The last piece of financing is in place for the restoration and repurposing of the former Oddfellows Hall just west of the Sierra Community Theatre to Pillar Technology’s first small town Forge.
East State Street Properties LLC, the business name Chris Deal is using as developer of the building, will receive $423,652 in State Historic Preservation tax credits for the project, which has a total price tag of $1.7 million.
The tax credits for East State Street Properties was included in an announcement Tuesday by the Iowa Economic Development Authority of $23 million in State Historic Preservation tax credits. The program is administered by IEDA in partnership with the State Historic Preservation office.
For the October 2018 registration period, IEDA received 14 applications requesting $62 million in tax credits with approximately $23 million available to award. Projects were scored based on readiness, financing, and local support and participation.
The Historic Preservation Tax Credit program provides a state income tax credit to projects for rehabilitation of historic buildings. The program is designed to promote the retention of unique, character defining buildings and building features that contribute to a community and neighborhood. Rehabilitation must meet federal Secretary of Interior standards.
According to Deal, demolition has begun on the interior of the building and contractors are being lined up for the project. Completion is expected in late spring.
“It’s exciting to see that the project was awarded state tax credits in this most recent financing round,” Deal said. “This was a big step in moving this project forward, and it would not have been possible without the amazing support we’ve received from the community.”
