On Monday, January 8, 2018 at 2PM at the historic I.C. Isaacs & Co. complex, community development and preservation advocates will join with elected officials to celebrate the planned rehabilitation of the former manufacturing facility and to call on state leaders to increase funding for the state Historic Tax Credit program.
Preservation Maryland is organizing the announcement in the Highlandtown neighborhood of Southeast Baltimore where local developers are planning to convert the underutilized historic I.C. Isaacs & Co. building into the new headquarters for Barcording, Inc., a local Baltimore technology company. The project is made possible through to the state Historic Tax Credit program known officially as the Maryland Heritage Structure Rehabilitation Tax Credit and administered by the Maryland Historical Trust. The program provides a 20% credit for the rehabilitation of historic buildings.
In attendance will be State Senator Bill Ferguson and State Delegates Luke Clippinger, Brooke Lierman, and Robbyn Lewis, all who represent state legislative district 46 in Baltimore City. While celebrating this project, the legislators will also draw attention to the state’s declining investment in this proven job-creating program. Funding plummeted to just $9 million for 2017 – a fraction of the nearly $100 Million Virginia invested over the same time period.
The Isaacs Co. building in 2001. Photo from the Maryland Historical Trust.
Preservation Maryland Executive Director Nicholas Redding explains, “This tax credit creates great jobs and generates nearly $8.53 in economic activity for every dollar the state invests. This is the kind of pro-growth jobs program Maryland must support, and we appreciate the leadership of the district 46 team on this issue.”
Senator Ferguson will also be announcing his intention to introduce two pieces of legislation in the upcoming Maryland General Assembly both aimed at improving the state Historic Tax Credit and spurring more projects. Senator Ferguson’s first bill would increase the credit for projects resulting in affordable housing while also reducing the transactional costs of projects. The Senator’s second ambitious bill would establish a minimum annual funding level of $15 million for the program.
Senator Ferguson states, “For post-industrial cities like Baltimore, smart incentives for redevelopment of old buildings is essential. We are in the midst of an effort to rethink and rebuild Baltimore, and this state program is a critical link for our future. It’s also a no brainer: this tax credit stimulates private investment, creates jobs, redevelops neighborhoods, and creates a more stable urban core. Now is the time to double down on programs like Maryland’s Historic Tax Credit.”
HISTORY OF THE ISAACS COMPANY
Constructed in 1924, this small-scale urban industrial building is a uniquely intact example of the type of small manufacturing buildings that were historically found in mixed residential communities in the early 20th century. The structure was built Henry Z. Isaacs of the I.C. Isaacs & Company a producer of equestrian wear with strong ties with Maryland’s horseracing industry. Garment production on this site ceased in 2009 and was followed by occupants such as warehouse storage and wholesale merchandising.