March 11, 2015
NDC’s NMTC project, Capitol Theatre mentioned in ERN Mountain States Article. See article below.
New Markets Tax Credit Equity was used to bridge a gap in financing, which allowed the completion of the Capitol Theatre. The restoration of the 75,000 SF theatre includes an expanded lobby and increased circulation space. The theatre has been refitted for ADA accessibility and new elevators for easier access. In addition, the NMTC project will finance the construction of an adjacent 51,000 SF dance studio for Ballet West. The new Jessie Eccles Quinney Center for Dance will increase current enrollment to 600 students and triple the number of Dance Academy scholarships provided to low income students. The modernization and restoration of the treasured Capitol Theatre will allow the theatre to continue to serve as a center for the arts in downtown Salt Lake City for generations to come.
NDC’s $8 million Qualified Equity Investment in the $29.7 million project was combined with financing from Morgan Stanley, resulting in the expected creation and/or retention of 600 construction jobs and 18 permanent jobs.