TEXARKANA, Texas -- In a meeting Monday, the City Council unanimously approved narrowly targeted property tax exemptions meant to stimulate redevelopment of eight historic local buildings.
The eight are buildings with official historic designations, located in nonresidential zones. Anyone who takes on redevelopment of one of these properties can have 50% of its value exempted from taxation for 10 years or 100% for five years.
The new ordinance specifies properties "listed on the National Register of Historic Places, a Recorded Texas Landmark, State Archaeological Landmark, or locally designated landmark including commercial property redeveloped for residential uses holding one of the historic designations."
Local buildings that meet that requirement include five on the National Register: the Hotel McCartney, the Rialto Building, Texarkana National Bank, Texarkana National Bank Motor Bank and Garage, and Union Station.
The remaining three are Recorded Texas Historic Landmarks: the Moores-Burke-Ragland House, the Cervini House and the Jamison Building.
The city projects the exempted taxes would total about $26,000 over 10 years at current property values.
But in a best-case scenario, saving and using the buildings has the potential to increase property tax revenues by $1.97 million over a five- to 10-year period post-redevelopment, according to a city staff summary of the measure's fiscal implications.
City Grants Administration Manager Daphnea Ryan said Thursday that the $1.97 million figure "was just a ballpark" because the extent of future restorations beyond standard requirements is impossible to predict.
To get the exemption, "the structure must be in use providing an economic service to the community, or being redeveloped to provide an economic impact to the community," the ordinance states.
The recipient must undertake at least $25,000 in restorations, including exterior restoration, within an agreed-on time frame. The developer must make structural, electrical, plumbing, mechanical and interior repairs and improvements.
Facade restorations must comply with federal guidelines meant to preserve the buildings' historic appearance. Consultation with the Texas Historic Commission is also required.
"We're certainly hoping that it sparks some redevelopment of of these historic buildings. It's important to get them back up ... especially the ones that are vacant. And we're hoping this helps the developer be able to make that (funding) gap," Ryan said.
In other business, the council approved donating $20,000 to fund the Live United Bowl team banquet. Sponsored by United Way of Greater Texarkana, the Live United Bowl is an annual NCAA Division II football game in Texarkana, Arkansas. This year's game is scheduled for Dec. 3 at Texarkana Arkansas School District's Razorback Stadium.
The council also approved a set of four rezoning and permitting requests to allow a new and used car sales lot at 103 Parish St.
The council's next meeting is scheduled for Dec. 12.