RES NO 03-2-2009 CITY OF VAN BUREN. ARKANSAS
0 RESOLUTION NO. 9 -2009
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN.
ARKANSAS, A RESOLUTION TO BE ENTITLED:
A RESOLUTION IN SUPPORT OF THE ESTABLISHMENT
OF AN ARKANSAS HISTORIC REHABILITATION TAX
CREDIT.
WHEREAS, there is a current proposed bill to establish the Arkansas Historic Rehabilitation Tax
Credit of 2009 pending before the Arkansas Legislature, and;
WHEREAS, based on the findings and determinations herein it appears to be in the best interest
of the citizens and the City of Van Buren, Arkansas to encourage preservation and
use of historic and cultural places by supporting the passage and enactment of this
act;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF VAN BUREN,
ARKANSAS, THAT:
SECTION 1. The 2009 Arkansas Historic Rehabilitation Tax Credit (AR HRTC) will create a 25%
credit to an individual or business' state income tax due for qualified expenses related
to the rehabilitation and reuse of a historic property.
SECTION 2. Presently 29 other states provide similar economic incentives in the form of tax
credits for rehabilitation, including neighboring states Louisiana, Mississippi,
Missouri, and Oklahoma (Texas and Tennessee do not collect state income taxes and
therefore cannot offer like incentives).
SECTION 3. These similar state tax credits have successfully spurred investment in older
neighborhoods and historic down -towns in both urban and rural communities.
SECTION 4. The state historic rehabilitation tax credit is a true economic stimulus tool having
a proven track record of leveraging up -front investment, creating jobs, and
significantly increasing property values and the corresponding local and state tax
revenue.
SECTION 5. The estimated revenue impact to the State of Arkansas is clearly offset by the
economic impact of investment in historic properties, neighborhoods and downtown
districts (Missouri's $25 million in credits has generated $582 million in income and
$917 million in gross product).
SECTION 6. The AR HRTC program will be administered by the existing Department of
Arkansas Heritage. No new administrative organization will be created.
SECTION 7. Preservation and rehabilitation of historic properties is sustainable development and
reduces local and state infrastructure expenses by encouraging reinvestment in
established neighborhoods and communities.
IN TESTIMONY WHEREOF, the City of Van Buren, Arkansas, by its City Council, did
pass, approve, and adopt. by a vote of for and Q against, the foregoing Resolution at
its meeting held on the 16 day of March, 2009.
La
Robert D. Fr al
ATTESTED: APPRO ED &S TO FORM:
r-511-1421-H 6/1-41-1 1 ,0
Barbie Curtis, City Clerk/Treasurer N. •orlald- Jenkihs,_City Attorney
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