There are a variety of Federal, State and Local tax incentives for historic properties that the redevelopment of Southern Mill can take advantage of. The rehabilitation of historic places:
- Creates Jobs – creates higher paying construction jobs
- Is Good for Communities – preserves the areas unique history and character
- Is good for local economy – studies show that more than 75% of the economic benefits of historic rehabilitation stay in the communities
- Is good for the environment – greenspace and farmland are saved, less material sent to the landfill
- Is a smart investment – past 32 years the cost of 17.5 billion in tax credits brought in 22.3 billion in federal taxes
Redeveloping historic mills presents many unique challenges, but research conducted on comparable projects during the UGA charrette found that a common strategy for success included the use of multiple credits. Bundling the credits and other incentives together provides the greatest financial leverage and can help make the numbers work.
The research from the charrette found options that the property is likely eligible for, including the 20% Federal Historic Rehab Tax Credit, the 25% State Historic Rehab Tax Credit, and an 8 year tax freeze at the state and local level. There are additional credits and incentives that may be available based on use, such as film industry and production, affordable housing, and/or manufacturing. Athens also has various local financial incentives that can be used to assist in the redevelopment of the site.