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Proposed legislation that would create a state historic rehabilitation fund to help offset the cost of restoring and upgrading aging commercial buildings will be the subject of a public hearing in Salem on Wednesday.

A hearing for , the Revitalize Main Street Act, is scheduled for 8:30 a.m. in Hearing Room A of the Oregon State Capitol, 900 Court St. N.E. The bill was introduced in the Senate Committee on Finance and Revenue early last month for consideration during the 2015 regular legislative session. Following the public hearing, committee members will decide whether the bill should stay on track for a vote by lawmakers.

鈥淭his is the next critical step,鈥� Restore Oregon Executive Director Peggy Moretti said.

Restore Oregon, a Portland-based nonprofit, advocates for historic preservation and is as a way to help revitalize downtowns throughout the state. Moretti encouraged backers of the bill to testify at Wednesday’s public hearing or send letters in support of the legislation to their state representatives.

鈥淲e need to let people know that this matters a lot,鈥� she said.

The aim of the state incentive program proposed in the bill is to help break down the financial barrier for property owners considering seismic upgrades and other costly measures to rehabilitate older buildings.

The bill would create a fund with dollars 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.