Incentives

The City of Ogden has approved a complete set of archtectural and mechanical drawings to convert the First Security Building into a multi-tenant office building. The building's interior (except for the historical lobby) has been demolished and is ready for improvements.

Summary of Potential Incentives

Federal Historic Tax Credits - Building qualifies for federal historic tax credit. The 20% rehabilitation tax credit applies to any project designated as a rehabilitation of a certified historic structure. The credit is available for properties rehabilitated for commercial (incl. office and hotel uses), industrial, agricultural, or rental residential purposes equal to 20% of total construction costs. You can sell these credits as part of a tax credit structure to a tax credit investor.
http://www.nps.gov/hps/tps/tax/incentives/index.htm

State Historic Tax Credits - A 20% nonrefundable tax credit (not just a deduction) for the rehabilitation of historic buildings. You can deduct 20% of all qualified rehabilitation costs from your Utah income or corporate franchise taxes. You can sell these credits as part of a tax credit structure to a tax credit investor.
http://history.utah.gov/historic_buildings/financial_assistance/state_tax_credit.html

Energy Incentives - Right now there are generous state and federal incentive dollars available for environmentally green systems. With the property’s artesian well, geothermal is a real option that should be fully explored. It is possible to get 30 to 40% of costs paid for by these programs in addition to the historic credits, and operating costs would be significantly lowered because of increased efficiency.
http://www.energysavers.gov/financial/70010.html
http://geology.utah.gov/sep/incentives/index.htm

New Market Tax Credits - The New Markets Tax Credit (NMTC) Program permits taxpayers to receive a credit against Federal income taxes of up to 39% of the cost of qualified equity investments. You can also sell these credits as part of a tax credit structure to a tax credit investor.
http://www.cdfifund.gov/what_we_do/programs_id.asp?programid=5

Other - There are various other federal and local incentive programs available depending on timing and intended use. Known possible incentives include moderate income housing credits, downtown parking expansion for the convention center, and new RDA districting. Contact Ogden City Business Development (801)629-8935 for further information.