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.