JCPenney THE BUILDING 732 BROAD STREET | AUGUSTA GA Jordan Trotter Commercial Real Estate is proud to exclusively market the historic JCPenney Building located along the 700 block of Broad Street in Augusta, Georgia. Purchase Price: $1,975,000 Size: 78,000 Square Feet Year Built: 1895 Zoning: B2 (General Business) *Located in the Opportunity Zone *Eligible for Historic and Special Tax Credits The 700 block is quickly becoming the entertainment district of Augusta with the Imperial Theatre, The Miller Theater, and the future relocation of the Morris Museum of Art across the street.
Transcript
JCPenney THE
BUILDING732 BROAD STREET | AUGUSTA GA
Jordan Trotter Commercial Real Estate is proud to exclusively market the historic JCPenney
Building located along the 700 block of Broad Street in Augusta, Georgia.
*Located in the Opportunity Zone*Eligible for Historic and
Special Tax Credits
The 700 block is quickly becoming theentertainment district of Augusta with the
Imperial Theatre, The Miller Theater, and thefuture relocation of the Morris Museum of Art
across the street.
UNDERSTANDING HISTORIC TAX CREDITS
WHAT IS THE INCENTIVE?
The federal Historic Tax Credit (HTC) program was enacted in 1976 to encourage the preservation and rehabilitation of historically significant buildings.
For a property to be eligible for the HTC Program it must be listed in the National Register of Historic Places, or be located in a registered historic district. Fortunately for the JC Penney Building, the 700 block of Broad Street is located within the Augusta Downtown Historic District, which makes this building eligible for all programs of the National Register.
TAX CREDITS
A 20 percent federal tax credit of Qualified Rehabilitation Expenditures (QRE’s) for the cost incurred during the rehabilitation of a certified historic structure for commercial, agricultural, industrial or residential rental purposes.
In addition, the State of Georgia offers two tax incentives. The first is known as the Georgia State Income Tax Credit for Rehabilitated Historic Property. This offers a 25% tax credit on qualified rehab expenses against Georgia income taxes. The second is the State Preferential Property Tax Assessment for Rehabilitated Historic Property. This freezes the county’s property tax assessment at the pre-rehab value for 8 years, escalating to the fair market value in the 10th year.
Yes...It is eligible for all grants and programs of the National Register of Historic Places.It is eligible for the Georgia Cities Loan ($250,000 low interest loan).It is eligible for AMENDMENT 65 - Freezes the property taxes for 5 years if the improvements are greater than $500,000.
