Federal help to re-hab historic properties

Oconee’s chief recruiter for economic development continues to evaluate whether a tool offered through the federal government might be useful in re-habbing historic properties.  In mind of Annie Caggiano, specifically, the former textile communities of Newry and Utica.  Caggiano this week gave a presentation to a county council committee on the possibilities of the county using the Bailey Bill that allows local governments to offer a tax abatement to encourage re-habilitation.  The office of Oconee Economic Alliance counts 111 properties in Newry and 740 in Utica.  But, to Caggiano’s surprise, few of those properties are currently for sale.  Of all the properties, in Caggiano’s estimation, the one property that offers the greatest potential is that of the former J-P Stevens/West Point Pepperell plant at Utica.  By the turn of the 21st century, the plant closed for good.  At one point, since then, a group of developers were interested in converting the old building into a movie production facility, but that never happened.  If Oconee County were to adopt the Bailey Bill, property owners in what’s called “opportunity zones” would be eligible to avoid local property tax payments on the increased value resulting from eligible renovations.