[OMS_MANAGERS] Restore Oregon introducing legislation to create state Historic Rehabilitation Fund

[Peggy Moretti]

Hello, Main Street-ers!  Wanted to share the following press release which went out today to newspapers and OPB around the state.  Many thanks those who have sent me their "Main Street Matters" selfies (and we'd love to receive more)!  It would be VERY helpful if you would contact your local newspaper or media outlets and let them know you support this legislation.

Hope your holiday seasons are off to a great start.



Smiles - Peggy

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Bill Proposed by Restore Oregon Creates a Historic Rehabilitation Fund to Spur Economic Development on Main Street



Dec. 16, 2014 - Restore Oregon will be introducing legislation in January designed to stimulate new investment in historic downtowns across the state and bring them back to life.  The Revitalize Main Street Act<http://restoreoregon.org/rehab-tax-incentive/> would create a state Historic Rehabilitation Fund to help offset the high cost of repair, restoration, seismic retrofitting, and code upgrades for historic commercial buildings, and thereby attract new businesses, jobs, tourists, and economic activity.


Restore Oregon, a non-profit whose mission is to save historic places and promote livable communities, has in recent years been focusing on the challenges confronting Oregon's historic downtowns.  They spent four years conducting workshops, identifying solutions to reinvigorate and refurbish their iconic stores, hotels, theaters, apartments, fraternal lodges, factories, and mills.  Not surprisingly, they found that the obstacles often boil down to money.

According to Restore Oregon, those seeking to restore and reuse a historic building are lacking a financial tool that most other states use to great effect, a historic rehabilitation incentive.  The Historic Rehabilitation Fund created by the Revitalize Main Street Act would provide a 25% rebate on the costs of restoring a historic commercial building and getting it back into service.  This rebate would fill the "funding gap" that private investment alone often cannot cover through traditional financing.

Executive Director, Peggy Moretti says 35 states have implemented similar incentives and proven they're a cost-effective investment that revitalizes downtowns and pays dividends for decades in the form of new jobs, more income and property taxes, cultural heritage and tourism, business incubation, seismic safety, and the reuse of existing infrastructure.

"Many of Oregon's historic downtowns are suffering from a downward spiral of disinvestment and neglect.  We believe that passage of the Revitalize Main Street Act is the single most important thing we could do to turn that around.  These historic commercial districts embody the cultural and economic heart of our communities and can again be vibrant places to live, work, and shop."

An economic impact study conducted by EcoNorthwest determined that "Oregon would indeed be economically better off with a Historic Rehabilitation Fund."  By 2018, with a modest state investment of just $10.6M, we would see:

*         4X more buildings restored than without the state incentive.

*         1,369 jobs per year generating income of $25.5M.

*         $2.3M net increase in property taxes per year to pay for schools and services.

*         $13.3M new federal Historic Tax Credit dollars spent in Oregon per year.

*         $35.8M net increase per year in direct development spending.
Restore Oregon estimates that 2600 historic buildings in 77 towns could benefit and that the bill would provide much-needed rural economic stimulus.  The bill includes built-in safeguards: only designated historic buildings are eligible to access the Fund and work must meet preservation standards; spending caps preclude abuse; and at least 30% must be directed towards smaller, rural projects.

A growing list of city governments, design and construction-affiliated organizations, and environmental groups are lining up in support of the Revitalize Main Street Act, and a network of Oregon Main Street associations is supporting the effort by taking selfies holding placards that say MAIN STREET MATTERS.  A datasheet with more information and an online endorsement letter can be found at www.restoreoregon.org/rehab-tax-incentive<http://www.restoreoregon.org/rehab-tax-incentive> or by calling Restore Oregon at 503 243-1923.

PHOTOS (all courtesy Restore Oregon):  Members organizations of the Oregon Main Street network are calling for passage of the Revitalize Main Street Act.
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About Restore Oregon:

The mission of Restore Oregon is to Preserve, Reuse, and Pass Forward Oregon's Historic Resources to Ensure Livable, Sustainable Communities.  A 501(c)(3)non-profit originally founded in 1977 as the Historic Preservation League of Oregon, the organization provides educational programs, advocacy, and holds over 40 conservation easements on historic properties across the state, protecting them in perpetuity.  They also work to save an annual list of Oregon's Most Endangered Places<http://restoreoregon.org/oregons-endangered-places/>.
Operating statewide, Restore Oregon is located in the historic White Stag Block, 24 NW First Avenue, Portland, OR  97209.  503 243-1923. RestoreOregon.org


Peggy Moretti
Executive Director
[cid:image002.jpg at 01D0194C.15D5B3C0]<http://www.restoreoregon.org/>
24 NW First Avenue, Suite 274 | Portland, OR  97209
503 243-1923
Visit our NEWSROOM<http://restoreoregon.org/news/> for preservation stories from around Oregon.
[cid:image004.png at 01D0194C.15D5B3C0]<https://www.facebook.com/RestoreOregon?v=wall&viewas=0>


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