Agenda Date: 06/17/2024
Subject:
Title
HPC Resolution 03-2024: A Resolution of the Historical Preservation Commission of the City of Littleton, Colorado, Approving an Application for Colorado State Income Tax Credit for Rehabilitation of a Qualified Historic Structure Located at 5475 Mohawk Road
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Prepared By: |
Sara Dusenberry, Senior Planner |
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Presentations: |
Sara Dusenberry, Senior Planner |
PURPOSE:
To consider an application for historic preservation income tax credit for the Nyman House 5475 Mohawk Road.
LONG-TERM OUTCOME(S) SERVED:
Vibrant Community with a Rich Culture
DISCUSSION:
The owner of the Nyman House at 5475 Mohawk Road, a property located in the Arapaho Hills National Register Historic District, applied to receive State of Colorado income tax credit for a rehabilitation project conducted at the property between June 2023 and January 2024. HPC reviews the application and may approve or deny the requested State of Colorado tax credit.
BACKGROUND:
The Colorado Job Creation and Main Street Revitalization Act of 2014 (C.R.S 39-22-514.5) offers a tax credit for the rehabilitation of a qualified residential (owner-occupied) property. Owner-occupied residential properties are eligible for up to $50,000.00 in tax credits - this includes primary homes, secondary homes, vacation homes, and other properties where the taxpayer is the sole user of the property.
Between June 2023 and January 2024, the owner conducted a rehabilitation project, including the following work: cleaning and sealing under slab duct work, replacing a domed skylight, and installing a new locktop damper for the chimney. Eligibility and review criteria have been set by the Secretary of the Interior’s Standards for Rehabilitation through Part 67 of the Code of Federal Regulations (CFR) subsection 67.7(b), and qualified costs are established by the State of Colorado in Colorado Revised Statute (CRS) 39-22-514.5. Staff finds that the application meets the relevant requirements and qualifications for reimbursement.
Prior Actions or Discussions
The application was received by the City on February 8, 2024. There have been no previous actions or discussions on this application with the Historical Preservation Commission (HPC).
FISCAL IMPACTS:
This application will not have fiscal impacts for the City of Littleton, as the tax credit is applied at the state level. The Colorado Department of Revenue will review the application materials provided to ensure that all applicable regulations have been met.
ALTERNATIVES:
If HPC does not approve the requested income tax credit application, the state will not issue the credit and the homeowner will not be reimbursed.
STAFF RECOMMENDATION:
In staff’s opinion, the proposed historic preservation tax credit complies with the approval criteria in CFR subsection 67.7(b) and the illustrated guidelines for applying the criteria. Total qualified costs are $8,262.65 and total reimbursement is $2,056.56 in accordance with C.R.S. 39-22-514, as detailed in the staff report. Therefore, staff recommends approval of HPC Resolution 03-2024.
PROPOSED MOTION:
Proposed Motion
I move to approve HPC Resolution 03-2024 approving the historic preservation tax credit for 5475 Mohawk Road in the Arapaho Hills National Register Historic District.
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REFERENCES:
Secretary of the Interior’s Standards
<https://www.ecfr.gov/current/title-36/chapter-I/part-67>
see subsection 67.7(b)
Illustrated Guidelines for Applying the Standards
<https://www.nps.gov/tps/standards/rehabilitation/rehab/stand.htm>