IPED

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IPED Historic Tax Credits For Developers
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Artspace

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

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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

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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)

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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

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Elder Street Lofts Houston, TX
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Project Description
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Project Motivation

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

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Financing Structure
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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

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Artspace Buffalo Buffalo, NY
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Project Description
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Project Motivation

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

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Financing Structure
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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