Proctor’s Theatre in Schenectady, NY
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. The project was completed in multiple phases and involved three separate closings.
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.
Services are ongoing and include assistance in special transactions as well as preparation for and support during the annual multi company audit and consolidation.
The League of Historic American Theatres, celebrating leadership among historic theatres throughout North America, presented its 2009 Outstanding Historic Theatre Award to Proctors in Schenectady, NY.
Click here to visit this theater’s website.
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