COLUMBIA, S.C. — On Thursday, the popular main street bar and restaurant The Whig announced they would be closing. The property where The Whig is housed is expected to be turned into a renovated hotel using what is known as the "Bailey Bill."
This bill grants historic property owners a tax break if they properly preserve the historic integrity of the building.
Amy Moore, with the city's Planning and Preservation Division says an approved property will not see any increase in taxes during the 20 year period following their approval even if the value of the property goes up.
"It takes the value of the house and the property at the time of what we call preliminary certification. It takes that value and says, 'Okay, millage may increase, but the value of the property is going to be held at this pre-rehabilitation rate for 20 years.'"
She adds the bill's goal is community development and advancement while retaining the historic charm of South Carolina.
"Here’s a real sense of place, this place has personality."
According to Janie Campbell, from Rogers Lewis, many buildings that you likely drive or walk past on a daily basis have utilized the bailey bill.
"Oh my gosh, they’ll see them everywhere, Hotel Trundle benefited from it, Lula Drake, Smoked, Hunter Gatherer by the Hangar."
Todd Avant, with Avant Holdings LLC, says he has used this bill to save his company from spending almost 25 cents on the dollar in taxes. These savings have been a deciding factor for some of his purchases.
"That has a huge impact on the economics, and then also when you go to lease the property out, depending how you set it up, it can be very advantageous for the tenants as well. It can give you a real competitive advantage."