12475I RESOLUTION NO. 12,475
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3 A RESOLUTION TO SUPPPORT THE HISTORIC STRUCTURES REHABILITATION TAX
4 CREDIT UNDER CONSIDERATION BY THE 86" GENERAL ASSEMBLY; AND FOR
5 OTHER PURPOSES.
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7 WHEREAS, the preservation and rehabilitation of historic buildings, places and neighborhoods con -
8 tributes to the beauty, character and economic viability of Arkansas communities; and,
9 WHEREAS, the City of Little Rock has long supported such activities by the formation of an historic
10 district, by defending the creation and operation of this district in litigation leading to the seminal case
11 of Second Baptist Church v. Little Rock Historic District, 293 Ark. 155, 732 S.W.2d 483 (1987), and re-
12 cently in entering into an agreement with the Quapaw Quarter Association to operate a tourist and cul-
13 tural information center at Curran Hall, the oldest home in Little Rock that was saved by the combined
14 efforts of the City, the Advertising Et Promotion Commission, and a Foundation of interested citizens;
15 and,
16 WHEREAS, from the operation of the Little Rock Historic District Commission, the City is acutely
17 aware that historic rehabilitation is labor - intensive, and creates jobs and investments in local busi-
18 nesses generating more local labor that equivalent investment in new construction; and,
19 WHEREAS, historic rehabilitation is environmentally and fiscally sound as a means to reuse in -place
20 and existing building materials and existing community infrastructure; and,
21 WHEREAS, 28 states have enacted state historic rehabilitation tax credits or abatement incentive
22 programs to encourage private sector efforts to revitalize historic buildings and neighborhoods, includ-
23 ing the states of Missouri, Mississippi, Louisiana, Oklahoma, and Kansas; and
24 WHEREAS, while a tax credit program could work in Arkansas, the restrictions of Amendment 59 to
25 the Arkansas Constitution make it difficult, if not impossible, to offer property tax incentives for the
26 restoration and rehabilitation of historic properties; and,
27 WHEREAS, the states that have these types of programs have seen significant positive direct im-
28 pacts on state tax revenues which can substantially offset, or in some cases exceed, the costs to the
29 state treasury for tax credits given; and,
30 WHEREAS, the benefits of state tax credit programs are often widely distributed across a state and
31 can foster "Main Street" and homeowner rehabilitation projects, especially in smaller, older towns
32 where property values do not justify the costs of rehabilitating older, irreplaceable structures, and in
33 small scale projects for which Federal historic tax credits are unavailable or difficult to use; and,
34 WHEREAS, cities such as North Little Rock, Arkansas, with its historic Main Street projects, Little
35 Rock with its Quapaw Quarter, and Van Buren, with is rehabilitation effort, have demonstrated that
36 local governments in Arkansas are ready and willing to encourage such efforts, and a tax credit for
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Resolution to endorse historic rehabilitation tax credit legislation
1 those wishing to engage is such efforts would be another tool to support the rehabilitation and restora-
2 tion of historic structures; and,
3 WHEREAS, pending in the 86th session of the Arkansas General Assembly are two bills - H.R. 2259,
4 and S.B. 775 - which would provide the type of tax credits outlined in this Resolution,
5 NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE
6 ROCK, ARKANSAS:
7 Section 1. The Board of Directors of the City of Little Rock, Arkansas, endorses and supports the
8 concept of an historic structures rehabilitation tax credit, as set forth in H.B. 2259 and S.B. 775, and
9 asks that the 86th General Assembly of the Arkansas Legislature pass this important legislation, and that
10 Governor Mike Beebe sign such legislation into law.
11 Section 2. The Board states that such legislation is essential to protect historic structures and ar-
12 eas within the corporate limits of Arkansas towns and cities, and in the process to create jobs, revital-
13 ize housing, commercial and retail facilities, improve property values, generate tax revenues, and pre -
14 serve Arkansas as a safe, attractive, and affordable place to live and do business.
15 Section 3. Severability. In the event any title, section, paragraph, item, sentence, clause,
16 phrase, or word of this resolution is declared or adjudged to be invalid or unconstitutional, such decla-
17 ration or adjudication shall not affect the remaining portions of the resolution which shall remain in
18 full force and effect as if the portion so declared or adjudged invalid or unconstitutional was not origi-
19 natty a part of the resolution.
20 Section 4. Repealer. All laws, ordinances, resolutions, or parts of the same, that are inconsis-
21 tent with the provisions of this resolution, are hereby repealed to the extent of such inconsistency.
22 ADOPTED: March 20, 2007.
23 ATTEST: APPROVED:
24 lir-I'la 154�6
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26 Nan Wood, C' y Clerk Mark Stodola, M /ayor
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29 Erma Hendrix, Dit-ec-} -e;- (Wa,v{ l
30 APPROVE AS TO LEGAL FORM:
31 91 ('��
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33 Thomas M. Carpenter, City Attorriky
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Resolution to endorse historic rehabilitation tax credit legislation