McCrory Promotes Tax Credits, Matching Grant to Spark Economic Growth

McCrory Promotes Tax Credits, Matching Grant to Spark Economic Growth

9:29pm Apr 23, 2014
A new initiative may give the owners of The Pickett Cotton Mill access to tax credits for commercial buildings listed as N.C. historic sites.
Kathryn Mobley

North Carolina’s entrepreneurs and abandoned historic buildings may benefit from two state initiatives.

According to North Carolina’s Governor Pat McCrory, the best way to revitalize the state’s economy is to convert some historic sites into working business sites. During a press conference in High Point on Wednesday,  he announced efforts to continue the state’s historic tax credits under a revised Historic Rehabilitation Investment Program. The credits are slated to end this year.

“There are developers and economic investors who look at these buildings and can see beyond the bobbed wire fence and can see beyond some of the neighborhood that’s gone down a little bit," said McCrory. "They see a  future and create new jobs for towns and cities across North Carolina.”

The Pickett Cotton Mill was the backdrop for McCrory’s announcement. The brick building is more than 100 years old. The Belgian company, BuzziSpace, Inc. is renovating the 105,000 square-foot structure into a furniture factory. McCrory's staff is working with the new owners to get the mill listed as a historic site.

The governor also said his new budget will include $500,000 in a matching grant for the Main Street Solutions Fund. “We’re providing business counseling and advice to entrepreneur’s who want to put their small businesses in the center of our towns throughout North Carolina," explained McCrory.

In 2009, this program was created to help rehabilitate abandoned buildings in smaller towns. Funding was later removed from the state's budget. McCrory hopes these initiatives will encourage cities and towns to continue reinventing themselves after the loss of longtime industries such as tobacco and manufacturing. "This economy is going to revived based on the private sector willing to take the risk, especially small businesses.”

According to McCrory, since 1976, state and federal historic preservation incentives have brought into North Carolina more than $1.7 billion in private investment. His office reported historic rehabilitation projects have taken place in 90 of North Carolina's 100 counties. Follow Kathryn  Mobley @mobleyWFDD for other stories.


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