City supports historic district nomination

Last Tuesday, as I sat nervously in front of the City Commission, I was thinking about all of the work and experiences that had led us to this moment.  For the last several years, many property owners, volunteers, and El Dorado Main Street staff have been making small steps towards applying for historic district designation.  Each step forward was considered a big success and kept us looking towards the next step.  Two years ago we were able to start talking about building codes and how historic buildings codes should not be seen as black-and-white, but that there are some grey areas.  This conversation led us to successfully recommend the City adopt the International Existing Building Codes, which allow for those grey areas in our historic buildings.  We knew that we were on the right track when the HOPE VI Main Street grant was applied for and awarded to two historic and very deserving properties, which has already spurred additional renovations to neighboring properties. When a generous donor invested the seed money to complete a survey regarding the eligibility of historic district status and then many others stepped up to help because they knew that El Dorado Main Street did not have the budget to be able to take on such a task, I knew we were again moving towards our goal.  Then when that research came back with the professional explaining to us that she had not worked with another community who possessed as high of a percentage of qualified properties as we do, we rejoiced and knew that we were getting closer to this moment.  Through countless public meetings, conversations, and presentations; we have tried our best to educate the community on what historic preservation is and how to continue the progress that has already been started.  It has been our belief for several years now that we would not be fully equipped with all of the tools needed, unless we were named a designated historic district, which is what led me to the City Commission room last Tuesday evening. 

On the same day and at the same time that I was sitting there anxiously, a group gathered in Columbia, Missouri where the City Manager gave the results of a study that researched the economic impact of historic preservation in their community over the last ten years.  What makes this study so important to us in El Dorado and communities all over the country, is that this is the first study conducted by a local government on this subject, and the results were outstanding.  In Columbia, Missouri, renovated downtown historic buildings saw a 117% increase in property value and the property tax revenue on those properties increased 104%. Comparing to the 19% property value and 12% property tax increases in new construction in the community.  Also documented was that the number of jobs created per $1 million spent in historic preservation projects was higher than highway projects and new construction.  Finally, every $1 in public funds leveraged an additional $4.40 in private funds.  As communities now begin to document the progress made by historic preservation, studies like the one in Columbia, Missouri will become more common.  There is no question that historic preservation increases economic development. 

After hundreds of hours of work and preparation, the City Commission in our community supported the application for historic designation with a 5-0 vote.  As we keep taking these steps forward, with one goal in mind, the dedicated volunteers achieved another success in preserving downtown El Dorado.   While we are not done yet, I want to thank everyone who has been involved in this process, especially our Mayor and City Commissioners who see the vision for a better downtown.