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$19M in tax credits awarded for restoration of historic buildings


The Iowa Economic Development Authority has awarded $19 million in Historic Preservation Tax Credits to restore 14 historic buildings. The program is administered by the Iowa Economic Development Authority, which announced the awards today. The agency received 23 applications requesting nearly $35 million in tax credits. Four projects in Des Moines were included on the list of those that received awards. They are:

  • Euclid Avenue State Bank Building, $479,280.
  • Globe Machinery and Supply Co./Globe Hoist, $2.58 million.
  • Varsity Theater, $1.06 million.
  • French Way Cleaners, $701,739.

The Historic Preservation Tax Credit program provides a state income tax credit to projects that rehabilitate historic buildings while maintaining their character. The deadline for the next round of large project applications is Jan. 9, when more than $20 million in tax credits will be available.

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