Cityscape event to discuss historic preservation’s effect on state economy

Cityscape Detroit will host an event entitled “The Economic Benefits of Historic Preservation” on Mar. 20. The keynote speaker will be Kristine Kidorf, a preservation consultant and board member of the Michigan Historic Preservation Network.

Kidorf will discuss the recent MHPN “Report Card” study that analyzes the impact that historic preservation has on Michigan’s economy; in 2002-05, the years the study was conducted, $1.93 billion was added.

Because of this enormous impact, the study recommends increasing the state tax credit for historic preservation to 25% which, when coupled with the federal 20% credit, adds up to a 45% credit for a rehab project. Kidorf points out that since the state of Missouri enacted such a credit, not one historic building in St. Louis has been demolished.

She says the study also demonstrates, “For every $1 in credit, there was $11 in economic impact added.”

The study can be downloaded here.

The Cityscape event begins at 6:30 p.m. and will be held at SmartDetroit on the Penobscot Building’s 13th floor. It is free and open to the public. RSVPs are preferred; email rsvp@cityscapedetroit.org.

Source, Kristine Kidorf, Kidorf Preservation Consulting and MHPN