A resolution urging Governor Bill Lee, Lieutenant Governor Randy McNally, Speaker Glen Casada, Representative Kevin Vaughan, Senator Bo Watson and the Tennessee General Assembly to adopt a state historic tax incentive, entitled The Main Street Historic Rehabilitation And Tourism Revitalization Act (HB 1063/SB 1053).
WHEREAS, thirty-five states within the U.S. offer tax incentives for rehabilitation of income-producing historic structures, including every state surrounding Tennessee; and
WHEREAS, the experience provided by these other adoptive states is that rehabilitation incentives consistently demonstrate a strong rate of return on investment for property owners; and
WHEREAS, adoption of a state historic tax credit will enable Nashville, Davidson County and communities throughout the state of Tennessee to compete with neighboring states for investment in revitalizing historic structures and to spur economic activity throughout the state; and
WHEREAS, Nashville and Davidson County enjoy an abundance of historic resources that contribute to the character and culture of the city and its appeal as a place to live; and
WHEREAS, within Nashville, there are 8 locally-designated historic districts and 21 locally-designated conservation districts, including the Downtown Historic Preservation Zoning Overlay and the Second Avenue Historic Preservation Zoning Overlay; and
WHEREAS, additionally, there are 196 listings on the National Register of Historic Places, representing more than 4,000 individual resources, and 6 National Historic Landmarks within the boundaries of Davidson County; and
WHEREAS, a state historic tax incentive would offer investors in Nashville and Davidson County a 10 percent credit on approved rehabilitations of historic structures; and
WHEREAS, a state historic tax incentive could be combined with the existing 20 percent federal historic tax credit to further improve the return on investment for approved rehabilitations of historic income-producing properties; and
WHEREAS, between fiscal years 2002 and 2017, the federal historic tax credit enabled the completion of 190 rehabilitation projects in the State of Tennessee, including projects in Nashville that totaled nearly $50 million in development costs; and
WHEREAS, Tennessee’s historic rehabilitation tax incentive would require the private sector to provide initial investments, and the state would not award credits until the rehabilitation of a structure or property was certified; and
WHEREAS, redeveloping underutilized and vacant historic buildings places them back into productive use, further contributing to property tax rolls; and
WHEREAS, these economic development incentives create highly-paid, local jobs that often employ craftsmen skilled at repairing historic windows, plaster, masonry, and flooring; and
WHEREAS, historic tax incentives will enhance Tennessee’s tourism economy because heritage tourists typically stay longer and spend more money compared with other travelers.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1: The Metropolitan Council of Nashville and Davidson County hereby goes on record as urging the urging Governor Bill Lee, Lieutenant Governor Randy McNally, Representative Glen Casada, Representative Kevin Vaughan, Senator Bo Watson and the Tennessee General Assembly to adopt The Main Street Historic Rehabilitation And Tourism Revitalization Act (HB 1063/SB 1053).
Section 2. The Metropolitan Clerk is directed to send a copy of this Resolution to Governor Bill Lee, Lieutenant Governor Randy McNally, Representative Glen Casada, Representative Kevin Vaughan, Senator Bo Watson and the Davidson County delegation of the Tennessee General Assembly.
Section 3: This Resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Freddie O'Connell, Jeff Syracuse, Burkley Allen, Colby Sledge, Mina Johnson
Referred toRules, Confirmations, and Public Elections Committee
IntroducedMarch 19, 2019
AdoptedMarch 19, 2019
ApprovedMarch 25, 2019
Requests for ADA accommodation should be directed to the Metropolitan Clerk at 615-862-6770.
Last Modified: 03/25/2019 11:27 AM