MADISON (WKOW) -- Gov. Scott Walker (R-Wisconsin) announced Monday morning the Wisconsin Economic Development Corporation (WEDC) will lift the moratorium it imposed just three weeks ago on the Historic Preservation Tax Credit
"The Historic Preservation Tax Credit has proven to be a successful economic development tool," said Gov. Walker in a statement. "While it was necessary for WEDC to determine the best method to continue the program, worthwhile projects can now move forward to help grow local economies and revitalize communities throughout our state."
WEDC put the moratorium on new applications for the program in place June 23. WEDC officials cited the fact that the program was on pace to cost the state $35 million this year, far more than the $4 million originally projected.
Several top Democrats and city leaders in Wisconsin had criticized the moratorium, saying it would stop revitalization projects already being planned based on those tax credits being available.
In addition, Gov. Walker announced WEDC will begin collecting additional information on the economic impact of the program, including projected employment, wages and other relevant information.
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