Finance director: county received strong bids to transfer state historic rehabilitation tax credits

Finance Director Timmy Robinson reported to the commission that the county solicited bids to transfer state historic rehabilitation tax credits and received roughly 20 bids, with the top bid at approximately $0.925 per credit.

"It looks like our price that we're receiving is 92 and a half cents per credit," Robinson said, adding the county expected bids in the range of $0.80 to $0.93 per credit. Robinson said he had reviewed the winning bid with staff and planned to have Ken Mortensen sign the transfer document for the public building commission so the credits can be transferred.

Robinson also noted the bid outcome was consistent with expectations and that the county’s bond adviser assisted in soliciting bids at no charge. He referenced a figure of $9,200 a year in the context of what the county would accept, but the transcript does not specify the number of credits being transferred or the total proceeds confirmed for the county.

Why it matters: Transferring state historic rehabilitation tax credits can generate revenue to support county-owned historic projects or reduce carrying costs for public buildings; the exact financial impact depends on the number of credits sold and the final executed agreement.

Details and clarifications: The transcript records the per-credit price and the number of bids (about 20) but does not state the number of credits or the total dollar amount the county will receive. Robinson said he had Betsy review the document before signature.