"To imagine what the city might have been had it not allowed the destruction of dozens, perhaps hundreds, of historic buildings over the past half-century is an exercise in heartbreak," the editorial reads. TheStar Tribune said the strength of the new ordinance is not in adding more teeth to current ordinance, but in improving the process -- yet it won't produce much benefit unless the state of Minnesota can be convincedto add more financial incentives to encourage reuse over demolition.

The editorial urges the passing a bill pending in the Minnesota legislature that would offer owners state income tax credits equal to 25% of the cost of rehabilitating certified structures. A similar law boosted the reuse of older buildings in Missouri and a dozen other states, returning hundreds of under-performing buildings to the tax rolls, itargues. That effort will be helped by the state's plan to implement, by July 2002, a more flexible building safety code.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.