The Chicago firm that plans a $40 million conversion of the historic Midland Building in downtown Des Moines has been approved for nearly $4.7 million in state historic tax credits for the project, according to a release from the Iowa Economic Development Authority. Aparium Hotel Group, developers of Chicago’s Elysian Hotel, a high-end property in the city’s Gold Coast that was later renamed the Waldorf Astoria, bought the 105-year-old office building at 206 Sixth Ave. last year and announced plans for a conversion to a luxury hotel. Earlier this year, the 12-story structure was added to the National Register of Historic Places. The city of Des Moines has approved a development agreement that will provide an estimated $4 million in tax increment finance revenues to the developers over a 15-year period. The project also has been approved for a state brownfield tax credit of $400,000. In October, the Des Moines City Council agreed to amend the city’s development agreement with Aparium to give the firm more time to shore up financing for the project. Under the amended agreement, the completion date was moved to May 1, 2020, from Dec. 31, 2019. IEDA said it received 14 applications requesting $62 million in tax credits statewide. Seven projects totaling $23 million, the pool of funds available under the most recent registration period, were approved.