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I The Senefitsofan Historic DiStr'icunCenterviflet . PRESERVING YOUR COMMUNITY'S HISTORY . Creating a historic district will help to preserve Centerville's,unique history ~ character. Centerville is unique because of its history and that history is important to current and future residents. Many of Centerville's important families have stayed in Centerville and keep its French and French-Canadian heritage alive. In addition, the'town's buildings represent your history. Centerville has a nice grouping of these buildings in the central business district and many are good representations of a particular architectural period. ECONOMIC ASSISTANCE tt Owners of buildings in the . National Register are eligible for tax incentiv8$. Owners of income-producing buildings that are listed in the National Register of Historic Places are eligible for a 20% federal rehabilitation income tax credit. To qualify for the credit, the property owner must complete the work according to the Secretary of the Interior's. Standards for RehabUitation and work with Minnesota's State Historic Preservation Office (SHPO) who will certify that the work was done within the guidelines. ECONOMIC DEVELOPMENT . Historic d"lStricts generate revenue. In a 1996 study, economist Donovan Rypkema estimated that for every $1 spent on historic rehabilitation. $2.20 is Put back into the local economv. . Preserving historic buildings draws vi~itors and potential residents. local eating and drinking establishments, retailers, lending institutions, and realtors will receive more monetary benefit from historic rehabilitation than the same amount spent on new construction. . Historic buildings enable small cities to compete with suburbs. Neighboring suburbs can duplicate a small city's industrial park, existing infrastructure, low tax rate, or expedient permitting process, 'but they cannot duplicate your historic resources. Historic buildings make small cities unique and preservino that community character is a vital competitive edoe. I, . Even a modest improvement to an histoa;c building has a poSitive economic Impact. A survey completed 'by the New Mexico Economic Development Department indicated that 96% of property owners that completed a storefront renovation received positive customer comments. A,similar survey of owners in four different states indicated that annual aross sales increased bv an averaae of 272% in the year after historic phvsical improvements Were made. ..' ,,' I:nfonnation provided by the Anoka County Historical S<x:iety from DonoV;m Rypkema's The EconQmics of ~ Historic Preservation, Brenda Spencer's "An Analysis of the Economic Impact ofPhysicalliIIproVements on :Retail. Sales," ami "Benefits of Tax Ci'edit for ~c PreseIvation Far Outweigh the Costs," by the PreseJ. vation .Alliance ofMinneso1a For more informa1ion, please can Bonnie McDonald at (763) 421-0600. Dee. 10, ~OO2.