Downtown Building Incentives Program First National Bank Lofts
A number of stakeholders offer inducements to both existing property owners and prospective investors in the downtown commercial district. The intent of these resources is to enhance overall economic development within the district and to strengthen the destination significance of the downtown area.
PROPERTY TAX ABATEMENT & REINVESTMENT TAX CREDIT Property owners in the Downtown Revitalization District may apply for a dollar-for-dollar City and County property tax refund equal to the amount of investment for construction, reconstruction, alteration or repair completed within a calendar year, plus a five year tax freeze on any increase in City and County ad valorem taxes resulting from such work. (Download guidelines and applications at the bottom of this page.) LOW INTEREST LOAN PROGRAM Four participating financial institutions have created a loan pool of $1 million. Below-prime loans of up to $100,000 are granted to qualified borrowers for a period up to 10 years. Funds are limited to infrastructure improvements and exterior work. A building improvement plan must be approved by the Main Street Design Review Committee, and loan applications are subject to the normal credit review processes of the participating financial institutions. DESIGN RESOURCES Low cost materials are available through Owen Hardware and Guardian Glass, and free architectural design services are offered by the Texas Historical Commission. FEDERAL PRESERVATION HISTORIC TAX CREDITS Administered by the National Park Service in conjunction with State Historic Preservation Offices (SHPO), the Federal Historic Preservation Tax Incentives program offers a 20 percent federal tax credit for qualified rehabilitation expenses. Thousands of property owners across the country have already utilized these tax incentives to rehabilitate historic commercial buildings and similar properties. It should be noted that these tax credits can be sold to provide equity capital to a project. (More information may be downloaded below.) |
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