Historic Theater Renovation
The Challenge
A Kansas City developer was working to renovate and restore a century-old theater – a $8.8 million project – and was working with a historic preservationist to list the property on the National Register of Historic Places. Once that was accomplished, the preservation firm referred the developer to Springline to pursue historic tax credits to make the cost of the project feasible.
Our Solution
The Springline team prepared financial projections and secured grants from the city, which were processed through a nonprofit as prepaid rent into the development. This allowed the developer to avoid the tax hit on the income they received from the grant. The team also worked on the applications for both federal tax credits and historic credits from the state of Missouri by gathering financial data, running analyses, and creating financial projections and pro forma numbers.
Client Impact & Results
The Springline team was able to secure $1.3 million in federal tax credit equity and approximately $1.9 million of historic tax credit equity from the state of Missouri, allowing the project to move forward.
