Historic Tax Credits News Briefs - December 2014

Monday, December 1, 2014

On Oct. 16, First Niagara, a federal deposit insurance corporation, announced $20.8 million in combined financing and historic tax credit (HTC) equity investments for Bethune Lofts at The Buffalo Meter Co. in North Buffalo, N.Y. First Niagara provided a $14.5 million construction loan and a $6.3 million HTC equity investment. The factory building, opened in 1915, was redeveloped into 87 modern loft apartments in the 100,000-square-foot facility. Amenities include an outdoor recreation area and an on-site fitness facility.

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The renovation of the St. Anthony Hotel in San Antonio, Texas, will make use of the Texas HTC. The state HTC offers a credit of 25 percent of the rehabilitation cost of a certified historic structure. The credit is effective Jan. 1, 2015, but properties undergoing renovation after Sept. 1, 2013, are eligible. Renovations of the 105-year-old building include new, modern, plumbing and wiring systems, as well as returning the lobby stairs and elements of the main lobby to original condition. Renovations are expected to be completed by January 2015.

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On Oct. 28, U.S. Bank and Integrated Motor Club, an affiliate of Murphy Pohlad Asset Management LLC, announced the closing of a $31 million transaction for the renovation of the Chicago Motor Club building. U.S. Bancorp Community Development Corporation (USBCDC) provided $5.5 million in federal HTC equity, and U.S. Bank N.A. provided a $25.5 million construction loan. Rehabilitation costs are expected to total $39.3 million. The 15-story, 85,000-square-foot building will be redeveloped into a hotel, with renovations being made to the exterior. In addition, the original mural inside the building will be preserved. There will be 143 hotel rooms available. Construction will create 250 construction jobs and 40 permanent jobs, and is expected to be complete in April 2015.

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On Oct. 8, the Advisory Council on Historic Preservation (ACHP) announced the appointment of Robert G. Stanton, at President Barack Obama’s request. Stanton will serve a four-year term as an expert member of the organization. Stanton was previously the senior adviser to the Secretary of the U.S. Department of the Interior in Washington, D.C. Before that, he was the 15th director of the National Park Service (NPS). He is a member of several national conservation organizations and initiatives, including the African-American Experience Fund of the National Park Foundation. Stanton also received awards such as the U.S. Presidential Rank Award for Distinguished Federal Executive Service and the Department of the Interior’s highest award. Stanton holds a Bachelor of Science degree from Huston-Tillotson University in Austin, Texas.

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The Wyoming State Historic Preservation Office announced the update of, “On the Road to Preservation: Wyoming’s Comprehensive Statewide Historic Preservation Plan 2007 – 2015.” The plan, last updated in 2007, will include input from citizens of Wyoming via a survey about historic buildings, archaeological sites and landscapes. More information about the public survey is available at www.wyoshpo.state.wy.us. The survey is open until Jan. 15, 2015.

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On Oct. 29, the Preservation League of New York State awarded Preserve New York grants to two Rochester-area municipalities. The Village of Holley will receive a $5,000 grant to complete a State and National Register of Historic Places nomination for a historic district that includes approximately 40 properties. Wayne Goodman, executive director of The Landmark Society of Western New York, said in a press release in readMedia that the former Holley High School, a listing on the Landmark Society’s Five to Revive list, will be eligible for HTCs. That makes it a potential reuse project and it will be more viable for investors. The Village of LeRoy will receive a $4,000 grant to complete a State and National Register of Historic Places nomination for a historic district in downtown LeRoy, which includes the Town Hall and nearly 50 commercial and public buildings. A total of 15 applicants in 12 counties were selected for the Preserve New York grant program at the August 2014 meeting. A total of $100,000 is available in funding.

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The Advisory Council on Historic Preservation (ACHP) held its quarterly business meeting Nov. 6 at the Russell Senate Office Building. The agenda included items such as the presentation of the Chairman’s Award for Historic Preservation Achievement, historic preservation policy and programs, funding for tribal state historic preservation programs and the 50th anniversary of the National Historic Preservation Act. The notice is available at www.historictaxcredits.com.

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Landmark Illinois, a statewide group that promotes the protection of historic properties, announced nine winners of the Richard H. Driehaus Foundation Preservation Award. The group says the awards went to preservation efforts that demonstrated stewardship, activism and continued investment, as well as preserving places that create more vibrant and vital communities across Illinois. The winners were Illinois State Capitol for project of the year; Pere Marquette for the president’s award for rehabilitation; Apple River State Bank for rehabilitation, the Arcade Building for restoration; the Charleston Historic Preservation Commission for advocacy; the Fortnightly of Chicago for stewardship; the Indian Boundary Park Field House for restoration; Walker and Carolyn Johnson for lifetime achievement; and the Wrigley Building for rehabilitation. The winners received the award at a special ceremony Nov. 1 at the InterContinental Hotel in Chicago.

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Phoenix Mitchell, an affiliate of Phoenix Investors LLC, announced the redevelopment of former Goldmann’s Department Store in Milwaukee, Wis., into a medical clinic. Phoenix Mitchell will convert the vacant two-story building into the Gerald L. Ignace Indian Health Center. The redevelopment of the 42,000-square-foot building will be financed with state and federal historic preservation tax credits, as well as federal new markets tax credits. Total redevelopment cost is expected to be $6 million. That nonprofit medical clinic will serve approximately 2,000 lower-income people annually, and will expand its primary care services, including pediatric, dental care and behavioral health care. Construction is expected to begin in January 2015, with move-in plans set for July 2015.

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