HomeMy WebLinkAbout50-09 RESOLUTIONRESOLUTION NO. 50-09
A RESOLUTION TO SUPPORT THE ESTABLISHMENT OF AN
ARICANSAS HISTORIC REHABILITATION TAX CREDIT
WHEREAS, there is a proposal to establish the Arkansas Historic Rehabilitation Tax
Credit of 2009 before the Arkansas legislature; and
WHEREAS, it is in the best interest of the citizens and the City of Fayetteville, Arkansas
to encourage preservation and use of historic and cultural places; and
WHEREAS, the 2009 Arkansas Historic Rehabilitation Tax Credit will create a 25% tax
credit to an individual's or business' state income tax for qualified expenses related to the
rehabilitation and reuse of a historic property.
WHEREAS, twenty-nine other states provide similar economic incentives in the form of
tax credits for rehabilitation, including the neighboring states of Louisiana, Mississippi,
Missouri, and Oklahoma; and
WHEREAS, these similar state tax credits have successfully spurred investment in older
neighborhoods and historic downtowns in both urban and rural communities; and
WHEREAS, the state historic rehabilitation tax credit is a true economic stimulus tool
with a proven track record of creating jobs and significantly increasing property values and the
corresponding local and state tax revenue; and
WHEREAS, the Fayetteville Historic District Commission has endorsed the Historic
Rehabilitation Tax Credit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, A
resolution to support the 2009 Arkansas Historic Rehabilitation Tax C
PASSED and APPROVED this 3rd day of March, 2009.
APPROVED:
ATTEST:
By
ELD JJJT AN, Mayor
rkansas hereby approves a
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SONDRA E SMITH, City Clerk/Treasurer
Karen Minkel
Submitted By
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
3/3/2009
City Council Meeting Date
Agenda Items Only
Long Range Planning
Division
Action Required:
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Department
Preservation Tax Credit: A resolution to endorse the 2009 Arkansas Historic Preservation Tax Credit.
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Cost of this request
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Project Number
Budgeted Item
Category / Project Budget
Funds Used to Date
Remaining Balance
Budget Adjustment Attached
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D partment Dire
City Attorney
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Date
a.. Q;adiv, 2-11-05
Fjnance and Internal Services Director
Date
Previous Ordinance or Resolution #
Original Contract Date:
Original Contract Number:
Comments:
Revised January 15,2009
RESOLUTION NO.
•
A RESOLUTION TO SUPPORT THE ESTABLISHMENT OF AN
ARKANSAS HISTORIC REHABILITATION TAX CREDIT
WHEREAS, there is a proposal to establish the Arkansas Historic Rehabilitation Tax
Credit of 2009 before the Arkansas legislature; and
WHEREAS, it is in the best interest of the citizens and the City of Fayetteville, Arkansas
to encourage preservation and use of historic and cultural places; and
WHEREAS, the 2009 Arkansas Historic Rehabilitation Tax Credit will create a 25% tax
credit to an individual's or business' state income tax for qualified expenses related to the
rehabilitation and reuse of a historic property.
WHEREAS, twenty-nine other states provide similar economic incentives in the form of
tax credits for rehabilitation, including the neighboring states of Louisiana, Mississippi,
Missouri, and Oklahoma; and
WHEREAS, these similar state tax credits have successfully spurred investment in older
neighborhoods and historic downtowns in both urban and rural communities; and
WHEREAS, the state historic rehabilitation tax credit is a true economic stimulus tool
with a proven track record of creating jobs and significantly increasing property values and the
corresponding local and state tax revenue; and
WHEREAS, the Fayetteville Historic District Commission has endorsed the Historic
Rehabilitation Tax Credit.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a
resolution to support the 2009 Arkansas Historic Rehabilitation Tax Credit.
PASSED and APPROVED this 311I day of March, 2009.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City ClerldTreasurer
CADOCUME- I lawoochLOCALS-INTemp XPgrpwisePreservotion Tax Credit.doc
2
City Council Meeting of March 3, 2009
Agenda Item Number
CITY COUNCIL AGENDA MEMO
To: Mayor and City Council
Thru: Don Marr, Chief of Staff
From: Karen Minkel, Interim Director of Long Range Planning KM .
Date: February 13, 2009
Subject: Arkansas Historic Rehabilitation Tax Credit
RECOMMENDATION
Staff recoinmends approval of resolution endorsing the 2009 Arkansas Historic
Rehabilitation Tax Credit..
BACKGROUND
The Arkansas Preservation Alliance is advocating for historic rehabilitation tax credit
legislation, which is being sponsored by Representative Robert Moore. This legislation
would allow credit on state income taxes equal to 25% of the total qualified rehabilitation
expenses. This credit would be in addition to the federal tax credit of up to 20%. Twenty-nine
states across the country, including Oklahoma, Missouri, Mississippi and Louisiana, have
similar legislation.
This legislation would directly benefit Fayetteville by making all the city's commercial and
residential National Register listings, State Register listings, and locally designated historic
structures eligible for state funding for rehabilitation work. This additional funding creates a
greater incentive for historic rehabilitation projects, which can revitalize neighborhoods, limit
sprawl and encourage investment in Fayetteville's historic structures.
DISCUSSION
The Fayetteville Historic District Commission formally endorsed the proposed tax credit
legislation on February 12, 2009 by a vote of 7-0-0 and encouraged the City Council to also
endorse the legislation.
BUDGET IMPACT
None.
Clarice Pearman - Historic Preservation Tax Credit
From:
To:
Date:
Subject:
Clarice Pearman
Minkel, Karen
3.4.09 4:26 PM
Historic Preservation Tax Credit
Page 1 of 1
Karen:
Please send me your resolution to print out and get the mayor's signature. Have a good evening.
Thanks. •
Clarice
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Clarice Pearman - Res. 50-09
From:
To:
Date:
Subject:
CC:
Attachments:
Clarice Pearman
Minkel, Karen
3.6.09 10:20 AM
Res. 50-09
Audit
Audit
Page 1 of 1
Karen:
Attached is a copy of the above resolution passed by City Council in support of the Arkansas Historic Rehabilitation Tax
Credit. Please let me know if there is anything else needed for this item. Have a good day.
Clarice
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