To compete with border states such as Ohio and Pennsylvania and encourage redevelopment of vacant buildings, advocates will make a case to state legislators and the public that West Virginia’s historic rehabilitation tax credit needs to be expanded.
Wheeling Heritage Executive Director Jake Dougherty said his organization, along with the Preservation Alliance of West Virginia, the American Institute of Architects and the Abandoned Properties Coalition, will present its argument prior to and during the state’s next regular legislative session in 2017.
He and others view the credit as a clear investment tool underutilized within West Virginia, and said a larger credit would result in a positive economic impact by making the state more attractive to private developers.
Wheeling City Council approved a resolution to support such an increase at the state level earlier this month.
Ohio, Pennsylvania and Virginia offer a 25-percent historic credit, compared to West Virginia’s 10 percent. For this reason, Craig O’Leary, program director of the Regional Economic Development Partnership, said businesses considering regional development definitely take such breaks into consideration as they go a long way toward ensuring a project is profitable.
He referenced the revitalized Stone Center, Orrick, Herrington and Sutcliffe’s restored Wheeling Stamping Co. building, the Wagner Building, the Ohio Valley Building, the Maxwell Building and the Fort Henry Club as projects made possible because of historic tax credits…