At an event in Cambridge, Maryland, United States Senator Ben Cardin joined with Preservation Maryland and the Eastern Shore Land Conservancy to announce his continued support for one of the nation’s most important preservation programs, the federal historic tax credit.
Senator Cardin announced his introduction of the Historic Tax Credit Improvement Act (S. 425), which would make changes to the program focused on increasing efficiency and making the credit more valuable to smaller, Main Street-type projects in Maryland and around the nation.
Prosperity through preservation
Over the last 36 years, the federal historic tax credit (HTC) has created 2.3 million jobs, leveraged $117 billion in investment, and rehabilitated more than 41,250 buildings – all while generating enough in federal revenue to pay for itself.
Since 2001, in Maryland, this credit has made possible over $1.8 billion in rehabilitation projects in nearly every county.
Nicholas Redding, Executive Director of Preservation Maryland, introduced Senator Cardin and explained, “Maryland stands to lose millions or even billions of dollars in redevelopment projects without this credit. That’s why we are extremely supportive of Senator Cardin’s efforts to both defend and improve the credit through his introduction of this new legislation.”
In Cambridge, Maryland, site of the press event, the HTC has been responsible for millions of dollars in completed and on-going private revitalization projects, including the Phillips Packing House project, which the Senator toured on his visit to the city.
THE PACKING HOUSE
The Packing House, which is what the repurposed Phillips Packing Plant – Factory F will be called, will serve as an active, mixed-use development designed to support the local food economy and the emerging industries related to food and farming.
The food component, which includes a shared kitchen and incubator, an oyster bar, a food market, and butchery, will build off the Eastern Shore’s agricultural resources and growing local food economy to create a food and farming exchange. The building features an open floor plan, soaring ceilings, and the opportunity to retain many historic architectural features that will enhance the space with an authentic, Eastern Shore manufacturing aesthetic. Adjacent to the Phillips building is the future site of Cannery Park, a new central park for the City of Cambridge that will incorporate active and passive spaces for recreation.
Video of the Event: