How Winona is benefiting from Minnesota’s historic tax credit
One historic building is the now the home to five small businesses after a big restoration
WINONA, Minn. – (WKBT) The state of Minnesota continues to use its Historic Tax Credit to rehabilitate and preserve significant buildings.
The latest example in Winona is the Latsch and Son building.
It created $6.9 million in economic impact, and the property value rose 997%.
Now the building is home to five small businesses and community organizations and is an important business center in Winona.
“There have been a handful of projects in Winona that have used the tax credit to preserve older, historic buildings. Many times these buildings were either vacant or underutilized and these projects have stimulated economic activity and contributed to the revitalization of downtown Winona,” according to Minnesota State Senator Jeremy Miller who represents District 28.
The tax credit will expire in June although Senator Miller is working to extend it.
According to Miller, Madison Elementary School in Winona might not receive that tax credit which could complicate its funding and completion
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