The Adler Theatre

Project

Cost-$17.7MM

HTC’s-$2.8MM
State

Credits-$3.6MM

NMTC Allocation-$5.1MM

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.

Click here to visit this theater’s website.

the adler theatre balcony

The Adler Theatre Balcony

Other Projects in Plymouth Soundings’ Portfolio

  • ArtsQuest Images, Plymouth Soundings Projects

    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.

    ArtsQuest
  • PBS – 39 Images, Plymouth Soundings Projects

    PBS-39 is a sister project to the ArtsQuest Performing Arts facility. This project enabled this 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
  • Grundy Town Center Images, Plymouth Soundings Projects

    Years ago this rural community was wiped out by multiple floods and only now can begin to reestablish 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.

    Grundy Town Center
  • Patrick Henry Hotel Images, Plymouth Soundings Projects

    The once elegant Patrick Henry Hotel in Roanoke, VA, has been transformed into a mixed-use project that revitalizes a significant downtown landmark. Built in 1921 and a sentimental favorite in Roanoke, the brick and stone hotel has been

    Patrick Henry Hotel
  • The Tennessee Theatre Images, Plymouth Soundings Projects

    The renovation of an historic 1928-movie palace transformed the Tennessee Theatre into one of the premiere performing arts facilities in Tennessee. Scope included coordination of construction project, financing, fundraising, accounting, operations planning, cash flow and

    The Tennessee Theatre
  • Proctor’s Theatre Images, Plymouth Soundings Projects

    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.

    Proctor’s Theatre
  • The Clemens Center Images, Plymouth Soundings Projects

    Partnering with Sherwin Williams, The Clemens Center project accessed 10% Rehabilitation Tax Credits, and is also currently being considered for New Markets Tax Credits.

    The Clemens Center
  • Cotton Mill Images, Plymouth Soundings Projects

    Cotton Mill State HTC’s-$3.1MM 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

    Cotton Mill