Demolition is the process of tearing down and removing an existing structure, typically to clear a site for new development or construction. This can involve a variety of methods, depending on the size, location, and type of construction of the building to be demolished.
A historic structure is a building officially recognized for its historic significance, thereby receiving a special income tax status. This status encourages restoration and discourages demolition or significant alteration. Qualified rehabilitation expenses for certified historic structures are eligible for a 20% tax credit.
Urban renewal is the process of redeveloping deteriorated sections of a city through demolition and new construction, often involving government programs to modernize and revitalize areas.
