Theatres Commercial Historic
Featured Projects Portfolio
The Tennessee Theatre
The renovation of an historic 1928-movie palace transformed the Tennessee Theatre into one of the premiere performing arts center in Tennessee. The Tennessee Theatre, a $31.5 MM rehabilitation project, was the first theatre project that “twinned” Historic Rehabilitation and New Markets Tax Credits, and one of the first three “twinned” projects for the Bank of America Fund. This restored landmark in downtown Knoxville, Tennessee reopened in January 2005 as a fully modernized performing arts center and was named the “2005 National Preservation Honor Award” winner.
Project scope included facility design, contractor selection, coordination of all construction activities from architects to historic painters.
Responsibilities extended to financing, fundraising, accounting, operations planning, startup, cash flow and budget management.
Darlene (Dee) Smolik, as Project Financial Coordinator and Interim Executive Director, participated in the selection of the project financing team and nationally recognized legal and accounting firms required to accomplish the Tax Credit financing. Ms. Smolik also assisted in selection of the construction contractor and worked closely with the Client, contractor, architect, and auditors to define and maximize costs that qualified for Historic Tax Credits. The Project earned $5.4MM of Federal Historic Tax Credits and $2.4MM of Federal New Markets Tax Credits.
The project was completed at the end of 2004 “on time, and under budget”.
Grundy Town Center
Grundy, VA is a small town located in the hills of southwestern Virginia. In 1977, Grundy’s commercial center was destroyed by a 500-year flood. A $41.5 MM new town commercial center, anchored by Wal-Mart, was made possible by a $36MM New Markets Tax Credit allocation providing $14.3MM in New Markets Tax Credit funding. Additional funding was provided by the Virginia Coalfield Economic Development Authority (VCEDA) and Virginia Department of Transportation (VDOT) grants.
The new Town Center has become an economic engine stimulating additional development in the area. Two additional buildings have been added bringing additional business and jobs.
Plymouth Soundings, working with the Town of Grundy Industrial Development Authority, coordinated all financial activities necessary to obtain New Markets Tax Credit allocations and investment, provided guidance to accounting personnel during construction and conversion to operations, and assisted with audits and compliance reporting.
Plymouth Soundings continued to review operations, and ultimately maintained the books of record for the Client through the compliance period and coordinated the wind down process and investor exit at the end of the compliance period.
Plymouth Soundings continues to maintain books of record and coordinates with auditors and tax preparers.
ArtsQuest Festival and Performing Arts Center
The $34MM festival and performing arts center received $10.1MM in New Markets Tax Credits and was built on the largest brownfield site in America. This award winning, state-of-the-art facility has enabled significant expansion of the Musikfest, (10-day community festival), Christkindlmarkt, and First Night, and significantly expanded delivery of arts and educational programs to the community.
Plymouth Soundings acted as the Financial Coordinator during the project, provided guidance during construction, assisted in transitioning the accounting systems to a Tax Credit compliant operational mode, and led the Client through the project closeout and audit processes.
PBS39, sister project to the ArtsQuest Festival and Performing Arts Center, enabled the public broadcasting station to build a new facility, upgrade its broadcasting equipment, expand its offerings to schools and continue to provide meaningful local programming.
This Public Broadcast Station and Media Center in Bethlehem, PA was built on the largest brownfield in America.
PBS39 received the National Broadcast and Engineering annual award for “Best Studio or RF (Radio Frequency) Technology”. New Markets Tax Credits provided $8.5MM for their $21.5MM project.
Plymouth Soundings acted as the Financial Coordinator, supported project accounting and reporting during construction, assisted Client in transferring the accounting function to operations, provided support with compliance reporting and audits, and assisted in project wind down after the compliance period.
After – Project Completed
Before – Brownfield
The Stanley Theatre
A $35MM major rehabilitation of this historic theatre/performing arts center, involved 3 closings and received $4.4MM of Federal Historic Tax Credits, $4.4MM of State Historic Tax Credits, and $6.5MM of New Markets Tax Credits.
Plymouth Soundings provided Tax Credit and other financial coordination, accounting, and wind down services.
The Cotton Mill
An old cotton mill from the early 1900’s, located in a severely depressed part of Roanoke, was rehabilitated and repurposed into a mixed-use facility which included low-cost housing and commercial space.
The $19MM project received $2.5MM of Federal Historic Tax Credits and $3.1MM of State Historic Tax Credits
Plymouth Soundings provided accounting guidance, financing coordination, and construction and compliance period services.
The Fox Theater
The $28.4MM renovation of the historic Fox Theater won the “Preservation Honor Award” from the National Trust for Historic Preservation.
$4.9MM Federal Historic Tax Credits and $6.2MM of New Markets Tax Credits were received via a partnership with US Bank and Enterprise Community Investment Inc.
Plymouth Soundings provided Tax Credit financial and accounting assistance.
Photo Credit: Whitney Cox
Proctors is a historic theatre and contiguous to a property that was a pre-1936 building. This project was unique due to the pre-1936 contiguous property which qualified for the 10% Federal Tax Credit, and the addition of a district heating plant.
Working with Key Bank and Sherwin Williams Company, this $44MM project involved three closings, yielding $9.4MM State Qualified Empire Zone Enterprise / Historic Tax Credits (QEZE)QEZEs/HTCs), $6.7MM Federal Historic Tax Credits, and $2.1MM New Markets Tax Credits.
Plymouth Soundings acted as the financial coordinator for multiple tax credit financings, provided extensive financial consulting, established protocols for tracking inter-company activity, set up accounting procedures, and assisted in wind down after the compliance period.
