS staff have learned a good deal at each one, and we look forward to seeing you in the new year.

Danville effort first historic preservation club in commonwealth high schools

The Danville Historical Society is modeling the way for youth outreach across the state. They have a board member in charge of coordinating youth activities, and they recently led the commonwealth by establishing the state’s first high school historic preservation clubs.

Danville's historic homes, mills, and other commercial buildings serve as a laboratory for high school students.

The effort, simultaneously establishing clubs at George Washington High School and at Galileo Magnet High School, have piqued the interest of more than 40 student-members. Co-sponsored by Preservation Virginia, the clubs are engaging the young people in the activities of the historical society and in skills-building activities such as the researching of historical events and properties and the archiving of documents.

The efforts to establish the clubs were led by student co-founders and teacher and administrator champions in addition to the Danville Historical Society volunteers.

If it can be done in Danville, why not in your community?

In addition to the local historical society, Main Street and downtown revitalization leaders can help connect the next generation of preservationists with resources and new experiences. For more information on Danville’s effort, read the Danville News story or contact the Danville Historical Society