MEDIA ALERT: Minnesota Historic Rehabilitation Tax Credit Report to be Released Monday, Nov. 21

For immediate release

Release dated: 
November 18, 2011
Media contacts: 

Jessica Kohen
Minnesota Historical Society
651-259-3148
jessica.kohen@mnhs.org

Bonnie McDonald
Preservation Alliance of Minnesota
651-293-9047 ext. 5
bmcdonald@mnpreservation.org

MEDIA ALERT: Minnesota Historic Rehabilitation Tax Credit Report to be Released Monday, Nov. 21

Report shows job growth in construction and other industries

WHAT:

 

The report of the first year of the Minnesota Historic Rehabilitation Tax Credit, to be released on Monday, shows that the program leveraged significant economic growth and an increase in construction jobs. This news comes on the heels of yesterday's job report from the Department of Employment and Economic Development showing that construction jobs grew year-over-year for the first time since April 2006.

WHEN:

Monday, Nov. 21, 10 a.m.

WHERE:

 

Emerge Career & Technology Center (Minneapolis North Branch Library)
1834 Emerson Ave. North
Minneapolis, MN 55411

REPORT:

 

The report describes job creation benefits, particularly within the construction industry, as well as educational and community-building aspects of preserving our historic past.

The report will be available online at www.mnhs.org/taxcredit on Monday, Nov. 21 at 8 a.m. Copies will also be available at the press conference.

The Minnesota Historic Rehabilitation Tax Credit allows eligible property owners to receive a state income tax credit of up to 20% of qualifying expenses or a grant in lieu of the credit, and parallels the existing federal rehabilitation tax credit. In the first year of the credit, which ended June 30, 2011, 14 projects received preliminary approval, including the Emerge Career & Technology. (Additional projects outside the scope of the report are underway.)

The report was prepared by the University of Minnesota Extension Center for Community Vitality.

ABOUT EMERGE:

 

Emerge Community Development is restoring the former Minneapolis North Branch Library, an 1894 historic landmark, to create a career and technology center that will include learning labs, gathering spaces for networking and opportunity building, career training services and office space for co-anchor tenants.