Capital Infusion From First-Time Use of Federal Historic and New
Market Tax Credits Represents Major Milestone in $4.5 Million
MENOMONIE, Wis.--(BUSINESS WIRE)--Nov. 29, 2006--The Mabel Tainter
Memorial Theater, a historic Richardsonian Romanesque style theater
under restoration in downtown Menomonie, announced it has secured
investments totaling $1.5 million through partnerships that utilize
Historic and New Market Tax Credits. This support lifts the capital
campaign close to its $4.5 million goal and puts the project on track
for completion by Fall of 2007.
The investments are the result of partnerships formed by U.S.
Bancorp Community Development Corporation (USBCDC) and Community
Development Funding. The agreements make use of federal economic
incentives programs that facilitate significant corporate investment
in historic and new market projects. Gap financing will be provided by
Menomonie Mayor Dennis Kropp commented, "This is an innovative and
creative move by the Mabel Theater, and a great use of resources that
will boost our entire region."
JeriLynn Young, U.S. Bancorp Community Development Corporation
vice president and project manager said, "Restoration of this
Menomonie landmark furthers the goal of the New Market and Historic
tax credit program and of U.S. Bancorp Community Development
Corporation to provide assistance for projects that serve as catalysts
to economic development in communities across the country."
She noted other historic theaters in the United States that have
utilized the combination of Historic and New Market Tax Credits
including the Atlas Theatre in Washington, D.C.; The Fox Theatre in
Spokane, Washington; Knoxville's Tennessee Theater, the Colonial
Theater in Pittsfield, Massachusetts and the Stanley Theater in Utica,
N.Y. "The rebirth of these theaters spurred further development in and
around them," added Young.
Frank Burdick, Mabel Tainter Memorial Theatre board president
said, "This renovation has been in the hearts and minds of many for
the past 40 years and this capital infusion has made it economically
viable to begin and to help preserve one of Menomonie's most
significant historic buildings."
A recent impact study conducted by Sutton & Associates forecasts
the theater will be an economic generator for the region. The
restoration project will create up to 65 construction jobs and
generate an estimated $5.5 million in economic activity during
construction and the first year of operation. Direct, indirect and
induced economic activity from the Theater's operation is projected to
reach $1.5 million annually.
Gary Schuster, executive director of the Mabel Tainter Memorial
Theater, said, "Elderly and disabled will enjoy the much needed
improvements planned to this 116 year-old building such as
street-level access on the north side of the building, a new lobby
elevator to the Theater's three floors, new fully accessible restrooms
and theater seating. The existing historic entrance on Main Street
will remain unchanged, but the ancient plumbing system, original
electrical wiring and worn windows will be replaced as well as a new
roof and fire suppression system added.
"We're entering the home stretch for this capital campaign," said
Schuster. "More than $2.6 million has been raised through the initial
generosity of individuals, corporations and foundations and a matching
grant of $1.65 million has been earmarked for the campaign by Dunn
County and the City of Menomonie. In addition to these significant
funds, which come from outside the community, we will continue to seek
support from local corporations, individuals and public sources to
raise the curtain on the restored Mabel Theater next year."
The theater currently attracts more than 40,000 visitors per year,
but the number of visitors to the renovated building is expected to
double within five years. Operating expenses for the improved and
fully accessible facilities will be supported by greater income from
additional events, performances, conferences, meetings and receptions.
More information about the BRAVO! Campaign, and how tax-deductible
contributions can be designated for specific improvements, can be
obtained by calling Schuster at 715-235-9726 ext. 17 or
About the Mabel Tainter Theater
The theater was built 116 years ago by Andrew and Bertha Tainter
in memory of their daughter, Mabel, who died at age 19. One hundred
stone cutters, many of them Scotsmen, hand-split six-to-seven ton
Dunville sandstone blocks for the building. The theater has served as
a regional cultural center, showcasing a variety of theatrical,
musical and dance performances and art exhibits.
U.S. Bancorp's Community Development Corporation, with assets of
nearly $3 billion, is one of the largest new market tax credit
investors in the country. It also finances affordable housing and
community development projects through the use of low-income housing
and historic tax credits. It is a subsidiary of U.S. Bancorp
(NYSE:USB), with assets of $213 billion, which is the sixth-largest
financial holding company in the United States. The company operates
2,434 banking offices and 4,966 ATMs, and provides a comprehensive
line of banking, brokerage, insurance, investment, mortgage, trust and
payment services products to consumers, businesses and institutions.
U.S. Bancorp is the parent company of U.S. Bank, which has 100 offices
and 300 ATMs in the St .Louis area. Visit U.S. Bancorp on the web at
CONTACT: U.S. Bank Media Relations
Lisa H. Clark, 608-877-7517