Chicago Theater

Historic Preservation Easements

A historic preservation easement:

  • permits a property owner to retain private ownership of property (provided it is a certified historic structure that is listed in the National Register of Historic Places or located in a registered historic district);
  • insures that the historic character of the property will be preserved;
  • is a voluntary legal agreement, typically in the form of a deed, that permanently protects historic property;
  • permits such property owner to impose restrictions on the development of, or changes to, the historic property, and then transfers such restrictions to a preservation or conservation organization, which has a mission which includes environmental protection, land conservation, open space preservation, or historic preservation;
  • once recorded, becomes part of the property’s chain of title and, therefore, binding not only the historic property owner but all future owners as well;
  • permits the value of the easement to be a federal and/or state charitable deduction; and
  • reduces such property owner’s estate taxes.

There are many complex rules that must be followed in order to qualify for and maintain a historic preservation easement.

We will:

  • determine whether the federal historic preservation easement and/or any state historic preservation easement may apply, as well as any federal or state historic tax credit program;
  • underwrite the historic preservation easement financing;
  • complete national registration nomination applications;
  • complete federal (Part 1 and Appeal, if necessary (there is no Part 2 or Part 3 required), and state applications;
  • work closely with the National Park Service and the applicable State Historic Preservation Office;
  • identify preservation or conservation organizations;
  • identify other sources of financing;
  • structure the federal and/or state historic preservation easement financing;
  • collect due diligence materials;
  • manage the closing and funding; and
  • provide ongoing asset management, compliance and reporting services.