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Historic Tax Credits News Briefs - February 2015

The Ohio Development Services Agency (ODSA) announced a $25 million award Dec. 18, 2014, for the renovation of Music Hall in Cincinnati, and $404,203 for renovation of the Spitzer Plaza Hotel and Lorain Renaissance Inn in Lorain. Funding for Music Hall will go toward foundation work, such as a new stage, new seating, heating and air conditioning, the reopening of blocked windows, the removal of deteriorating walkways and the creation of additional production spaces. Renovations costs are expected to total $123 million. Built in 1878, Music Hall was listed on the National Trust for Historic Preservation’s most endangered historic places list. Renovation plans for Spitzer Plaza Hotel and Lorain Renaissance Inn, which have an estimated cost of more than $10.04 million, include 55 new market-rate apartments, as well as upgrades to the adjacent parking garage. The building was constructed in 1925 as an office complex. Occupancy in expected to being early 2017. The awards were part of $41.8 million in tax credits granted for 31 applicants to rehabilitate 35 historic Ohio buildings.

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The Maryland Historical Trust announced $10 million in Sustainable Communities Tax Credits for nine Maryland historic restoration projects Dec. 15, 2014. The Sustainable Communities Tax Credit program helps preserve historic structures, while also providing an economic boost to individual communities. Awards ranged from $45,000 for 511 Poplar Street in Cambridge to $3 million for Fells Point Recreation Pier in Baltimore.

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On Jan. 2, housing developer Sherman Associates announced the rehabilitation of Station Plaza Lofts in downtown St. Louis. Royal Bank of Canada is investing $6.9 million through federal housing and historic preservation tax credits. Sugar Creek Capital is investing $2.15 million in state housing tax credits, said Paul Keenan, a manager at Sherman Associates. Rehabilitation of the 125-year-old brick warehouse, built in 1889 as a warehouse to dry chewing tobacco, will cost $10.5 million. The six-story building will provide 87 studio, one- and two-bedroom apartments. Units will be available to individuals and families earning no more than 60 percent of the area median income (AMI). Work began in mid-January and it is expected to be ready for occupancy by Jan. 1, 2016.

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Wake Forest Baptist Medical Center announced Dec. 8, 2014, that it is moving forward with the construction of a new medical education facility in Winston-Salem, N.C. Construction will total $100 million, with $50 million in capital coming from a combination of federal and state HTCs and federal new markets tax credits (NMTCs). The other $50 million will come from a capital campaign that will be publicly launched this summer. The educational facility will occupy 168,000 square feet, with possible retail taking up 115,000 square feet. The facility will provide students with training in the most advanced environments for outpatient clinics, small-group learning spaces, an anatomy lab, clinical skills labs and patient simulation suites. Roughly 5,000 people will be employed or educated there. Construction began immediately and there is an expected completion date of July 2016.

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Historic Tax Credits

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