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3 of 3 Premium Clicks used this month SUBSCRIBE Print + Online Subscriber Activation | Register x Forgot Password | Need an Account? e-edition | subscribe | newsletter | deals Classifieds Jobs Autos Real Estate FEATURED » Obits Blogs TV Listings Movie Listings Oregon Outdoors Oregon Healthy Living Special Sections Business Services EXPLORE » Photos Videos Games TV Guide Business Calendar Branded Content Submit your news Blogs NEWS NOW Photos: North and South Medford students graduate ... Rogue Valley performing arts students often excel in academics, too ... Mental health crisis? ... Photos: North and South Medford students graduate ... Rogue Valley performing arts students often excel in academics, too ... Mental health crisis? ... OUR VIEW Our View: Restoration act would help revitalize downtowns MailTribune.com Writer Posted Jun. 5, 2015 @ 12:01 am Posted Jun. 5, 2015 @ 12:01 am » Social News p bs:newslist StartDate="20121121" EndDate="p bs:datecalc Months="3"" DateSort="1" UseObjects="1" ObjectClass="81" Taxonomywords="2325,665" ExactTaxonomyMatch="1" Image="1" Count="4" --> Medford's historic downtown has benefited from years of investment by the Medford Urban Renewal Agency, but many communities, especially smaller towns, don't have the financial clout to make those investments. A bill in the Oregon Legislature would establish a Historic Restoration Incentive program to help restore historic downtowns and give those cities an economic boost. Senate Bill 565, called the Revitalize Main Street Act, would add Oregon to the list of 35 states that now offer a restoration incentive program. The rehabilitation fund would be financed with an auction of state income tax credits, capped at $12 million a year. Corporations would bid for the credits starting at 95 percent of their value. The buyers would then deduct the price paid at auction from their federal income tax as a charitable contribution. Owners of historic downtown buildings would apply for a 25 percent rebate against the cost of restoration, including seismic retrofitting and installation of elevators and other features to comply with the Americans with Disabilities Act. A minimum investment of $10,000 would be required, and buildings would have to be on the National Register of Historic Places or part of a National Historic District. Oregon has more than 2,000 such buildings in 70 communities, most of them outside the Portland area. Backers of the plan point to an analysis by the economic consulting firm ECONorthwest that indicates the actual cost of the plan to the state would be less than the $12 million annual cap, and would decrease over time until the program turned a profit in 2025. That's based on projected increases in property values and therefore property taxes, as well as increased local taxes and fees. It's worth noting that while the cost of the program falls on the state, the property tax benefit goes almost entirely to local jurisdictions. Not included in the calculation is the value of jobs created in rehabilitated buildings as new businesses move in and hire workers, or the increase in tourism dollars that could be expected from revitalized downtowns. This program isn't a panacea, but it is one more tool that isn't currently available to Oregon communities to encourage restoration projects. The cost appears minimal compared with the potential return. SB 565 cleared the Committee on Finance and Revenue and is now in the Joint Committee on Tax Credits. It deserves support.    MailTribune.com Writer Posted Jun. 5, 2015 @ 12:01 am » Comment or view comments /* $( document ).ready(function() { // Jquery mobile is trying to style the button and leaving a blank gry button on top of a white button $("#viafouracoms .vf-comment-controls li.vf-right").html(' Submit '); });*/ » STAY INFORMED Email NewsLetter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. calendar Connect with MailTribune.com Facebook Twitter RSS Back to top Reader Services Reader Services Home Subscriptions Subscriber controls Contact us Submissions Photos Events Letters to the editor Corrections Announcements Obituaries Story ideas Since you asked Alerts Email Alerts RSS Feeds Text Alerts Advertise Media Kit Home Products and services Ad rates Advertising contacts Propel Marketing Mail Tribune Daily Tidings The Nickel Shop Our Valley Blogs Mobile Site Stay Informed Email newsletter Sign Up Today Sign up for our newsletter and have the top headlines from your community delivered right to your inbox. Your privacy is important, read our privacy policy. © Copyright 2015 Local Media Group, Inc. All Rights Reserved. Privacy Policy | Terms of Service | Local Media Group Publications Original content available for non-commercial use under a Creative Commons license, except where noted. MailTribune.com | P.O. Box 1108, Medford, OR 97501