Because of its colorful history, Terre Haute can boast a number of historic buildings, and some of them are still standing with a little help from a state tax credit.
Two local historic properties have benefited from the tax credit; another one is pending tax credit approval.
According to the Indiana Department of Natural Resources, Division of Historic Preservation and Archaeology, the Failey House, located at 416 S. Sixth St. in Terre Haute, was certified for the tax credit for $32,577 in 1995. That amount is 20 percent of the qualified rehabilitation costs of over $160,000. The Failey House is now home to the Wagner, Crawford and Gambill law offices. The law firm bought the building in 1994, had it restored and got approval for the tax credit.
Chris Gambill on Thursday said restoring the home through the preservation program has helped the firm maintain the historical integrity of the building.
The home stands on the original site of the home of Crawford Fairbanks, a well-known entrepreneur and dubbed “Indiana’s financial genius.”
His daughter, Sara, married Bruce Failey and the two had a son, Crawford Fairbanks Failey. The original blueprints of the Failey House indicate that the house was built in 1925 for Bruce F. Failey, but Gambill said that his research shows that it was actually built for Crawford. The house was designed by architect Warren Miller.
Since it was built, the eclectic, neo-classic, colonial revival served as the Crawford Failey family residence. In 1964, after two divorces and the death of his third wife, Crawford Failey deeded the house to the First Unitarian Universalist Society of Terre Haute. The law office acquired it from that group.
Gambill recalls the tax credit application 19 years ago. He said the property had to be inspected and all the improvement work had to be approved.
“They tell you what you can and can’t do,” he said. For example, there were floor tiles and a handmade tin sink that state officials told them had to be preserved. But because the law office was committed to preserving the historical significance of the property, all the work and the cost were worth it, he said.
Another historic property, the building at 422-424 Wabash Ave, was certified for $31,746 in 2002, according to DNR. The commercial building now houses the restaurant Roly Poly on the ground floor.
One Terre Haute project is awaiting tax credit approval. Indianapolis-based Core Redevelopment — a company that specializes in rehabilitating historic buildings — has applied for tax credit to restore the Hotel Deming, located at the corner of Sixth and Cherry streets.
Michael Cox, partner and developer at Core Redevelopment, said the application for the tax credit usually come in phases. The Hotel Deming project — which will turn the former hotel into office spaces and 111 apartment units — has already passed the first phase: being listed in the National Register of Historic Places.
The project has moved on to the next phase, where the developers identify how they will rehabilitate the building, following a set of guidelines. They are currently in discussion with state historic-preservation officials, Cox said.
“We don’t foresee any issues in getting it approved,” Cox said.
Then, the application is sent for approval. At its quickest, the process can take five months, Cox said. If the Indiana Division of Historic Preservation and Archaeology has any questions or changes to the plan, the process can take longer.
One legislator, state Sen. Tim Skinner (D-Terre Haute), said more state money should be available to preserve historical buildings. He also feels the funding should be more flexible and easier to use.
“It’s my feeling that we need to make more money available for historic preservation,” Skinner said. The state currently caps historic rehabilitation tax credits at $450,000.
“It’s my belief that we ought to make these credits a little more flexible so we can take on more objects in communities around the state.”
These funds, he said, can benefit Terre Haute.
“If there were more money available, there could be more projects in Terre Haute,” Skinner said.