Community Banks Provide Key Investments to Push Tygart Hotel Project Forward
Historic Tax Credit investments close financing gaps on Elkins’ big hotel project
Tygart Hotel partners Pendleton Community Bank, Davis Trust Company, and Freedom Bank gathered on Friday, April 29th to celebrate the commencement of construction and to survey progress that has been made so far. These local banks have demonstrated their deep commitment to serving the needs of their communities by investing in Historic Tax Credits to fund the redevelopment of the historic hotel.
-
- Representatives from Woodlands, Freedom Bank, Pendleton Community Bank, and Davis Trust Company gather in the lobby of the Tygart Hotel which is currently undergoing renovation.
-
- The Tygart Hotel restoration project is deeply embedded in the downtown community.
-
- Project Architect Michael Mills discusses plans with Pendleton Community Bank’s Bill Loving
Woodlands’ Executive Director Dave Clark told the bank executives, “I can’t stress enough how critical this investment by the local banks has been to this project. We have over 14 investors in this project now from Maine to Richmond and they came on board because they saw the buy-in from our local institutions. Seeing what our community banks were willing to do made all the difference.”
Hugh Hitchcock, President and CEO of the Davis Trust Company said that this project, “Will be a game changer not just for the city but for the whole region.” He was proud that this contingent of community banks is leading the way to bring the Tygart Hotel project to fruition.
The Tygart Hotel, constructed in 1906, is listed on the National Register of Historic Places and is an anchor for Elkins’ Downtown Historic District. Rehabilitation projects can be much more complicated than new-build projects but they also have the potential to amplify their impact by saving, restoring, and revitalizing buildings and neighborhoods, as well as providing the new amenities, services, and jobs.
The federal Historic Tax Credit (HTC) program is administered by the National Park Service and the IRS. It offers building owners an income tax credit equal to 20% of the qualifying costs required to rehabilitate their certified historic structure. West Virginia also has a state HTC which covers an additional 25% of costs. These tax credits can provide a low-cost source of gap capital to drive a community development and historic preservation project towards viability.
As a tax-exempt, non-profit community developer, Woodlands is unable to make use of tax credit programs directly, making these partnerships with local institutions crucial to the success of the project. Freedom, Davis Trust, and PCB invested direct equity into the project and sign on as project partners. In return they receive income tax credits over the next five years and the community boasts improved amenities, job growth, and economic development.
Tygart Hotel Project on Track to Begin Reconstruction in Early 2022
Key partners and investors meet at Tygart property to discuss plans for the iconic and historic Elkins property. [09.29.2021] A group of local business owners, nonprofit organization leaders, and ...
Read More
The Slow Rescue of the Opera-less Opera House of Thomas, WV
feature image courtesy Alpine Heritage Preservation Imagine you are an enterprising settler in the highest and wildest part of the WV wilderness in the early 1890s. The booming coal ...
Read More
Train Rides Board Once Again at Historic Golden Rule Building
The Belington Revitalization Committee is very excited to be able to offer the first two train rides leaving from the Golden Rule in the 21st Century. With the long-awaited ...
Read More
Addressing Senior Housing Shortages
In 2016, West Virginia was officially the second oldest state in the country. At that time Woodlands and the Randolph County Housing Authority conducted a needs assessment in Randolph ...
Read More
Golden Rule Saved
Many of our housing and development projects are quiet, neighborhood projects that don’t demand much coverage in the press but the Golden Rule project in Belington, WV caught the ...
Read More
How To Make a Big Impact with Small Lending
Carla and Jason Kaposy felt compelled to make an investment that could be pivotal in spurring economic development in their hometown of Petersburg, a Mon Forest Town in Grant ...
Read More
Blackwater Apartments Now Providing Workforce Housing for Upper Tucker County
Eight units in Davis are move in ready as community deliberates on what project to take on next Together with the local supporters and state champions who made this ...
Read More
Invest Appalachia Announces $19M in New Funding
Invest Appalachia (IA) has announced $19M of new investment in a fund to provide capital to community economic development projects. Focused on increasing investment in Appalachia overall, 90% of ...
Read More
“I’m Very Particular About My Fish”
John Bell, owner and operator of Johnny B’s Campground in southern Randolph County, takes his fishing ponds very seriously. The central feature of a multi-faceted property, his three fishing ...
Read More
Firefly Commons Apartments Completed
Our new Firefly Commons project in Elkins is complete and fully leased. The 16-unit development is made up of six duplexes and a 4-unit townhome. After many years of ...
Read More
Big Timber Shows the Big Impact of Small Businesses
Matt and Ashley Kwasniewski were shopping around for startup capital for their craft brewery idea in 2012, just as we opened the doors of Lenders. None of the commercial ...
Read More