Cultural Center receives $3.42 million tax credit
The Jasper Cultural Center proposed for the Hoosier Desk site received a $3.42 million boost today in the form of tax credits.
The Policy Committee of the Indiana Economic Development Corporation today formally approved the use of Industrial Recovery Tax Credits — also known as dino tax credits in reference to the large, abandoned industrial sites they impact — towards the proposed Jasper Cultural Center. The credits passed the first stage of the approval process in September.
The credits passed the first stage of the approval process in September.
The credits of nearly $3.5 million will contribute to funding of the combined arts and library development at the former Hoosier Desk site.
The credits were awarded to private developer City Properties Group, a division of Louisville-based CityVisions Associates. At Monday’s meeting, the library board discussed being able to transfer the credits to another developer if City Properties Group does not sign on as the developer for the proposed housing and retail/restaurant areas of the cultural center.
The dino tax credits greatly reduce the cost of purchasing and repurposing the site.
Library Board President Dean Vonderheide, Library Director Christine Golden, Director of Jasper Arts Kit Miracle, City of Jasper attorney Renee Kabrick and Mayor Terry Seitz traveled to Indianapolis to make the presentation to the IEDC today.
Doesn’t the building have to be demo’d as part of the conditions of the Dino tax credits?
According to the FAQ on the IEDC website, no it does not have to be demolished.
From the page: A qualified investment is made when the taxpayer incurs expenditures for the rehabilitation of real property located within an industrial recovery site. Rehabilitation expenditures include the remodeling, repair, betterment, enlargement, or extension of real property. Eligible costs may include:
• Acquisition costs, when made to enlarge or extend the industrial recovery site
• Architectural and engineering fees
• Construction management and demolition costs
• Environmental remediation costs
• Non-movable furniture, fixtures and equipment
• Permitting costs directly related to rehabilitation
• Other hard costs
Will there be an environmental study done? I would hope they would check the ash pits where finishes were routinely dumped at the time this company was in production.
The location is considered a Brownfield site and a two-phase environmental study is being completed. The first phase has been completed.
What firm did the testing? When were the results of the study completed? Did they locTe and test the ash pits? If completed, where are test results posted?