National Register District
One important step towards downtown revitalization is to establish a National Register District. The EDC has hired the services of a consultant who, along with college interns and citizen volunteers, will conduct a historical resources survey of about 100 buildings. The goal is to complete this process in 2018. The city of Yoakum, Yoakum EDC and private donors are funding this project.
Once the district is approved there will be inherent benefits for building owners. Contributing buildings in the district will be eligible for both state and federal tax credits which can result in a reduction of 10% - 45% of the project costs. This tax benefit for rehabilitation of historic buildings can make the difference between a "go" and "no-go" project.
Apartments anyone? With over 80,000 square feet of unused second floor space, the near-term potential is to rehabilitate downtown buildings for upper story apartments. With as many as 100 apartments the demand for retail businesses will be organically fueled.