City of Clarksburg Secures $6.5 Million in Tax Credits for Robinson Grand

By Connect Clarksburg Staff | November 09, 2017
The Robinson Grand Performing Arts Center is closing a major chapter in funding.  Today, within Council Chambers, City Manager Martin Howe presented an overview of New Market and Historic Tax Credits which were used to assist in financing the Robinson Grand as equity towards the overall project.

In attendance for the presentation were members of the community, Clarksburg Development Authority, Urban Renewal Authority, Clarksburg Uptown, City Council, representative from Senator Capito’s office as well as members of the media.

Historic tax credits are one of the most effective tools to ensure the viability of rehabilitation projects.

Rehabilitation tax credits – available from both the federal government and state – are dollar for dollar reductions in income tax liability for taxpayers who rehabilitate historic buildings.  The federal credit is 20% of qualified eligible expenses for income-producing properties that are certified historic structures (like the Robinson Grand).  The state credit is 10% of qualified eligible rehabilitation expenses for income producing buildings. The State Historic Preservation Office (SHPO) administers both the federal and state tax credit programs in West Virginia.  The National Park Service, Department of Interior, has final approval of the Federal Historic Tax Credits.
 

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