Federal Historic Tax Credits Approved for Historic Raton Building
The application for Federal HistoricTax Credits for the rehabilitation of the Golden Rule and New York Stores / Marchiondo Store building in Raton was approved last week by the National Park Service.
Built in the 1880s, the building located at 120-124 First Street in Raton sold a wide range of dry goods from groceries and meat to shoes and clothing. As business expanded a one-story addition was added at the back in 1913. Over the years, leakage in the roof led to structural failure.
Wayne McMurtry, a developer who grew up in Raton and returned and purchased the building and has begun to shore up its failing interior structural system. Encouraged by the work of the State’s New Mexico MainStreet program in Raton (Raton Mainstreet) and the benefit of tax credit programs Mr. McMurty opted to consider significant rehabilitation.
The $8.7 million project will include a careful and extensive restoration of the building for commercial, office and rental residential use and installation of all new mechanical systems. A new steel framework located at the building’s north side wall will reconcile structural concerns.
The building is located within the Raton Downtown Historic District, listed in the National Register of Historic Places in 1977 and the New Mexico Register of Cultural Properties in 1976. As a contributing building to both districts rehabilitation is eligible for both the Federal Historic Tax Credit and NM State Income Tax Credit Programs.
For more information about Tax Credit Programs, please visit:
http://nmhistoricpreservation.org/programs/tax-credits.html
