“Historic tax credits are about more than just renovation, it is our connection to our past and an investment in our future,” said N.C. Secretary of Cultural Resources Susan Kluttz to a crowd of elected officials and community members gathered at the American Tobacco campus on Monday, Feb. 2. As part of a statewide awareness tour, Secretary Kluttz joins a coalition of state leaders working to restore the N.C. Historic Tax Credit, which ended in December 2014. The tour has made stops in several cities across the state.
Since the inception of the Historic Tax Credit program in the late 1970s there have been 81 completed projects within Durham’s city limits. The projects have a total investment of close to $366 million in raw dollars and more than $440 million in inflation-adjusted dollars.
The American Tobacco Campus is the largest and one of the best known historic projects in Durham. “Community investment is the best economic development,” said Michael Goodmon, vice president of real estate with Capitol Broadcasting Company. “Tax credit structures were critical to the development of the American Tobacco campus.”
To learn more about efforts to restore the historic tax credits, visit http://historictaxcredits.org