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Technical Report 2002.Pdf I. Executive Summary .......................................................................................................... 3 A. Rehabilitation of Historic Properties ............................................................................ 4 1. State Historical Fund ............................................................................................................. 4 2. Federal Rehabilitation Tax Credit ....................................................................................... 4 3. State Rehabilitation Tax Credit ............................................................................................ 5 4. Total Economic Impacts of Rehabilitation ....................................................................... 5 B. Property Values ............................................................................................................. 6 C. Heritage Tourism .......................................................................................................... 6 D. Affordable Housing ....................................................................................................... 6 E. Rural Preservation ......................................................................................................... 7 F. Preservation Indicators ................................................................................................. 8 II. Project Background / General Information .............................................................. 10 A. Structure of the Overall Study ..................................................................................... 10 1. Phase One: Defining the Project ....................................................................................... 10 2. Phase Two: Research and Analysis ................................................................................... 10 3. Phase Three: Final Work Products ................................................................................... 10 B. Contents of this Technical Report .............................................................................. 11 1. Project Background/ General Information ..................................................................... 11 2. Summary of Findings .......................................................................................................... 11 3. Supplementary Information ............................................................................................... 11 4. Databases .............................................................................................................................. 11 III. Summary of Findings ..................................................................................................... 12 A. Base Study ................................................................................................................... 12 1. Rehabilitation of Historic Structures ................................................................................ 12 2. Property Values .................................................................................................................... 41 3. Heritage Tourism ................................................................................................................. 66 B. Issue Papers ................................................................................................................ 79 1. Affordable Housing ............................................................................................................. 79 2. Rural Preservation .............................................................................................................. 100 C. Colorado Preservation Indicators .............................................................................. 104 1. Summary Table of Colorado Preservation Indicators ................................................. 104 2. Summary Table: Methodology Notes and Instructions for Future Updates ........... 105 3. Additional Indicators for Future Consideration ........................................................... 112 4. Additional Notes on the Inventory of Historic Properties ......................................... 112 IV. Supplementary Information ........................................................................................ 115 A. General Data Observations/Assumptions ................................................................. 115 1. Data Sources, Generally .................................................................................................... 115 2. Focus on Designated Historic Resources and Certain Historic Preservation Activities ....................................................................................................... 115 3. Adjusted Versus Nominal Dollars .................................................................................. 115 4. Description of Cost Indexes Used .................................................................................. 116 B. Bibliography ............................................................................................................... 116 1. State Level Economic Impact Reports, Organized by State ....................................... 116 2. City and Community Level Economic Impact Reports .............................................. 121 Economic Benefits of Historic Preservation in Colorado January 2002 Clarion Associates - BBC Research and Consulting - Place Economics Page 1 Technical Report 3. Construction/Tax Credits ................................................................................................ 122 4. General Background: Economic Impacts ...................................................................... 123 5. General Background: Historic Preservation .................................................................. 123 6. Tourism ............................................................................................................................... 123 7. Property Values .................................................................................................................. 124 8. Affordable Housing ........................................................................................................... 124 9. Grant and Incentive Programs ........................................................................................ 125 10. Colorado History ............................................................................................................... 125 11. Museums/Organizations .................................................................................................. 125 12. Rural Preservation .............................................................................................................. 125 13. Sprawl .................................................................................................................................. 126 14. Main Street Program.......................................................................................................... 126 V. Databases A. State Historical Fund Projects 1. Displayed Fields 2. Hidden Fields B. Federal Tax Credits – Projects Analyzed 1. Displayed Fields 2. Hidden Fields C. Federal Tax Credits - Projects Not Analyzed 1. Displayed Fields 2. Hidden Fields D. State Tax Credit Projects 1. Displayed Fields 2. Hidden Fields E. Inventory of Colorado Properties Listed on the National Register of Historic Places 1. Displayed Fields 2. Hidden Fields F. Inventory of Properties Listed on State Register of Historic Places 1. Displayed Fields 2. Hidden Fields G. Inventory of Properties Designated by Certified Local Governments 1. Displayed Fields 2. Hidden Fields H. Inventory of Properties Designated by Non-Certified Local Governments 1. Displayed Fields 2. Hidden Fields I. ISTEA and TEA-21 Projects 1. Displayed Fields 2. Hidden Fields J. Preservation Easements 1. Displayed Fields 2. Hidden Fields K. Preservation Covenants 1. Displayed Fields 2. Hidden Fields L. Projects Taking Advantage of More than One Preservation Incentive 1. Displayed Fields 2. Hidden Fields Economic Benefits of Historic Preservation in Colorado January 2002 Clarion Associates - BBC Research and Consulting - Place Economics Page 2 Technical Report I. EXECUTIVE SUMMARY While the cultural, social and aesthetic benefits of historic preservation are well known, the economic benefits have been less well documented and publicized. Only recently, in a handful of states, such as Maryland, New Jersey, North Carolina, Texas, and Virginia, comprehensive data on the economic impacts of preservation has been collected and analyzed. Through this work, researchers have documented widespread economic activity generated by historic preservation – activity that is often triggered with modest public investments and incentives. This growing body of scholarship is making the case for preservation as a vital and cost-effective economic development tool. In the past, some policymakers have considered preservation activities to be luxuries, undertaken only in a thriving economy – and cut when leaner times force difficult budget choices. Yet these new studies demonstrate that preservation can be a powerful economic engine. Public preservation incentives, such as Colorado’s rehabilitation tax credit, can be used to leverage significant amounts of private capital, create local jobs, and stimulate a wide range of economic activity. In June 1998, the Colorado Historical Society, in cooperation
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