HUNTINGTON, W.Va. (AP) - A group of investors is hoping to beef up Huntington’s older population.
The Herald-Dispatch (https://bit.ly/2lcaivY ) reports a group called Retire Huntington wants to renovate several downtown buildings with the help of tax credits for historic structures. The buildings could then house hundreds of retirees.
Retire Huntington was organized by developers Bob Childers, John Hankins and Alex Vence and Huntington marketing and public relations executive Jeff Barnes. They shared the concept last month with the Huntington Area Development Council.
“We have an opportunity to capitalize on what we have to offer in downtown Huntington,” Childers said.
First, the partners want state lawmakers to increase West Virginia’s historic tax credits from the current rate of 10 percent of projects’ costs to 25 percent. Huntington Mayor Steve Williams said he plans to ask the Legislature for the increase.
Hankins said that would help with the expensive task of remodeling historic buildings.
“This is vital to developers,” said Hankins. “It is very expensive to remodel historic buildings, and it can cost double that of normal construction. I don’t think we could continue this plan without getting some relief.”
The group’s founders are raising funds for a national marketing campaign and are looking to “civic donors who have supported Huntington for decades,” Childers said.
Some of the 425,000 square feet of downtown vacant space belongs to Retire Huntington members. Vence recently began a term on Huntington’s City Council. He said vacant buildings are the tipping point of improving Huntington’s economy.
“Downtown is the heartbeat of the city,” Vence said. “It has all the ingredients needed for retirees to live a comfortable lifestyle.”
Childers said the expected benefits would include $50 million in new construction; job and business growth; increased medical revenue, and $2.5 million in annual taxes, municipal fees and city wages.
“We just need to attract 500 retirees over five years, which will eliminate vacant second-story buildings,” he said.
West Virginia, which has been hit hard by the downturn in the coal industry, has lost 23,000 residents since 2010. With tens of thousands of baby boomers becoming eligible for retirement nationwide, the Huntington initiative will “create a great opportunity for us to attract retirees here,” Barnes said. “It also creates an opportunity for us to help reverse the population declines happening in West Virginia.”
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Information from: The Herald-Dispatch, https://www.herald-dispatch.com
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