Building on the Past for a Prosperous Future: The Impacts of Historic Preservation in Arkansas

Rypkema, Donovan; Grosicki, Briana; Swink, Rodney; Cotton, Katlyn; Frystak, Alyssa

Conclusion: "This report measured the economic impact of three very successful programs administered by the Arkansas Historic Preservation Program: the Arkansas Historic Rehabilitation Income Tax Credit, the AHPP grants program, and the Main Street Arkansas program. Together, they are providing the building blocks for a prosperous Arkansas in the 21st Century by using historic resources from the 19th and 20th centuries. Arkansas is fortunate to be among one of the 35 states that benefit from having a state tax credit from the rehabilitation of historic buildings. While an individual building is the recipient of the tax credit, it is adjacent buildings, downtowns, and entire neighborhoods that are beneficiaries. Local and state governments see increased tax revenues, and works see jobs...good jobs. The purpose of the historic tax credit is to encourage private investment in, and good stewardship of, Arkansas's built heritage. The added bonus is that it has been proven to be an extraordinary economic development program. Communities have fully utilized the grant programs under the AHPP. Certified Local Government Grants have helped expand historic districts and raise the awareness of the public to their value; the Courthouse Restoration Grants have helped stabilize and modernize these important county seat institutions; Historic Preservation Restoration Grants have been used to improve buildings to make them eligible for larger tax credits; and the Downtown Revitalization Grants have given both Main Street and Downtown Network communities access to funds for critical local improvement projects. Together, these grants have had a significant impact on Arkansas's cities, leveraging private investment that has further strengthened their historic and cultural characters. Main Street Arkansas communities are reemerging as commercial, social, and cultural hearts of their towns and cities. They are attracting new businesses, new jobs, and significant private sector investment. Storefronts are being activated, local economics are being stimulated, and long empty sidewalks are now often filled with people. Nationally, Main Street has proven to be the single more cost-effective economic development program of any kind, and Main Street Arkansas communities are demonstrating why that is true. These three programs, often working together, are making big differences in Arkansas. The impacts are both clear and positive. Arkansas has become known as 'the Natural State," the historic tax credit, preservation grants, and Main Street programs ensure that the built heritage, synergistic to the natural heritage of the state continues to draw people from near and far." Project funding was provided in part by a Historic Preservation Fund grant to the Arkansas Historic Preservation Program, Department of Arkansas Heritage, administered by the State, Tribal, Local Plans and Grants division, National Park Service, U.S. Department of the Interior (grant number P19AF00016).

Building on the Past for a Prosperous Future: The Impacts of Historic Preservation in Arkansas

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