The Historic Petersburg Foundation was founded in 1967 by the Petersburg Chamber of Commerce, led by a group of individuals who were concerned about the demolition of many of Petersburg's finer structures, a good number of which had already disappeared. This non-profit organization was established to acquire, hold, improve, preserve, develop and restore sites, buildings, residences, and common areas that were part of the original plan of Petersburg. Additionally, the goal was to preserve and foster the neighborhood design and feel of the city. The mission also included preserving other structures of historical and architectural interest in and around Petersburg, and to increase the knowledge of and interest in the historical fabric and character of the community.

As a part of this mission Historic Petersburg Foundation has purchased a number of properties which are available for individuals to acquire for the purpose of restoration and making a home within the Petersburg community. The following checklist will help these individuals in the process of acquiring these properties and guide them in being a part of making the City of Petersburg a rewarding place to live.

WHEN YOU FIND A PROPERTY THAT YOU WOULD LIKE TO PURCHASE -

1. Contact a licensed real estate agent to draft a contract of purchase to be presented to Historic Petersburg Foundation
2. Request a copy of the Protective Easements that apply to the subject property (attached)
3. Request a copy of the Performance Note,and Subordinated Deed of Trust document, which will become a part of the contract (attached)

TERMS OF PURCHASE -

1. A Contract for Purchase must be completed in full, with all terms and conditions prepared.
2. Proof of ability to fund the full restoration of the property must be provided, either through a written pre-approval from a lending institution, or proof of funds in a current account.
3. A budget should be prepared outlining expected costs, based on contractor estimates, or architect's estimates.
4. An outline should be submitted of work to be accomplished and time schedules.
5. All exterior plans are to be approved by the Architectural Review Board of the City of Petersburg prior to work being commenced
6. The Protective Easements, the Performance Note, and the Subordinated Deed of Trust, will become a part of the contract for purchase.
7. The deadline for obtaining the Certificate of Occupancy varies from property to property and is negotiated on a case by case basis. Typically it should take up to eighteen months to obtain a Certificate of Occupancy
8. With reference to contractor purchasers: A list of projects constituting prior experience in the restoration of historic residential or commercial structures should be provide with the contract for purchase.

In the event that there is an application for state or federal tax credits, consult your accountant for guidance concerning necessary approvals by the Virginia Department of Historic Resources and/or the United States Department of Interior.

1. Property tax abatement programs are available, based on property location, through the City of Petersburg. Contact the Office of Economic Development.
2. Additionally, building, plumbing, mechanical, and electrical permit fees may be waived.
3. Business license fees may be waived for qualified businesses.

Assistance in any of these matters may be obtained by contacting the following: