$75,000 in CDAA tax credits shared by Broken Bow, Humboldt, and Lincoln Community Betterment Projects
JANUARY 17, 2017 (LINCOLN, NEB.)— The Nebraska Department of Economic Development (DED) has awarded $75,000 in Community Development Assistance Act (CDAA) tax credits to the communities of Broken Bow, Humboldt, and Lincoln.
The City of Humboldt has been awarded $25,000 in CDAA tax credits to support the renovation of the historic Humboldt Auditorium. Built in 1941 as a WPA project, the building is in fine physical condition, the restoration effort involves ADA compliance and new HVAC, plumbing, and electrical systems. In addition, a commercial kitchen will be updated. The community is in need of a quality venue for public and social events.
The project involves two funding campaigns, the first of which is intended for structural, mechanical, and accessibility requirements. The second campaign will provide for the purchase of fixtures, equipment, and furnishings. On hand or committed at the time of application is approximately $425,000. An additional $325,000 is needed to complete the first phase of the project. Once complete, the Humboldt Auditorium is expected to be self-supporting.
The total budget for the first phase is estimated at $750,000. Richardson County Visitors Bureau, Friends of the Humboldt Auditorium, and the Humboldt Foundation have pledged $15,000, $10,000, and $50,000, respectively. In addition to the already secured $375,000 in Civic and Community Center Financing Fund (CCCFF) program grant funds, funds are being pursued through other grants, foundations, and a capital fundraising campaign. Recent renovation efforts began October 2016; construction is expected to commence March 2017. Contact Dennis Crispin at 402-862-2892.
LUX Center for the Arts has been awarded an additional $25,000 in CDAA tax credits in continued support of the Arts Campus project. Phase one renovations, including a new ceramics center and parking lot, are expected to be complete by June. Fundraising for phase two of the project is underway with $850,000 of $2.4 million remaining. Contact Susan McIntosh Kriz, Executive Director at 402-466-8692.
The Broken Bow Library Foundation has been awarded an additional $25,000 in CDAA tax credits to support the expansion of Broken Bow Public Library. The organization has secured over $1.7 million to complete the project, including a $375,000 grant from the CCCFF program. Contact Elisabeth Pracht, President at 308-872-2927.
Created in 1985, CDAA empowers the Nebraska Department of Economic Development to distribute a 40 percent state tax credit to businesses, corporations, insurance firms, financial institutions, or individuals that make eligible contributions of cash, real estate, and services or materials to approved community betterment projects in areas identified as economically distressed. Every dollar contributed to a project results in a $0.40 tax credit return thereby reducing an individual’s or firm’s state tax liability.
Projects that qualify for the tax credit program include: employment training, human and medical services, physical facility and neighborhood development services, recreational and educational activities, and crime prevention.