American Republic renovation gets nearly $9 million in historic tax credits
The $34 million renovation of the iconic American Republic Insurance Co. headquarters at 601 Sixth Ave. in Des Moines was awarded more than $8.6 million in state historic tax credits Wednesday, one of six projects in the city that will receive a total of $15.5 million in credits. Statewide, the Iowa Department of Cultural Affairs issued $38 million in credits for 20 projects in 11 cities. The other Des Moines projects and the amounts of the tax credit awards were: Des Moines Fire Department headquarters shop building, $531,982; Samuel Green Rowhouse – Norden Hall, $333,802; Wilkins/Younkers project, $4.7 million; George W. Jones Building/Laster Motor Co., $547,046; Rawson Brothers Garage/Apperson-Iowa Motor Co., $718,355. The State Historic Preservation and Cultural & Entertainment District program offers a tax credit of 25 percent of qualified rehabilitation costs of historic buildings that are on or eligible for the National Register of Historic Places. This round of tax credits, the first that have been issued since a rewrite of state law that governs the program, are for projects that represent $165 million in total investments.