Minnesota Historic Rehabilitation Tax Credit Report to be Released Monday, Nov. 21

Media Contacts:
Jessica Kohen, Minnesota Historical Society, 651-259-3148, jessica.kohen@mnhs.org
Bonnie McDonald, Preservation Alliance of Minnesota, 651-293-9047 ext. 5, bmcdonald@mnpreservation.org

Minnesota Historic Rehabilitation Tax Credit Report to be Released
Monday, Nov. 21
Report shows job growth in construction and other industries

 

WHAT:              Revitalizing communities, stimulating job growth and increasing the tax base are the goals of the Minnesota Historic Rehabilitation Tax Credit, which was signed into law in April 2010. A report to the State Legislature about the economic impact of projects leveraged by the first year of the tax credit is now ready, and it shows a bright spot in an otherwise challenging economic landscape.

 

WHEN:             Monday, Nov. 21, 10 a.m.

 

WHERE:           Emerge Career & Technology Center (Minneapolis North Branch Library)

1834 Emerson Ave. North

Minneapolis, MN 55411

 

REPORT:          The report describes job creation benefits, particularly within the construction industry, as well as educational and community-building aspects of preserving our historic past.

 

The report will be available online at www.mnhs.org/taxcredit on Monday, Nov. 21 at 8 a.m. Copies will also be available at the press conference.

 

The Minnesota Historic Rehabilitation Tax Credit allows for eligible property owners to receive a state income tax credit of up to 20% of qualifying expenses or a grant in lieu of the credit. The state tax credit works in combination with a federal 20% tax credit. In the first year of the credit, which ended June 30, 2011, 14 projects received approval, including the Emerge Career & Technology Center. (Additional projects outside the scope of the report are underway.)

 

The report was prepared by the University of Minnesota Extension Center for Community Vitality.

ABOUT

EMERGE:         Emerge Community Development is restoring the former Minneapolis North Branch Library, an 1894 historic landmark, to create a career and technology center that will include learning labs, gathering spaces for networking and opportunity building, career training services and office space for co-anchor tenants.

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