Are you interested in rehabilitating a building, making improvements, or preserving one of the unique properties in downtown Mitchell?
Let Mitchell Main Street and Beyond help you with the process!The Mitchell Main Street Revolving Loan Fund is a local resource available to downtown business and property owners to make visible improvements to the historic commercial district. The ultimate goal of the fund is to improve the aesthetic appeal of downtown and encourage economic renewal. The fund has already aided in this goal by providing over $210,000 in loans to downtown property owners.
The Revolving Loan Application is currently being reviewed and edited for 2020!
A wide variety of funding sources are available to aid in downtown development and the reuse of historic buildings. These sources may be combined in a multitude of ways to reach your project's budget and Mitchell Main Street & Beyond is here to help you maneuver the coordination of the funds.
Incentives are available for the rehabilitation of historic properties. The most common type of incentive is the tax credit, a dollar for dollar reduction of taxes for qualified property improvements.
In addition, the State of South Dakota has a special incentive for the rehabilitation of historic structures within the state. The South Dakota State Property Tax Moratorium is available for properties that undergo a certified rehabilitation based on the Secretary of the Interior's Standards for the Rehabilitation of Historic Properties. The moratorium freezes tax assessments for eight years. More information is available here.
If you have questions about the use of these incentives, please contact the MMSB office or the City of Mitchell's Historic Preservation Commission.
Mitchell's Historic Walking Tour Brochure
Request a copy here