The report of the first year of the Minnesota Historic Rehabilitation Tax Credit, shows that the program leveraged significant economic growth and an increase in construction jobs. This news comes on the heels of the job report from the Department of Employment and Economic Development showing that construction jobs grew year-over-year for the first time since April 2006.
The report describes job creation benefits, particularly within the construction industry, as well as educational and community-building aspects of preserving our historic past.
The Minnesota Historic Rehabilitation Tax Credit allows eligible property owners to receive a state income tax credit of up to 20% of qualifying expenses or a grant in lieu of the credit, and parallels the existing federal rehabilitation tax credit. In the first year of the credit, which ended June 30, 2011, 14 projects received preliminary approval, including the Emerge Career & Technology.
Emerge Community Development is restoring the former Minneapolis North Branch Library, an 1894 historic landmark, to create a career and technology center that will include learning labs, gathering spaces for networking and opportunity building, career training services and office space for co-anchor tenants.
The report is available online at mnhs.org/taxcredit.