Ownership

We have a new wrinkle in our plans: We need to own the property.

The historic tax credits can only go to the owner, they are not transferable, and Dawn’s mother doesn’t pay enough tax to take advantage of them, so…we have to be the owners. And we have to be the owners before we start work. If we thought Dawn’s mother was resisting us working on the property, just wait until we spring this one on her.

(Note: tax credits can go to tenants if they have a long-term lease, which I think was defined as 40+ years. We talked to the county engineer who basically said a long-term lease was treated the same as a subdivision, so in addition to a full land development plan, we would have to have road frontage. We discussed a few options but none of them would have cost less than $100,000, so we are not pursuing this option.)

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