plymouth soundings big ship


Project Planning and Design

Plymouth Soundings involvement during the initial phase of the project is to help the Client understand the requirements, timing, and potential benefits of the Tax Credit process.

Plymouth Soundings works with the Client to define the project scope, determine if the project can qualify for Tax Credits, evaluate business plans, assess construction timing and budget, identify National Park Service requirements (for HTC’s), evaluate Client’s available information, and estimate the amount of potential funding.

Planning for Tax Credit financing ideally commences at project inception. There is much information to collect and analyze, and activities to complete.

Some of these are listed below:

  • Evaluate Client’s in-house capabilities and what additional support is required.
  • Determine if the project qualifies for Historic Tax Credit and/or New Markets Tax Credit programs.
  • Assess the project’s financial viability.
  • Review project cost estimates, timelines, and construction approach.
  • Estimate the amount of Qualifying Rehabilitation Expenditures and the amount of possible funding.
  • Review the required filings with the National Park Service.
  • Collect and evaluate Clients financial information.
  • Assist Client in preparing the business plan and the required operating forecasts.
  • Assemble team of required tax credit professionals.
  • Evaluate with Client additional funding sources including such items as: grants, State and Local Tax Credit programs, pledges and bridge financing options.

Success Story

…a critical team member that has a consistent focus on the detail but doesn’t lose site of the big picture…People often underestimate the complexity of their financings, and after the closing they recognize the key contributions by Dee (Darlene Smolik).

They also recognize, in hindsight, that they couldn’t have done it alone relying on their existing staff – the role she plays supplements her client’s team in a very important way.

Joel Cohn

CPA, CohnReznick Group