Tennessee Theatre in Knoxville, TN
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 budget management. This was the first theatre project ever submitted to the National Park Service that “twinned” Historic Rehabilitation Tax Credits and New Markets Tax Credits, and one of the first three “twinned” projects by the Bank of America Fund. This project was completed at the end of 2004 “on time, and under budget” and received recognition and an award from the National Trust of Historic Preservation.
Plymouth Soundings acted as Client Representative for Tax Credit financing, design and construction of the Theatre through completion, project cost certification, start up, establishment of new accounting systems for multiple entities and final investor funding. Additional services included assistance and participation in selection of the Project Financing Team, and nationally recognized legal and accounting firms required to accomplish the Tax Credit financing. Plymouth Soundings also assisted in selection of Construction Contractor and worked closely with the Client, Contractor, Architect and Auditors to define costs that qualified for Historic Tax Credits. This was particularly critical because this project provided not only for the rehabilitation of the Historic Structure, but also the expansion of the stage.
Plymouth Soundings provided all monthly documentation required by banks, the Client board and Investors during the construction period and managed related cash flows with Client, Investor, and multiple Banks. Assistance was also provided for the initial audit of the new entities, established the protocol for ongoing accounting procedures, and transitioned same to the Client’s ongoing staff.
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