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RESOLUTION NO. 12914
A RESOLUTION SUPPORTING EFFORTS TO MODERNIZE
COLORADO’S STATE INCOME TAX CREDIT FOR THE
REHABILITATION OF COLORADO’S MAIN STREETS AND
HISTORIC COMMERCIAL BUILDINGS
WHEREAS, Colorado was one of the first states to create a Historic Preservation tax
Credit in 1990; and
WHEREAS, there is a significant need to improve this tax credit so that Colorado
remains competitive with neighboring states and that the credit can be better used to attract
critical commercial reinvestment, rehabilitation, and revitalization of main streets across the
state; and
WHEREAS, it is important to protect Colorado’s unique historic structures while
increasing cultural heritage tourism; and
WHEREAS, HB-1311, Colorado Job Creation & Main Street Revitalization Act, proposes
to improve the existing tax credit and is modeled after successful bipartisan legislation passed
in other states that provide critical incentives to get languishing building back to viable use while
simultaneously spurring tremendous economic growth, job creation, and historic preservation in
rural and metro areas; and
WHEREAS, the tax credit can be taken directly by the property owner or transferred to a
financial partner who provides funds for the rehabilitation work and combined with additional
federal incentives, thereby driving new revenue into local communities and closing the
development gap that arises from the high cost of rehabilitating historic structures. NOW
THEREFORE,
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Pueblo City Council recognizes that Pueblo could stand to benefit from a revised tax
credit by having large vacant buildings in the community renovated, as well as having vacant
schools re-purposed.
SECTION 2
The Pueblo City Council supports HB-1311, Colorado Job Creation & Main Street
Revitalization Act.
SECTION 3.
The officers and staff of the City are directed and authorized to perform any and all acts
consistent with the intent of this Resolution to effectuate the policies and procedures described
herein.
SECTION 4.
This Resolution shall become effective upon passage and approval.
INTRODUCED: _ March 24, 2014
BY: Chris Nicoll
COUNCILPERSON
City Clerk’s Office Item # M-4
REGULAR MEETING AGENDA ITEM
COUNCIL MEETING DATE:
March 24, 2014
TO: President Sandra K. Daff and Members of City Council
CC: Sam Azad, City Manager
VIA: Gina Dutcher, City Clerk
FROM: Chris Nicoll, Council Member At Large
SUBJECT: A RESOLUTION SUPPORTING EFFORTS TO MODERNIZE COLORADO’S
STATE INCOME TAX CREDIT FOR THE REHABILITATION OF COLORADO’S
MAIN STREETS AND HISTORIC COMMERCIAL BUILDINGS
SUMMARY:
This Resolution demonstrates the Council’s support of HB-1311, Colorado Job Creation & Main
Street Revitalization Act, sponsored by Rep. Leroy Garcia, Rep. Tim Dore, Sen. Pat Steadman,
and Sen. Larry Crowder, which proposes to improve the existing tax credit by providing critical
incentives to help get languished buildings back into viable use thereby spurring economic
growth, job creation, and historic preservation throughout Colorado communities.
PREVIOUS COUNCIL ACTION:
None.
BACKGROUND:
Many of Colorado’s traditional main streets are at a tipping point. Buildings are vacant, their
historic facades in decay and their local economies in desperate need of investment and
revitalization. Colorado was one of the first states to create a Historic Preservation Tax Credit in
1990, but there is significant need to improve this tax credit so that Colorado remains
competitive with neighboring states and that the credit can be better used to attract critical
commercial reinvestment, rehabilitation, and revitalization of main streets across our state.
The challenge is to create jobs and boost new economic development in communities across
Colorado, to attract private capital investment that is currently flowing into other states to
revitalize historic main streets and commercial buildings, and to create new business, housing,
and shopping opportunities while generating local government revenue. It is also important to
protect Colorado’s unique historic structures while increasing cultural heritage tourism.
HB-1311, Colorado Job Creation & Main Street Revitalization Act, proposes to improve the
existing tax credit and is modeled after successful bipartisan legislation passed in other states
that provide critical incentives to get languishing buildings back into viable use while
simultaneously spurring tremendous economic growth, job creation, and historic preservation in
rural and metro areas. The tax credit can be taken directly by the property owner or transferred
to a financial partner who provides funds for the rehabilitation work and combined with
additional federal incentives, thereby driving new revenue into local communities and closing
the development gap that arises from the high cost of rehabilitating historic structures. Studies
in other states have proven that transferable tax credits for historic commercial projects create
good paying jobs and have a ripple effect that brings rural main streets back to life.
FINANCIAL IMPLICATIONS:
There are no direct financial implications to this Resolution of support; however, if HB-1311
were to pass, the Pueblo community could benefit from increased revenues as a result of future
revitalization.
BOARD/COMMISSION RECOMMENDATION:
None.
STAKEHOLDER PROCESS:
None.
ALTERNATIVES:
Council could choose not to support this Resolution.
RECOMMENDATION:
This Resolution is at the request of Council Member Chris Nicoll.
PROPOSED MOTION:
This Resolution will be placed on the March 24, 2014, Consent Agenda.
Attachments:
Provided by Representative Leroy Garcia
How the Bill Works
THE PROOF
MAIN STREETS ACROSS COLORADO ARE IN CRITICAL NEED