Historic Tax Credits

What are Historic Tax Credits?

  • Historic Tax Credits are intended to make old buildings economically viable and are not about restoring historic buildings to their original use and appearance.

Why are Historic Tax Credits important to this project?

  • The adaptive reuse of Trinity Episcopal Church would not be economically possible without Historic Tax Credits. The tax credits​ help offset preservation costs, of which the majority are non-revenue producing. 

  • Historic Tax Credit projects create jobs and stimulate the economy. Because historic projects are more labor-intensive, they provide more jobs than comparable new construction projects. 

  • Historic projects avoid sending waste to the landfill. The greenest building is the one already built. 

What other avenues have been explored?

  • The church building requires substantial preservation work.

  • Converting Francklyn and Parish Hall into offices or apartments and selling the rectory building does not provide the necessary finances to address the significant cost of preservation work of the church.

  • A non-profit stand alone church does not qualify for Historic Tax Credits.

  • The main objective, to save and preserve a historic structure, is not realized in the alternatives explored.

What preservation efforts have TEC taken?

  • Over the past 20 years Trinity Episcopal Church has spent almost $1.5 million in preservation costs preserving their historic structures.

  • The majority of the funds were spent on exterior stone and windows to resolve water penetration.

What is the cost of required preservation?

  • The current required preservation costs are estimated at over $1.8 million plus mechanical, electrical and plumbing upgrades (not replacement) of over $400k for a total of $2.2 million. 

  • The church building condition and recommended repairs and preservation costs are supported by two independent architectural reports.

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