HomeMy WebLinkAboutResolution - Support Federal Historic Tax Credit Program ContinuationRESOLUTION
A RESOLUTION TO URGE THE PRESIDENT OF THE UNITED
STATES AND THE UNITED STATES CONGRESS TO CONTINUE THE FEDERAL
HISTORIC TAX CREDIT PROGRAM, AND TO OTHERWISE PROVIDE WITH
RESPECT THERETO
WHEREAS, the federal Historic Tax Credit program (HTC) as we know it today was put in
place by Congress and the Reagan Administration to attract capital to historic
rehabilitation projects that help stimulate local economies; and
WHEREAS, since the inception of the HTC, it has created over 2.4 million jobs, rehabilitated
more than 42,000 buildings, and leveraged $131.8 billion in private investment;
and
WHEREAS, recognizing the importance of this successful federal economic development
program, more than 30 states have enacted complementary state historic tax credit
programs to help revitalize the commercial downtowns of their cities and Main
Street communities; and
WHEREAS, federal HTC projects have a 99 percent success rate, leverage four private dollars
for every dollar of federal support, and are catalytic, building neighborhood
confidence and generating follow-on projects for blocks around; and
WHEREAS, over the life of this program, the HTC has generated $29.8 billion in federal tax
revenues compared to $25.2 billion in credits allocated—more than paying for
itself, and
WHEREAS, the federal HTC program has been used for multiple redevelopment projects in
Paducah, generating jobs; local, state and federal tax contributions and continues
to be essential for projects currently being planned and under development;
NOW THEREFORE, BE IT RESOLVED by the Board of Commissioners of the City of
Paducah, Kentucky that in due regular and legal session convened, that the City of
Paducah supports the federal Historic Tax Credit program and urges the President
of the United States and the United States Congress to continue the federal
Historic Tax Credit program.
This Resolution shall be in full force and effect from and after its adoption.
Mayor
ATTEST:
Tammara S. Sanderson, City Clerk
Adopted by the Board of Commissioners, October 24, 2017
Recorded by Tammara S. Sanderson, October 24, 2017
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