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$45 Million Spent on Landmark Rehabilitation

$45 Million Spent on Landmark Rehabilitation in the Past Two Years

FOR IMMEDIATE RELEASE

October 29, 2019

 

MEDIA CONTACTS

Tanisha Jumper, Media and Communications, tjumper@ci.tacoma.wa.us, (253) 591-5152
Megan Snow, Media and Communications, msnow@cityoftacoma.org, (253) 591-5051

 

$45 Million Spent on Landmark Rehabilitation in the Past Two Years

The City of Tacoma has reached a historic milestone in its Special Tax Valuation projects for historic rehabs last week when the Landmarks Preservation Commission approved eight applications bringing the total to approximately $45 million in rehabilitation or restoration work in the past 24 months.

 

The projects approved by the Landmarks Commission for incentives this year include the Elks Temple at 565 Broadway, which sat vacant and derelict for decades and whose fate hung in the balance for years while the City and property owner battled in court, as well as a series of historic renovations of industrial buildings adjacent to the University of Washington Tacoma Campus.

 

“This program is important to preserving Tacoma’s character, and to see the investments being made to rehabilitate Tacoma’s landmarks as more development and economic growth occurs shows the commitment our community has for historic preservation,” said Reuben McKnight, Historic Preservation Officer. “Seeing these projects come to completion is a win.”

 

The Special Tax Valuation Program is a tax incentive that allows property owners to subtract qualified expenses for rehabilitation projects of historic landmarks from the property assessment each year for ten years. Property taxes are still paid on the balance.

 

“We encourage property owners who think they have a qualifying project to apply,” McKnight added. “Buildings in historic districts are often eligible and if your building meets the criteria for the Tacoma Register of Historic Places and hasn’t yet been listed, you can submit a nomination to the City’s Landmarks Preservation Commission.”

 

More information about the City’s Historic Preservation Office is available at

cityoftacoma.org/historicpreservation.

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