'BRINGING LIFE BACK TO DOWNTOWN' AIM OF TAX PROGRAM

Missouri's list of Main Street Communities could grow to 13 today.

An announcement of the two newest communities is expected by Gov. Mel Carnahan's office today, said Randy Gray, coordinator of the state's Main Street program.

Cape Girardeau is one of a number of applicants to requesting Main Street status.

Gray is in Cape Girardeau this week and will attend a special day-long tax credit meeting here today. Thursday, he conducted a Main Street Managers program for the state's current 11 Main Street Communities. Representatives from Washington, Warrensburg, Sedalia, Nevada, Mountain Grove, Lee's Summit, Joplin, Clinton, Clarksville, Carthage and Branson discussed and shared information on downtown revitalization techniques.

A major component of that revitalization is historic preservation.

As a boon to that economic development in Missouri, some taxpayers may be eligible for rehabilitation tax credits, which allows them a credit of up to 25 percent of the cost of rehabilitation of a building that meets historic requirements.

The Missouri Historic Rehabilitation Tax Credit was created in 1998 by the Missouri Legislature to provide incentives to rehabilitate derelict, often vacant historic buildings, and return them to viable, productive roles in the community.

People were quick to take advantage. By December, 117 projects had applied for the tax credit, and 29 of those have already been completed.

Completed projects represent a total investment of $70,740,087 of which rehab costs were $46,341,993. Projects using the tax credits have created 553 new housing units and 1,328 new jobs.

Donovan D. Rypkema, a nationally recognized industry innovator, is in Cape Girardeau today, to discuss requirements and the process for rehabilitation projects that might qualify for Missouri's Historic Tax Credits. Rypkema, of the real Estate Service Group Washington D.C., is author of "The Economics of Historic Preservation: A Community Leader's Guide," and headlines a number of speakers for the Bringing Life back to Downtown workshop, a seminar on using the tax credits.

Also here for today's program are Franklin D. Kimbrough, president of the Missouri Downtown Association, who will address the group in a workshop overview at 10 a.m.; Sean P. Smith, specialist with the Missouri Department of Economic Development/Historic Preservation Tax Credit program; Mark A. Miles, assistant director with the Missouri Department of Natural Resouces/Historic Preservation program; Jerome Schlicher, manager partner, Schlicher, Bogard & Denton, St. Louis; and Kathy Bader, senior vice president, Mercantile Bank, St. Louis.

Other speakers will include Laura Johnson, a St. Louis architect; Martin E. Meyer, of Architectonics Inc., Quincy, Ill; Dr. Bonnie Stepenoff, coordinator of the History Preservation program, Department of History at Southeast Missouri State University; and Joyce Becker, director, office of continuing education at the university.

The workshop is sponsored by the Missouri Alliance for Historic Preservations, Old Town Cape Inc., Missouri Downtown Association and the Southeast Missouri State University department of history's historic preservation.