Increase in Historic Tax Credit has more eyes on Downtown Wheeling
By: Falicia Woody
Posted: Jan 10, 2018 05:08 PM EST
Updated: Jan 10, 2018 07:51 PM EST
WHEELING, W.Va. (WTRF) - More eyes are on Downtown Wheeling's historical buildings thanks to West Virginia's legislature passing an increase in the state's Historic Tax Credit.
The tax credit increase was initiated at the beginning of this year, and not only are more developers interested in our Downtown area, they say this can boost Wheeling's economy.
"You're creating a new downtown neighborhood, and it's going to happen everywhere in West Virginia," said Steve Coon, President of Coon Restoration.
The tax credit jumped from 10 to 25 percent, and now applications for restoring old historical buildings in Wheeling have skyrocketed.
"They're now making that choice because of the tax credit. Without it, buildings just can't be developed," said Jake Dougherty, Executive Director of Wheeling Heritage.
"What we're seeing is coming true, that the developers are flocking to West Virginia now and spending private funds to renovate buildings that have otherwise sat empty for years," said Coon.
Wheeling has always been a potential spot for developers, but with surrounding states having the same 25 percent tax credit, that made it difficult to invest.
Now, there is no need to worry.
"What this has done is taken them from poking around at projects and being undecided on them to moving very seriously towards development," said Dougherty.
After talking with Steve, he says he wants to focus on building downtown living options.
"You need people living downtown, and once they live downtown, then the other things will come. So it's really not the chicken or the egg, it's downtown housing," said Coon.
People are remaining optimistic about the Friendly City's future now that interest is coming from a multitude of people.
"These buildings make Wheeling special and unique, you know from the buildings to the river. That's what makes Wheeling, Wheeling, and we're going to capitalize on here. You're not in Pittsburgh, you're not in Columbus. You know you're in Wheeling because Wheeling's special and unique," said Coon.
Coon also said that this is a win-win situation for the downtown areas, the government, and the people because it almost acts as a low interest loan that ends up getting paid off and churning out more money in the long run.
