IPED Historic Tax Credits For Developers. Artspace Was founded in 1979 as an advocate for the space needs of artists in Minneapolis’ historic Warehouse.

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Presentation transcript:

IPED Historic Tax Credits For Developers

Artspace Was founded in 1979 as an advocate for the space needs of artists in Minneapolis’ historic Warehouse District Is now the nation’s leading nonprofit real estate developer for the arts Has completed 21 projects nationwide Has 3 projects under construction Has 12 projects in development

Development Criteria We accept projects that: reclaim areas that present redevelopment challenges to a city have strong community leadership involve buildings or land with significant historical context are located in areas with vital artist communities

Financing Tools Permanent mortgage lenders Low income housing tax credits Housing finance tools Historic rehabilitation resources Economic development initiatives Cultural facility grants Private sources (foundations, corporations, individuals)

Our Projects Are fully funded when they open Generate positive cash flow Typically take 3-5 years to complete Are self-sustaining Are owned and maintained by Artspace to ensure that they remain permanently affordable

Elder Street Lofts Houston, TX

Project Description

Project Motivation 1.Arts Facility Development 2.Neighborhood Development 3.Historic Preservation

Financing Structure

Lessons Historic Preservation can generate significant charitable support Archeology is a big deal Manage design/engineering/construction changes closely to avoid Part 3 problems Preservation projects can be transformative

Artspace Buffalo Buffalo, NY

Project Description

Project Motivation 1.Economic Development 2.Neighborhood Development 3.Arts Development

Financing Structure

Lessons Beware when mixing historic rehab and new construction Two sets of construction risk Different design and construction expertise Sequencing issues New construction on a historic site often involves brown field Mixing historic rehab with new construction provides product differentiation