In general, $1 of tax credit reduces the amount of income tax owed by $1, according to a National Park Service booklet describing the program.
The $2.2 million in historic rehabilitation credits would be in addition to $2.7 million in state and federal housing subsidies and tax credits Windover was awarded last year and announced by Lt. Gov. Tim Murray in a ceremony inside the former box factory in Beverly.
The estimated cost of the project is $7.4 million, according to the Massachusetts Historical Commission.
Windover filed a nomination for the National Register in November, saying the Beverly Depot-Odell Park district “is significant for the intact collection of diverse commercial, industrial, transportation and government resources it contains from former factories and hotels to a train station, post office, public park, and railroad bridge.”
The nomination goes on to list 14 historic buildings within the district, including the two that Windover wants to knock down — the Hotel Trafton, a former railroad hotel built in 1886, and the former Cushing’s Carriage Manufactory, which was built around 1870.
The nomination cites the Hotel Trafton as an early example of the Second Empire architectural style and Cushing’s Carriage for its Italianate style.
The nomination says the Hotel Trafton does not contribute to the historic character of the district because most of its original features have been removed or altered. But it describes the Cushing’s Carriage building, which Windover also wants to demolish, as one that “retains its overall historic scale and appearance.”
Beverly Historical Commission Chairman Bill Finch said the commission will write a letter to the state in support of Windover’s nomination to list the depot area with the National Register.
Finch said the district should be on the list because of the historic train depot, which is already listed individually on the National Register, as well as Odell Park across the street.