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<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Gill Sans MT","sans-serif"">Restore Oregon Calls for a Rehabilitation Tax Credit to Create Jobs and Revitalize Oregon’s Main Streets<o:p></o:p></span></p>
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<p class="MsoNormal"><i><span style="font-family:"Gill Sans MT","sans-serif"">January 23, 2014</span></i><span style="font-family:"Gill Sans MT","sans-serif"">– After four years of research and public workshops aimed at addressing the physical and economic
deterioration of Oregon’s historic downtowns, Restore Oregon today released a special report on
<b><i>Revitalizing Main Street</i></b> that calls for a State Rehabilitation Tax Credit to spur economic development and job creation.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-indent:.25in"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:16.2pt"><span style="font-family:"Gill Sans MT","sans-serif"">The organization notes that many of Oregon’s traditional downtowns are at a tipping point. For decades, big box stores, strip malls, and sprawl have drawn
customers away, leaving buildings in a downward spiral of disinvestment and demolition-by-neglect. Today historic buildings are being rediscovered as hip and authentic places to live and work. But the cost of restoration, code upgrades, and seismic reinforcement
often creates a “development gap,” placing rehabilitation out of reach, especially for small town property owners.
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<p class="MsoNormal" style="text-indent:16.2pt"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:13.5pt"><span style="font-family:"Gill Sans MT","sans-serif"">Across the country there is a growing movement to turn this around. Thirty-four states are attracting investment in their Main Streets by offering a State
Rehabilitation Tax Credit. This has opened up opportunities to <b>re-activate historic downtowns as centers of business incubation, housing, shopping, and heritage tourism</b>.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-indent:13.5pt"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:16.2pt"><span style="font-family:"Gill Sans MT","sans-serif"">“It’s time Oregon did the same!” according to Restore Oregon Executive Director, Peggy Moretti. “Preservation and reuse has been a State priority since the
1960s, but our current financial toolkit is incomplete, leaving millions of dollars on the table, hundreds of rehab projects undone, and thousands of workers un-hired. In many cases, a State Rehabilitation Tax Credit would make the difference and bring
historic buildings back to life.” <o:p></o:p></span></p>
<p class="MsoNormal" style="text-indent:16.2pt"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:13.1pt"><span style="font-family:"Gill Sans MT","sans-serif"">How does it work? A state income tax credit is provided based on a percentage of rehabilitation costs – 20% to 25% is typical. This has been proven to stimulate
private investment and can be taken directly by the property owner or transferred to a financial partner who provides funds for the rehabilitation work.
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<p class="MsoNormal" style="text-indent:13.1pt"><span style="font-family:"Gill Sans MT","sans-serif"">State rehab tax credits (sometimes known as historic tax credits) can be paired with Federal tax credits and local incentives to help cover the cost of refurbishing
older buildings, bringing them up to code, and addressing seismic upgrades. The rehab work must retain historic character and make the building economically viable. As proposed by Restore Oregon,
<b>approximately 2600 historic commercial buildings in at least 75 communities statewide could benefit</b>, including retail stores, apartment buildings, warehouses, office buildings, and barns. The vast majority are in traditional downtowns.<o:p></o:p></span></p>
<p class="MsoNormal" style="text-indent:13.1pt"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-indent:13.5pt"><span style="font-family:"Gill Sans MT","sans-serif"">Acknowledging that tax credits have come under scrutiny of late, Restore Oregon notes that state rehabilitation tax credits have received bipartisan support
nation-wide because they work, creating a significant ripple effect in local economies. In Ohio, each rehab tax credit dollar leverages $6.25 in investment. In Minnesota, every tax credit dollar creates $8.32 in economic activity. And in North Carolina, every
tax credit dollar generates $12.51 in economic benefit. The Federal Rehabilitation Tax Credit produces a net gain of over 20% in Federal tax revenues.<o:p></o:p></span></p>
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<p class="MsoNormal" style="text-indent:16.2pt"><span style="font-family:"Gill Sans MT","sans-serif"">Early response to this recommendation has been enthusiastic and Restore Oregon is working to advance legislation to enact a Rehab Tax Credit during the 2015
legislative session. <i>Revitalizing Main Street</i> is available online at </span>
<a href="http://www.RestoreOregon.org/rehab-tax-credit"><span style="font-family:"Gill Sans MT","sans-serif"">www.RestoreOregon.org/rehab-tax-credit</span></a><span style="font-family:"Gill Sans MT","sans-serif"">.
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<p class="MsoBodyText2"><b><span style="font-family:"Gill Sans MT","sans-serif";font-style:normal">About Restore Oregon:<o:p></o:p></span></b></p>
<p class="MsoBodyText2"><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif"">The mission of Restore Oregon is to
<b>Preserve, Reuse, and Pass Forward Oregon’s Historic Resources to Ensure Livable, Sustainable Communities.</b> 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
</span><a href="http://restoreoregon.org/oregons-endangered-places/"><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif"">Oregon’s Most Endangered Places</span></a><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif"">.<o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:10.0pt;font-family:"Century Schoolbook","serif"">Operating statewide, Restore Oregon is located in the historic White Stag Block, 24 NW First Avenue, Portland, OR 97209. 503 243-1923. RestoreOregon.org<o:p></o:p></span></i></p>
<p class="MsoNormal"><span style="font-family:"Gill Sans MT","sans-serif""><o:p> </o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Tw Cen MT","sans-serif"">Peggy Moretti<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:3.0pt"><i><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif"">Executive Director<o:p></o:p></span></i></p>
<p class="MsoNormal"><a href="http://www.restoreoregon.org/"><b><span style="font-size:9.0pt;font-family:"Century Schoolbook","serif";color:#002B5E;text-decoration:none"><img border="0" width="94" height="69" id="Picture_x0020_3" src="cid:image005.jpg@01CF185A.7DE6E180" alt="cid:image005.jpg@01CF185A.7DE6E180"></span></b></a><b><span style="font-family:"Century Schoolbook","serif";color:blue"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="margin-top:3.0pt"><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif"">24 NW First Avenue | Portland, OR 97209</span><span style="font-family:"Tw Cen MT","sans-serif""><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif"">503 243-1923<o:p></o:p></span></p>
<p class="MsoNormal"><i><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif";color:black">Visit our
<a href="http://restoreoregon.org/news/">NEWSROOM</a> for preservation stories from around Oregon</span></i><i><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif";color:#C00000">.</span></i><i><span style="font-size:9.0pt;font-family:"Tw Cen MT","sans-serif""><o:p></o:p></span></i></p>
<p class="MsoNormal"><a href="https://www.facebook.com/RestoreOregon?v=wall&viewas=0"><span style="font-size:9.0pt;color:windowtext;text-decoration:none"><img border="0" width="34" height="34" id="Picture_x0020_2" src="cid:image006.png@01CF185A.7DE6E180" alt="cid:image006.png@01CF185A.7DE6E180"></span></a><span style="font-size:9.0pt"><o:p></o:p></span></p>
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