Updated: May 28, 2021 05:41 PM
Created: May 28, 2021 02:54 PM
The Minnesota Historic Tax Credit could sunset at the end of June. But groups are pushing to have it included in the omnibus budget bill.
Mark Laverty, developer of Saturday Properties, shared that the tax credit was key to the financing for the apartments at the Old Historic Central High School. "Investors buy these credits, and are ultimately making an investment in the project itself. Without the Historic Tax Credit, this whole revitalization wouldn't be happening."
Construction is set to begin this fall, turning the former school into apartments. "We just received word on Wednesday that we are grandfathered in, for the tax credit. But there's so many other buildings that could take advantage of this," Laverty added.
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