Independent studies have shown that states that invest in the redevelopment of historic buildings experience a positive return on their investment in the post-construction phase. Two studies from Maryland and Ohio show that one-third of a state’s investment is paid back during the construction period -- before the building is placed into service and the credit issued. The remaining two-thirds of the state’s investment are returned after the formerly abandoned or under-utilized building is placed into service.
Depending on the final use of a renovated building, the payback time period to the state varies. For example, when buildings are reused for hotels, like the former Pabst Brewery in Milwaukee, Wisconsin, several employees are hired and different state taxes are generated so the payback occurs quickly. These rehabilitations also increase local property tax revenues like the new Brewhouse Inn and Suites which increased Milwaukee’s assessed values by a factor of ten – from $1,419,700 to $14,300,000.
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