Fort Wayne rescue could use tax credit, if legislature can cure the flaws
1/13/2012
 |
| A bill before the Indiana legislature will address the back log of claims that currently make the state's preservation tax credit program nearly useless for groups restoring historic properties, like the Canton Laundry buildings in Fort Wayne. |
Fort Wayne preservation group ARCH and St. John’s Evangelical Lutheran Church have rescued a set of rare and long endangered nineteenth-century buildings. From there, ARCH will he hunting for a buyer or developer -- and hoping the legislature fixes Indiana’s broken preservation tax credit. “The tax credit is the sort of incentive that makes projects like this go,” notes Todd Zeiger, director of Indiana Landmarks’ northern regional office. “Right now, if a building owner was awarded the Indiana credit this year, he wouldn’t be able to claim it until 2024. It’s supposed to be a redevelopment incentive, but the wait makes it virtually unusable.”
Read More