Hoosier Desk site recommended for 25% tax credit
The Hoosier Desk site has initially qualified for a 25% tax credit for use as a combined Jasper Public Library and Jasper Community Arts Commission project.
The Jasper Public Library Board of Directors heard that the application for Industrial Recovery Tax Credits submitted to a review board for the Indiana Economic Development Corporation (IEDC) has been approved. It will be considered for final approval in December.
“Indiana Economic Development Corporation is pleased to inform you that the Industrial Recovery Tax Credit has been approved for the rehabilitation industrial recovery site in the City of Jasper,” library board president Dean Vonderheide read to the board Thursday night.
Vonderheide added that the project’s final approval was nearly guaranteed according to discussions he has had with members of the IEDC. “This was a huge undertaking to get this application completed,” he said. “And the IEDC said it was a model application and the project was exactly the type of thing they were looking to support.”
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The application for the project included plans for the joint project with an estimated cost of $13.841 million. The cost does not include soft costs like the architectural and design plans for the project. Based on that amount, the tax credit for the project comes out to $3.46 million.
The application also indicated if the project moves forward, the current Hoosier Desk building would be demolished to make way for the new joint project.
According to board president Dean Vonderheide, the project was submitted as a joint project with the library and Jasper Community Arts Commission to take advantage of the percentage-based tax credit.
Due to the project being a public project, the library and city applied for the project through a developer named City Property Groups. “We have no obligation to City Property Groups,” Vonderheide said. “They indicated they have done this for several projects in the past.”
Those tax credits can be sold to help fund the combined project.
The written and verbal assurances by the IEDC are important to the library board since they will likely make a decision next Monday on what project they will pursue in regards to the future of the library. The two options for the board at this time are to build a new combined library and arts cultural center at the Hoosier Desk site or to add on and expand at the current library’s location on Main St.
“This is one key factor in making a decision on this site,” Vonderheide said. “We are still in negotiation over the price [for Hoosier Desk].”
According to Vonderheide, the board will have cost estimates for both projects — including the cost to purchase Hoosier Desk — to consider when they make their decision. They have fast-tracked the decision to meet a self-imposed deadline to be on the ballot for a 2016 referendum if voter approval is necessary to move forward with the project. The library board has indicated it is exploring other options for funding to lessen the load on property tax payers.
The special meeting is scheduled for Monday, September 14, at 8 p.m. at the Library Annex, 1103 Main St., Jasper.
“The board has reiterated that once we make a decision, we are all in. It is unanimous support no matter what decision is made,” Vonderheide said.
