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Historic Tax Credits News Briefs - July 2011

The Michigan Historic Preservation Network (MHPN) announced the 12 recipients of the 2011 Historic Preservation Awards. Willard Finch and Sharon Ferraro won the Citizens Award, which is reserved for outstanding individuals who have made a significant contribution to preserving Michigan's heritage. The Community Award, which goes to a community or other group that has implemented an historic preservation plan, was presented to Laketown Township and the Museum of Ojibwa Culture in St. Ignace. Laketown Township also received the Governmental/Institutional Award for leading a master plan for the historic preservation. The Felt Water Estate Garden and the Rochester-Avon Historical Society received the Preservation Gem Award, presented to projects that include restoration or rehabilitation. In the cultural landscape category, the River Raisin National Battlefield Park and River Raisin Heritage Trail in Monroe were recognized for preserving and interpreting the historic site. The Tax Credit Award went to Richard Karp and Kevin Prater for using historic tax credits (HTCs) to redevelop the Durant Hotel in Flint. John Halsey, Michael L. Quinn and James Schmiechen were honored with Lifetime Achievement awards. More information about the awards and the recipients is available at www.mhpn.org.

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Iowa Gov. Terry Branstad signed a bill to make the state HTC more comparable to the federal program. S.F. 521 changes the definitions of "eligible property," "placed in service" and other terms to match the Internal Revenue Code. The measure's provisions apply retroactively for projects approved on or after July 1, 2009. A copy of S.F. 521 is available at www.historictaxcredits.com.

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Pennrose Properties and the Quandel Group are rehabilitating the historic Steelton-Highspire Elementary School buildings in Steelton, Pa. and creating housing units. The $17 million development, Felton Lofts, will convert three late 19th and early 20th century school buildings into 83 affordable housing units. The buildings' combined 150,640 square feet of space will include one-, two- and three-bedroom units; a community center; and an indoor parking garage. The first building in the complex to be rehabilitated, the Felton Building, was constructed in 1882. The Pennsylvania Housing Finance Agency is among the financing partners providing project funding.

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Residents and retail tenants began moving into the Temtor, a former Coca-Cola syrup plant in St. Louis, Mo. that was rehabilitated with $10.5 million in federal and state HTC financing. Perennial Artisan Ales, with a microbrewery, a beer tasting room and patio beer garden, is the first of the four-story building's retail tenants, the St. Louis Post-Dispatch reported. The development features 77 housing units and nearly 16,000 feet of retail space. Other financing for the $27 million rehabilitation project included state brownfield tax credits, tax-increment financing and a HUD-insured mortgage. See the June 2010 issue of the Novogradac Journal of Tax Credits for more details on the project.

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Kansas' HTC program will fund repairs and renovations on the Clay County Courthouse's clock tower, the Clay Center Dispatch reported. The central four-face clock tower was constructed in 1901 and the courthouse added to the National Register of Historic Places in 1973. The state tax credit is equal to 25 percent of qualifying historic rehabilitation expenses.

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The National Trust for Historic Preservation released its 2011 list of America's 11 Most Endangered Places, an annual list that calls attention to significant examples of the nation's heritage that are at risk of destruction or irreparable damage. In its 24th year, this year's list includes the John Coltrane House in Dix Hills, N.Y.; Prentice Women's Hospital in Chicago, Ill.; Fort Gaines, a Civil War fortress in Dauphin Island, Ala.; Bear Butte in Meade County, S.D.; Belmead-on-the-James in Powhatan County, Va.; China Alley in Hanford, Calif.; Great Chaco Landscape in New Mexico; Isaac Manchester Farm in Avella, Pa.; National Soldiers Home Historic District in Milwaukee, Wis.; Pillsbury A Mill in Minneapolis, Minn.; and all sites imperiled by state actions. More information on potential threats to these historic sites and details on how to support their preservation are available at www.preservationnation.org.

Journal Category:

Historic Tax Credits

Authors:

Novogradac

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