The Public Building Authority of the County of Knox
and the City of Knoxville, TN
As the Chief Operating Officer of this public/quasi-governmental entity, Ms. Smolik oversaw multiple construction and architect professionals. In this role, she was responsible for oversight of $500MM of construction projects including schools, libraries, juvenile justice and convention centers with multiple funding sources.
The Patrick Henry Hotel
The once elegant Patrick Henry, a 55,000 square-foot hotel, built in 1925, was transformed into a mixed-use facility in downtown Roanoke. The $26MM project earned $4.5MM in Federal Historic Tax Credits, $5.6 MM in State Historic Tax Credits, and $2.9MM in New Markets Tax Credits.
The Patrick Henry project received a top honor from Virginia Business magazine. The rehabilitation was honored as the “Best Historic Rehabilitation of 2011”.
Plymouth Soundings coordinated all financial activities necessary to obtain the Federal and State Historic Tax Credits and the New Market Tax Credit allocation, provided accounting guidance during construction, conversion to operations, compliance period and during audits.
Universal Preservation Hall
Saratoga Springs, NY
Plymouth Soundings provided Tax Credit and other financial consultation and accounting assistance for the $14.8MM project to rehabilitate an 1871 high victorian gothic cathedral to a performing arts and education center incorporating modern technology within historic architecture.
The project earned $2.8MM in Federal and $2.8 MM in State Historic Tax Credits and was successfully completed in 2020.
Plymouth Soundings was actively involved in all financial aspects of the project from inception through construction to cost certification. Plymouth Soundings continues to provide support during the compliance period.
Ulster Performing Arts Center (UPAC)
Plymouth Soundings provided Tax Credit and other financial consultation and accounting assistance for this $10MM project to rehabilitate an historic theatre in downtown Ulster, NY built in 1926.
The theatre is the one of only three unaltered pre-World War II theatres in the Hudson Valley. The theatre went dark in 1977 and now has become home to the Hudson Valley Philharmonic, as well as providing many other presentation and educational opportunities.
This project earned $3.2MM in Federal Historic and $3.2MM in State Historic Tax Credits and was completed in late 2017.
Plymouth Soundings continues to provide support during the compliance Period.
Plymouth Soundings provided Tax Credit and other financial consultation and accounting assistance for this $15MM project to rehabilitate an historic bakery into a performing arts center, replacing the nearby facility historically leased and in full disrepair.
This project was awarded $5MM New Markets Tax Credit allocation and earned $2.8MM of Federal and $2.8MM of State Historic Tax Credits as well.
The project has saved and/or created 69 direct and multiple indirect jobs as well as impacted over 17,000 students and will be an economic generator for the economy in this highly distressed census tract.
The project was completed in 2020. Plymouth Soundings was an integral part of the project from inception. As part of the project finance team, Plymouth Soundings worked on the project reports needed for funding, identified and negotiated with both the Historic Tax Credit and New Markets Tax Credit investors, including term sheet negotiations. Plymouth Soundings coordinated the two separate financings for both Federal and State Historic Tax Credits, and subsequent financing from New Markets Tax Credits.
During the construction process, Plymouth Sounding coordinated the monthly construction draw requests for bridge funding from multiple sources. As funding sources fluctuated during the COVID pandemic, Plymouth Soundings worked with the finance group to identify additional options to complete the project.
During project completion and close-out, Plymouth Soundings coordinated and successfully maximized qualifying project costs for Historic Tax Credits and coordinated the capitalization of project costs.
Plymouth Soundings continues to provide compliance period support.
Plymouth Soundings provided Tax Credit and other financial consultation and accounting assistance for this $12.9MM project to rehabilitate an historic theatre that has been “dark” since 1986 into a performing arts center, bringing over 100,000 theater attendees per year to this severely distressed census tract and community.
Currently, New Markets Tax Credits allocation and Historic Tax Credit investments are being sought for this project that will provide 106 construction jobs and affect over 10,000 students, as well as being an economic generator for this highly distressed census tract.
The COVID pandemic has introduced challenges that are being addressed.
This project is in process with an anticipated completion by 2023.
This project, for rehabilitation of an historic theater built in the 1920’s and dark since 2006, is in very early stages of development with Part 1 approval from the National Park Service just being received.
Plymouth Soundings is providing consultation on Federal and State Historic Tax Credit financing, project development, and accounting services. Alternate strategies continue to be evaluated in response to the direct and indirect impact of the COVID pandemic.
The Clemens Center
The Clemens Center, a performing arts center in Elmira, NY, is unique in that it involved a “pre-1936” structure intertwined with subsequent additions, and a stage expansion incorporating a contiguous pre-1936 annex to be used for additional “back of house” space and loading dock. The $23MM project received $1.4MM of 10% Federal Historic Tax Credits and $5.9MM New Markets Tax Credits.
Plymouth Soundings provided Tax Credit, accounting, design and construction, compliance, reporting and funding services. After project completion, Plymouth Soundings coordinated the conversion of accounting protocols to multiple entity operations during the compliance period and provided wind down guidance.
Photos Copyright 2008 Star Gazette. Reprinted with Permission.
The rehabilitation of the Adler, an historic theatre in Davenport, IA, 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. The $18MM project qualified for $2.8MM in Federal Historic Tax Credits, $3.6MM of State Historic Tax Credits, and $5.2MM of New Markets Tax Credits.
Plymouth Soundings provided Tax Credit and financial coordination services as well as accounting services during construction, operations, compliance period, and wind down.