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iy, February 20.1080

The Herald and Ihe Lantern

• Price Of ‘Legals’ Knocked VILLAS — At least one member of the Lower Township governing body doesn’t think it’s fair that residents have to pay up to $2 a week to find out what the township is legally advertising. “A lot of people in our township can’t afford to buy a paper seven days a week to read the legals,” Committeemember Peggie Bieberbach said at the latest meeting of the governing body. The subject was broached at the Feb. 11 township committee meeting during a controversial discussion on the public sale of unused township property. The legal advertisements of the township — notices of pending ordinances, bids, public auctions, planning and zoning board minutes, etc. — appear in the daily newspaper, which costs 25 cents per weekday issue and 50 cents on Sunday. During prior township committee meetings, there has been criticism from other circles about the legals being placed in the daily, instead of the triweekly where they appeared previously. Several years ago, the legal advertisements appeared in a newspaper that is published once a week. There have also been allegations that the legals

Page 23

No Hordes for Tax Break On Renovating Historic Buildings

MtM.

SINKING FEELING must really be felt by these two construction workers as another bucket of mud is gobbled up from inside the 17 ft. high concrett foundation walls of a pumping station being built by the county MUA at Third St. in Ocean City. Object is to have the foundation settle into the ground as it is dug away, prior to adding another 18 ft. section. Eventually the footing will be 35 ft. beneath

the surface.

CAPE MAY — It was during the Bicentennial year that Congress eased the federal tax laws making it more attractive for the investor to deal with the high cost of fixing up an historic proj)erty. Since 1976, however, the line of business people flocking to take advantage of the new tax break hasn't been all that long. About 1.200 projects nationally are underway currently, according to the ‘‘Wall Street Journal" which reports most involve small buildings owned by investors and adds that that number could double

4his year

This thousand-plus figure includes those investors who didn't enter the renovation picture until 1978 or after when the 1976 tax law had been further amended to ease the penalties for selling restored properties ONE SOURCE QUOTED by the Journal said that as many as a million properties may qualify under the federal tax law which allows accelerated write-offs of renovation costs. In order to qualify, a property must be listed as historically significant by the Federal Dept of the

Interior^

So in the "nation's oldest seashore resort." where the entire town is listed as an Historic Site; why aren't more owners of historic properties taking advantage of the tax break; ditto nationwide? Local sources indicate the reason may be threefold: (1) the historic property must be used for a commercial purpose since it is a business tax write-off tmd is irtvoived; great grandmother's estate, now a private summer vacation home, doesn't qualify; (2) the owners of many historic

were yanked from the triweekly for political reasons, a charge the Republican-dominated township committee has denied, claiming, instead, the legals were awarded to the paper with the largest circulation.

Moran On Job For County

N. CAPE MAY-Deputy township mayor Jack Moran completed his first week in his new $8,20O-a-year job as a mail courier for the county yesterday. Mr. Moran joined the county work forces a few days following published reports that the Internal Revenue Service had filed liens totaling over $15,000 against his property for allegedly failing to pay employer withholding and unemployment taxes as far hack as June 1978. The 55-year-old township committeeman indicated late Monday that the county job, for which he filed an application some time after learning of the

opening would be temporary, but that he had no private employment offers at this time. He did say that he had an offer, and received a deposit, from another businessman interested in buying his Jack’s Corner restaurant business, here, which has been closed for sometime. Mr. Moran, who had more than three years of experience as a substitute letter carrier years ago in Philadelphia following his discharge from the Navy said he enjoyed the work, and didn't realize just how much mail and to how many places it was delivered within county government. ^

properties intend to own them for d long time and therefore the short-term depreciation write-off wouldn't be in their , best interest; and (3» the paper wofk involved may discourage the small time investor. THE SECOND REASON cited ~ the long term holding of an historic property (often by a descendant of the builder's or originally owner's family) - for reluc lance to week out the tax break seetns to be the strongest deterrent On the Cape May scene. Congress Hall was mentioned as the type of building that would probably be more within the scope of the tax law than the more numerous Victorian-period guesthouses On the nationwide scene, it has been buildings like the Woolworth structure in New York •City which has attracted the most at tention. despite the fact that it is smaller buildings which predominate, according to the Journal THE JOURNAL also reported that President Carter’s 1981 budget is asking for a one-year extension of the law so that its results to date can be scrutinized. In the meantime, investors with com mercial historic holdings have about 18 months to decide whether to take ad- ' vantage of the existing accelerated renovation write-off or not Before the '76 law became effective, the purchaser of an historic building could not recoup his massive renovation expenses except over the traditional longhaul. a process that ofteji negated the intrinsic benefits of owning an attractive and/or historically sigrtificant old property.

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