Tax Credits Project Portfolio
Featured Projects Portfolio
The Tennessee Theatre
The Tennessee Theatre, a $31.5 MM restoration and rehabilitation was the first nonprofit owner project to be financed by the National Trust for Historic Preservation using the “twinning process” of Historic Rehabiliation Tax Credits and New Markets Tax Credits.
This restored landmark in downtown Knoxville, Tennessee reopened in January 2005 as a fully modernized performing arts center and was named the 2005 National Preservation Honor Award Winner. This experience combined with a background in both the public sector and in industry, uniquely positions Plymouth Soundings to meet the needs of its Tax Credit clients.
Grundy Town Center
Grundy, VA is a small town located in the hills of Southwestern Virginia. In 1977, Grundy’s Commercial center was destroyed by flooding of the Levisa Fork River. This flood initiated a major flood control project to protect Grundy from future devastation. This flood project sparked new efforts to rebuild and provide a future for its remaining residents.
A new Town commercial center, anchored by Wal-Mart, was made possible through the use of New Markets Tax credit funding. The first phase of restoration required carving space out of the mountain side(well above the river) to build the new community. The new Town Center will become an economic engine stimulating additional development in the area. Already two additional buildings have been added bringing new business and jobs.
Plymouth Soundings working with the Grundy, VA Industrial Development Agency coordinated all financial activities necessary to obtain NMTC allocation, provided guidance to accounting during construction and conversion operations, assisted with audits and compliance reporting.
Arts Quest Performing Center
Award winning Performing Arts Center in Bethlehem, PA, built on the largest brownfield site in America. This state of the art facility has enabled significant expansion of the Musikfest, 10 day community festival, Christkindlmarkt and First Night events as well expanded delivery of other arts and educational programs to the Community.
This project was the beneficiary of NMTC’s. Plymouth Soundings acted as the Financial Coordinator during the project provided guidance during construction, assisted the Client in transitioning their accounting systems to a compliant operational mode and lead the Client through the project closeout and audit processes.
PBS-39 is a sister project to the ArtsQuest Performing Arts facility.
This project enabled the public broadcasting station to build a new facility, upgrade its broadcasting equipment, expand its offerings to schools and continue to provide meaningful local programming. PBS 39 received the National Broadcast and Engineering annual award for “Best Studio or RF (Radio Frequency) technology”.
Plymouth Soundings LLC provided financial coordination services, supported project accounting and reporting during construction, assisted Client in transferring the accounting function to operations, and provided additional post completion support with compliance reporting and audits.
The Stanley Theatre
Plymouth Soundings, LLC provided Tax Credit and other financial coordination, as well as accounting assistance for the major rehabilitation of this historic theatre/performing arts center.
Services during the Wind Down after Compliance Period or during the Investor Exit were also provided.
The Cotton Mill
The Cotton Mill is in fact an old Cotton Mill from the early 1900’s. It is located in a severely depressed part of Roanoke and has been abandoned for many years. The building was just another derelict building in a decaying part of the City.
It was recently purchased by a local developer and repurposed into a mixed use facility which included low cost housing for the local neighborhood residents. The Cotton Mill joins other buildings as part of this developer’s efforts to revitalize downtown Roanoke.
The Fox Theatre
The Fox accessed both New Markets and Federal Historic Tax Credits in a partnership with US Bank and Enterprise Community Investment Inc. When this project was concluded, it received New Markets and Federal Historic Tax Credits.
The renovation of the Fox Theater in Spokane, Washington, has won a prestigious Preservation Honor Award from the National Trust for Historic Preservation following completion of this restoration in 2007.
Photo Credit: Whitney Cox
The Patrick Henry Hotel
The once elegant Patrick Henry Hotel has been transformed into a mixed-use project that revitalizes a significant landmark in downtown Roanoke. Built in 1925, the 155,000 square-foot, 10-story hotel was part of the construction boom that swept the city in the decade after World War I. A decade ago, Roanoke’s downtown largely was a place where people did business by day and drove home to the suburbs by night. The transformation of the Patrick Henry is a vital piece of the ongoing revival and a growing urban lifestyle in downtown Roanoke.
The Patrick Henry project received a top honor from Virginia Business magazine. The rehabilitation was honored as the Best Historic Rehabilitation of 2011 by the magazine and was featured in its July 2012 issue. Commonwealth Architects is a full service Architecture, Historic Architecture, Interior Design, Planning, Landscape Architecture and 3D Visualization firm. Established in 1999, Commonwealth Architects serves clients throughout the Mid-Atlantic Region.
Plymouth Soundings coordinated all financial activities necessary to obtain the Federal and State HTC’s and the NMTC allocation, provided accounting guidance during construction, conversion to operations and during audits and compliance reporting.
Universal Preservation Hall
Saratoga Springs, NY
NEED PROJECT INFO FOR PORTFOLIO AND PROJECT PAGE
The Proctor’s Theatre
Teaming with Key Bank and Sherwin Williams Company, Proctor’s Theatre accessed a reduce rate New Market Tax Credit Loan, both Historic Rehabilitation and 10% Rehabilitation Federal Tax Credits, and NMTC’s. This theatre project had several unique elements including a heating plant, historic theatre on the National Register, and a contiguous property that was a “pre 1936” building that qualified for 10% credits.
Plymouth Soundings acted as the Financial Coordinator for multiple tax credit financing, integrated the tax credit deal structures with the financing already in place and additional financing subsequently acquired, assisted the Client in segregating costs between the relevant components of the project and related differing Tax Credit applications, establishing accounting for new entities, tracking intercompany activity and setting up the necessary procedures for compliance with the Historic and New Markets Tax Credits.
The Clemens Center
Partnering with Sherwin Williams, The Clemens Center project accessed 10% Rehabilitation Tax Credits, and is also currently being considered for New Markets Tax Credits. This project is very unique in that it involves a “pre-1936” structure intertwined with subsequent additions and a stage expansion incorporating a contiguous “pre-1936” annex for usage as additional “back of house” space and loading dock.
Plymouth Soundings coordinated the 10% Tax Credit financing and is continuing to work with the Client on final funding and cost certification with auditors.
Photos Copyright 2008 Star Gazette. Reprinted with Permission.
Ulster Performing Arts Center (UPAC)
Tax Credit and other financial consultation and accounting assistance for this project to rehabilitate an historic Theatre in downtown Ulster, NY.
This project has Federal Historic Tax Credits and State Historic Tax Credits assigned to investor, with last installment from investor due as soon as approved by the IRS.
The Adler in Davenport, IA benefited from Federal and State Historic Tax Credits as well as New Markets Tax Credits, partnering with the National Trust Community Investment Corporation, US Bank, and Iowa Business Growth. Tax Credits yielded over $11MM of project equity. Plymouth Soundings acted as the Financial Coordinator for the project with multiple investors, banks, CDE and state regulatory authorities.
This Theatre provided several unique challenges in that its completion and application for Federal Historic Tax Credits had to coordinate with the completion of another, separately owned and developed project that was physically a part of the overall facility structure.
Plymouth Soundings worked with Client to manage multiple stakeholder information needs. This included oversight of monthly cash flows during the construction period, preparation of the monthly draw requests of all invoices requiring payment and defining related funding sources for each draw. Coordination for close out of respective construction loans and rollovers to permanent funding was also provided.
As project was completed, Plymouth Soundings worked closely with regional accounting firm to establish ongoing protocols and cash flow requirements that would be recorded by accounting staff. Plymouth Soundings continues to provide ad hoc guidance and assistance as needed during the project compliance period.
Questions about how Tax Credits Financing can benefit your Project?
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