Orlando approves tax incentive for downtown historic buildings
ORLANDO, Fla. —
Orlando leaders are looking for new ways to bring investment into downtown, including its historic buildings.
To encourage more investment downtown, the Orlando Community Redevelopment Agency, made up of city commissioners, approved a new tax incentive for historic buildings.
“They do have to make sure they keep those historic elements of the building and have them reviewed appropriately,” said David Barilla, the CRA executive director.
The Downtown Historic Redevelopment Incentive Program offers developers a 10-year ad valorem tax rebate based on the increased taxable value of eligible properties following redevelopment. The rebate is 50% for contributing structures and 75% for landmark buildings. Projects must include a minimum investment of $5 million.
Monday’s vote was 6-1. Commissioner Patty Sheehan had concerns.
“This is supposed to incentivize reuse,” Sheehan said. “The problem I have is with the $5 million… there are buildings that someone might want to renovate and it’s under $5 million.”
In an emailed statement to WESH 2, a city spokesperson said the incentive is part of a broader effort to strengthen downtown while preserving its historic character.
“By encouraging the rehabilitation of historic assets and activating storefronts, we are helping create a downtown that is more vibrant, walkable and welcoming throughout the day,” the statement said.