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Val Air Ballroom awarded historic tax credits for renovations

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The Val Air Ballroom will get more than $3.4 million in tax credits from the Iowa Economic Development Authority for renovations. Business Record file photo.

The renovation of the Val Air Ballroom is one of four metro-area projects to be awarded historic tax credits to help fund improvements.

The ballroom received more than $3.4 million to be restored and modernized so it can continue to be used as a midsized entertainment venue. Earlier this year, the venue’s owners announced plans for a $14.5 million renovation to the property that would include raising the roof to accommodate modifications to the stage.

The award to VAB LLC was part of $25.4 million in historic tax credits awarded to 15 projects that were announced Thursday. The other metro-area recipients include Drake University, which received nearly $3.2 million for the renovation of Meredith Memorial Hall and office space; HOM Investments 6 LLC, which received nearly $1.2 million for improvements to 42 apartments in the Concord apartments; and Van-Am Properties LLC, which received $382,406 for improvements to 15 apartments in the Vera Cruz Apartments.

The projects were chosen from a list of 18 applicants requesting $35 million in tax credits, which are administered by the Iowa Economic Development Authority. A full list of award recipients can be found on the IEDA website.

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