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Restore Oregon is backing legislation that would create a state historic rehabilitation fund to help offset the cost of restoring and upgrading aging commercial buildings.

The Revitalize Main Street Act is being drafted by the Office of the Legislative Counsel and is expected to be introduced in the Oregon Legislature in January through the Senate Committee on Finance and Revenue, Restore Oregon Executive Director Peggy Moretti said.

The Portland-based nonprofit advocates for historic preservation and is lobbying for the legislation as a way to help revitalize downtowns in cities throughout the state. It would help break down the financial barrier for seismic upgrades and other costly measures to rehabilitate older buildings, Moretti said.

鈥淪o many of these wonderful historic downtown buildings have not had enough upkeep,鈥� she said. 鈥淚t’s often been too much of a financial nut to crack.鈥�

The bill would create a fund with revenue from the auction of state income tax credits at a capped amount. This money would be used to provide developers or property owners a 25 percent rebate 鈥� administered through the Oregon State Historic Preservation Office 鈥� on restorations of historic commercial buildings. The fund would operate much like the Oregon Production Investment Fund, which encourages film production in the state, Moretti said.

Presently, 35 other states offer historic restoration incentives similar to what is being proposed in the Revitalize Main Street Act, Moretti said. Such an incentive in Oregon would join federal incentives as a way to spur projects that restore historic buildings, she said.

鈥淗ere in Oregon, the state has been that missing partner, and that’s often left that gap in funding for projects to move forward,鈥� she said.