Capital Infusion From First-Time Use of Federal Historic and New Market Tax Credits Represents Major Milestone in $4.5 Million Restoration Effort

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 Bremer Bank.

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 schuster@mabeltainter.com.

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 www.usbank.com.

CONTACT: U.S. Bank Media Relations
Lisa H. Clark, 608-877-7517