> To: CHILDMUS - A Forum for Childrens Museum Professionals
<[log in to unmask]>
> Date: 10/22/2004 7:07:48 AM
> Subject: RE: [CHILDMUS] Money for capital expenses
>
> One thing that gets overlooked a lot is the federal tax credit system.
>
>
> The best thing since sliced bread is the federal and state tax credits
for historical building renovations. It’s a bit tricky but well worth it if
you can put up with it and end up selling the tax credits to recoup 80 to
90 % of your investments.
> The major drawback is the building exterior and any significant interior
items (stairs, windows etc) must be preserved and restored to original
condition. For Children’s Museums this means that your exterior may not be
able to look like a children’s Museum with the exceptions of removable
banners and the like.
> An example of a 1910 building restored (not as a Children’s Museum) but
as condos on three floors and a restaurant/bar on the ground floor is on my
web page.
> This building is a 1910 Victorian Italianate design. Total renovation
price (including buying the building) was $2,400,000. Tax credit retrieved
was $1,940,000 that was sold for 85 cents on the dollar or $1,649,000 +-.
This equated to $2,400,000 - $1,649,000 = a move in price cost to the owner
of  $751,000 to own the building. The amount of tax credits received is in
direct proportion to the historic importance. Just be ready for a few
headaches as the federal system is full of the most hair pulling
bureaucrats you wold ever find anywhere.
>
> To see the example go to www.architectsindesign.com
> Select institutional
> Select the cape Charles and you can see the building.
>
> William M. Greaves AIA, NCARB
> President
> Architects iN Design
> 1232 Wivenhoe Court
> Virginia Beach, Virginia 23454
> http://www.architectsindesign.com
> [log in to unmask]
> 1(757) 496-6489 phone/fax
> 1(757) 478-6489 cell
>
> > [Original Message]
> > From: grahams <[log in to unmask]>
> > To: CHILDMUS - A Forum for Childrens Museum Professionals
<[log in to unmask]>
> > Date: 10/21/2004 7:15:40 PM
> > Subject: [CHILDMUS] Money for capital expenses
> >
> > OK, we need money for remodeling the building (1920's) to make it code
> > compliant for a museum.  What were the best things you did to get the
> > funding for that expense?  Educational exhibit grants seem to be
numerous,
> > but capital grants are few and far between.
> >
> > Caroline'
> > Education Station
> >

=========================================================
Important Subscriber Information:

The Museum-L FAQ file is located at http://www.finalchapter.com/museum-l-faq/ . You may obtain detailed information about the listserv commands by sending a one line e-mail message to [log in to unmask] . The body of the message should read "help" (without the quotes).

If you decide to leave Museum-L, please send a one line e-mail message to [log in to unmask] . The body of the message should read "Signoff Museum-L" (without the quotes).