Hoyt Sherman Place Receives Historic Tax Credits
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Wednesday, July 15, 2020
For Immediate Release:
Contact: Molly Pins
HOYT SHERMAN PLACE RECEIVES HISTORIC TAX CREDITS
A portion of the funds will be used to restore the second floor of the historic mansion
(Des Moines, IA) Hoyt Sherman Place is pleased to announce that it has received more than $710,000 in historic tax credits from the Iowa Economic Development Authority. The funding will be used to update, improve and restore the historic areas of the facility, including the mansion, art galleries and theater.
“We simply could not be more proud of this award,” said Robert Warren, Executive Director. “This funding proves our commitment to this historic facility, its maintenance and improvements.”
A portion of the funds will be used to restore historical significance to the second floor of the Hoyt Sherman Place mansion, including the master bedroom, sitting parlor and children’s bedrooms. The restoration will include museum-quality attributes including period-appropriate window treatments, furniture, flooring, paint, lighting and décor. The space will also showcase recently acquired photos of the Sherman Family.
Through a generous donation, a turn of the century his-and-hers bedroom set with twin beds, one night stand and an armoire will complete the master bedroom. Additional pieces of furniture will be taken out of storage and put on display. When complete, this project will open the second floor of the mansion to public tours for the first time in the recent history of the museum.
Other already completed improvements include a new HVAC system to better control separate rooms in the facility, new wayfinding signage in the theater, an improved handicap accessible lift, updated security in the art galleries, an enhanced sound system in the theater, and more.
The Historic Preservation Tax Credit Program provides a state income tax credit to projects for rehabilitation of historic buildings. The program is designed to promote the retention of unique, character defining buildings, and their features, that contribute to a community and neighborhood. Rehabilitation must meet the federal Secretary of Interior standards. The Historic Preservation Tax Credit Program is administered by Iowa Economic Development Authority (IEDA) in partnership with the State Historic Preservation Office.
For the May 2020 registration period, IEDA received 23 applications requesting $33 million in tax credits. For this registration round, approximately $22 million was available for award. Projects are scored based on readiness, financing, local support and participation. Fifteen (15) awards we made in this round.
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