News

New inventory could bring tax credits to more buildings

November 21, 2018

Elizabeth City officials hope to update the city’s inventory of historic buildings, potentially opening up dozens of properties to tax incentives for redevelopment. City Manager Rich Olson said Monday he will ask City Council to fund a new survey of the city’s inventory of historic buildings. The city’s current inventory of historic buildings dates back to 1977, he reported, and doesn’t include properties that may now be considered historic. Updating the inventory also has some urgency, according to both Olson and Community Development Director Matt Schelly. The state’s historic tax credits are expiring at the end of 2019. Projects that aren’t underway by then might not qualify for the state credits. While they might still get federal historic tax credits, Schelly said that state-level credits could reduce an eligible project’s redevelopment costs by 20 to 30 percent.

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