The Adler Theatre





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.

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the adler theatre balcony

The Adler Theatre Balcony

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