Downtown Suffolk Revitalization Plan through Arts - College of ...

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Strategy 3.2.2: New design guidelines will be established for municipal
parking signs, historical markers, municipal buildings, tourist destinations, and other
information signs. All signs will have in common size and lettering style.
Implementation: The public works department will create new guidelines. The
designs will be completed within two years and new signs can be erected within three
years.
Objective 3.3: Renovate storefronts along Washington and Main to original
facades
Strategy 3.3.1 Property owners will be encouraged to restore storefronts to
original facades and enhance other exterior features. In the process, the interiors may be
enhanced as well. As these structures are in an Enterprise zone as well as a National and
State Historic District, many programs are available to assist owners with renovations.
The following programs are available:
Federal Historic Tax Credit Program: This program requires that the building
being rehabilitated is a contributing building in a historic district and that the building is
income producing. The historic building must be purchased and all of the funds used in
the rehabilitation. The owner may then receive up to 20% of the qualified rehab expenses
in federal tax credits. The owner must retain possession of the building for five years.
State Historic Tax Credit: Similar to the federal program, this program requires
that the building being rehabilitated is in a historic district, however the building is does
not have to be income producing. The owner must reinvest 50 % of the assessed value
into the property. The owner may then receive up to 25% of the qualified rehab expenses
in state tax credits.
Real Property Improvement Tax Credit: As part of the Enterprise Zone program,
this incentive is open for new construction, renovation or expansion of non-residential
structures within the zone. Minimum investment must be either a minimum of $50,000
or the assessed value of the building for existing buildings or at least $200,000 for new
construction. Owners will then receive a tax credit equal to 30 % of the improvement
costs.
Implementation: The Downtown Development office will work with the
existing property owners and new developers to educate and assist with the programs.
Strategy 3.3.2 : The Downtown Development office will create a brochure
describing the rehabilitation programs listed above. This brochure will be distributed to