Save The Historic Tax Credit
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Over the years, the Historic Tax Credit program has been an invaluable redevelopment tool for significant Sioux City building renovation projects like the Orpheum Theatre, Pierce Warehouse / United Center, Heidman Law Firm, Castle on the Hill, and the Tyson Events Center / Long Lines Rec Center to name a few. Sioux City and the broader Siouxland region have made tremendous progress in the last two decades but, as we all know, there is more work to be done.
While Congress works to reform the U.S. tax code, we respectfully urge our elected officials to protect and retain the Historic Tax Credit (HTC) program which has been so important to our local efforts to save, restore, and repurpose historic buildings. Just as this program has been critically important to past redevelopment projects, the HTC will become even more important to future projects!
At this time, there are projects totaling approximately $100 million on the drawing board in downtown Sioux City. For example, retaining the HTC will breathe new life into the Warrior Hotel / Davidson Building restoration, which is a $56 million project that will create a 146-room boutique Marriott brand hotel, complete with bars, restaurants, and other retail outlets. Not only would the renovation project create 200-300 construction jobs, but 250 full-time positions once completed.
The HTC is a non-partisan issue. In October, the Sioux City Council unanimously passed a resolution supporting the HTC program and encouraged Iowa's congressional delegation to retain it. According to a piece in last week's Kansas City Star, in 1981 President Ronald Reagan praised the HTC stating, "Our [historic] tax credits have made the preservation of our older buildings not only a matter of respect for beauty and history, but of good economic sense."
Time is critical as Congress is debating this legislation right now! So please, sign our petition, and urge our members of Congress to protect and retain the Historic Tax Credit program as it currently exists, so that we can continue to invest in these historic buildings in our community.
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