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4. Doesn't the city have some kind of free money or grant program? Are we on our own with this?
Although many local governments are willing to assist in the project development, and some grants are available through state and federal agencies, these programs are often limited and unpredictable.
Dollar value of the awards may be overshadowed by the strings attached to use the money (e.g. prevailing wage standards, Davis-Bacon reporting requirements, etc.).
One of the best, biggest, and most reliable sources available to assist project financing is use of Historic Tax Credits and Preservation Easements. There are many complicated forms to fill out and procedures to follow but we can make the paperwork go through smoothly.
Other tools of the developers include Tax Incremental Financing, New Market Tax Credits, State Historical Tax credits (where available). The feasibility study will assess the pros and cons of using these funding sources and credits, and measure the costs against the benefits derived.
Grande Venues has a unique approach utilizing not-for-profit organizations, [those with a 501(c)(3) tax status] into the equation to provide advocacy and revenue for specific parts of the restoration/renovation projects including naming rights. We also assist in the creation of TENANTS TO RENT™ certain historic spaces.
Occasionally parts of the restoration/renovation will qualify for the tax credits and other portions may not. This can work for parking areas, corridors leading to other buildings, etc.
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