Former Linseed Oil Building receives Historic Tax Credits
By Kristen Johnson, Multimedia Journalist/ Weekend Anchor - bio | email
It costs a pretty penny to restore old buildings. There aren't too many people willing to invest the dollars needed to breath new life into them.
That's why both the federal and state government have a program in place to entice developers to roll-up their sleeves. This preservation program is called Historic Tax Credits.
"It helps to encourage other developers or people looking to locate in Iowa to look at historic buildings," said Dave Bernstein, who chairs the Iowa Economic Development Authority Board.
Bernstein used the program to renovate the former Linseed Oil Warehouse downtown, into office space for his Sioux City company, State Steel.
Parts of the building are 140 years old.
It took a lot of work to transform the property, and Bernstein says he wouldn't have considered the project without historic tax credits.
"From our own experience, we feel that the cost of doing historic when you net out the tax credits comes pretty close to the cost of building something brand new, and in our case was a lot more appealing," said Bernstein.
The project just received final approval from the state. Bernstein will receive 45% of the project's cost back in tax credits.
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