Salem Wins Big with House Economic Stimulus
BOSTON – Representative John Keenan reacted with great enthusiasm today following the passage of a comprehensive economic stimulus package by the House of Representatives late last night by a vote of 148-0. Representative Keenan was especially encouraged by the inclusion of three specific provisions in the $296 million jobs- and economic-growth focused legislation from which Salem could stand to benefit greatly. The first provision re-establishes the Commonwealth’s Cultural Facilities Fund. Over the next ten years, this fund will administer $250 million in financing and grants to assist in the construction and renovation of theaters, museums, and other cultural facilities in Massachusetts. The grants must be matched by the applying organizations, for a total investment value of up to half a billion dollars. By relying on existing appropriations from the Mass Tourism Fund and another line item, the program will essentially be revenue neutral. “This new program offers Salem the chance to pursue even more avenues of funding when it comes to building and enhancing our cultural infrastructure,” said Representative Keenan. “Funding through the Cultural Facilities Fund is a perfect match for Salem State since currently the college has a $200 million economic impact on the local economy," pointed out Dr. Nancy D. Harrington, President of Salem State College, "With the addition of the new Center for the Creative and Performing Arts, the impact from the arts would continue to grow this amount and be a benefit to all concerned.” “It is very difficult to find individual sponsorships for the beginning steps of any major plan, explained Paul Mitri, Artistic Director of the Salem Theatre Company, “The Cultural Facilities Fund would provide an opportunity for feasibility studies that otherwise would be far beyond the reach of small arts organizations. This fund offers the potential for an artistic and economic revitalization that could jumpstart the arts in downtown Salem.” The second measure that would be especially beneficial for Salem is the increase on the cap on historic rehabilitation tax credits from roughly $10 million annually to $50 million annually, and the extension of the effective dates for the credit. “Lifting this cap will mean Salem can access even more of these important credits to further protect and preserve our historic treasures,” said Representative Keenan, “The return on investment for historic preservation projects is substantial: within five years of completing the project, every one dollar of tax credit that was initially invested creates $3.30 in new state revenues. This measure is especially beneficial as we begin the process of rehabilitating such important historic structures in our city as the Old Salem Jail and the Superior Court building after the new courthouse complex is completed.” “The state historic tax credit can make all the difference between a viable redevelopment of an historic property and its demolition,” pointed out Barbara Clearly, president of Historic Salem Inc., “Lifting the cap will have a significant positive effect on our ability to save historic buildings and return them to economic usefulness.” “Historic property owners in Salem, with its extraordinary inventory of historic buildings encompassing four centuries, a collection unsurpassed by any other community in the Commonwealth, stand to gain greatly from the lifting of the tax credit cap,” agreed Hannah Diozzi, chair of the Salem Historic Commission. The third provision would provide for the recapitalization of the Massachusetts brownfields redevelopment fund by $30 million. The fund helps communities clean up and redevelop environmentally damaged properties. For example, in 2002, projects on Washington Street, Peabody Street, and Lafayette Street in Salem utilized over $100,000 in funding from this program. “Recapitalization of this important fund will help Salem both with our ongoing efforts at redevelopment and economic growth and with our work to clean up our environment and our land and water”, said Representative Keenan. “Brownfields funding could mean the successful revitalization of sites in Salem that could not be redeveloped otherwise, putting them back on the tax rolls and contributing to the economic vitality of the community,” said Salem City Planner Lynn Duncan.
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