Tax credits key to historic preservation

To the editor:The Missouri State Historic Preservation Tax Credit Program has been an immense success in encouraging investment and revitalization of Missouri's historic resources. The credits continue to stimulate substantial private investment, often in depressed areas, even in a period of overall economic slowdown.

It is imperative that tax credits be maintained for any change would be devastating to an extremely successful program that promotes economic development. Tax credits are a valuable development tool that is working statewide and fuels investment that would never happen otherwise.

Any changes to the tax credit program would initiate a high level of uncertainty and stop the progress of redevelopment in our state. Stability of tax credits is essential for developers. Without stability, uncertainty is created causing developers to reconsider their investment in the state.

Without the assurance that tax credits are available, developers will not purchased a building or pay the carrying cost, insurances, taxes and professional fees.

Prior to the establishment of the tax credit program 10 years ago, Missouri lost numerous historic buildings to deterioration and neglect because rehabilitation cost did not make them desirable to development. Tax credits encourage reinvestment into depressed areas, older residential neighborhoods, small-town main streets and urban commercial cores.

To change the tax credit program, cities would not see investment in historic renovation projects. Historic renovation projects would cease to exist and the millions of dollars of state tax revenue the tax credit program generates would disappear with the projects.

TERRI L. FOLEY, Historic Preservation Consultant, Cape Girardeau