The Tivoli Theatre Foundation has closed a $9 million New Markets Tax Credit transaction which supports the restoration of the Historic Tivoli Theatre and the creation of the new Tivoli Performing Arts Center.
The now fully-funded project includes an expanded lobby, ground floor retail, commercial offices, a new 250 seat cinema and performance hall and a wide variety of other multi-use spaces for community arts organizations.
Work is set to start in December or January.
The investment was made by U.S. Bancorp Impact Finance and facilitated by National Trust Community Investment Corporation, a Washington, D.C.-based Community Development Entity.
Nick Wilkinson, CEO of the Tivoli Theatre Foundation, said, “This remarkable investment by U.S. Bancorp Impact Finance and the National Trust Community Investment Corporation (NTCIC) ensures that we may now begin our journey of enriching the Chattanooga community through this special project – one that highlights our vibrant education program and diverse concert calendar, as well as marks the return our fantastic Broadway series to the fully renovated Tivoli Theatre,.
“We thank both U.S. Bancorp Impact Finance and NTCIC for their commitment to this project and their belief in our mission to breathe life into one of Chattanooga’s most beloved landmarks.”
U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, provides solutions that create financial, social and environmental returns for communities across the country. New Markets Tax Credits finance projects that support business growth, job creation and economic development in underserved communities.
“It’s our pleasure to invest in the restoration of these historic buildings, which will expand access to the visual and performing arts in Chattanooga while supporting economic growth in downtown Chattanooga,” said U.S. Bancorp Impact Finance Senior Vice President of NMTCs and Historic Tax Credits Bill Carson. “The New Markets Tax Credits program is an ideal financial solution for enhancing economic vitality and supporting arts education.”
The Tivoli Theatre Foundation also expects to seek additional proceeds from a Historic Tax Credit investment in the coming weeks. The Foundation also extends its gratitude to numerous other financing partners, as this complex project is 90% funded via private entities.