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
Norton’s Ultimate Small Business
Jeff Strahin, now-owner of Jeff’s Ultimate Grill, came to Woodlands in 2020 through the Mon Forest Business Initiative. Jeff, a veteran of the US Navy, had been living in ...
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
The World Needs More Dale’s Trails
Tucker County, WV is known across the country as a mountain bike destination. With a thriving community of riders, endless miles of trails, and a growing group of local support ...
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
Call for Artists: Lost Towns of the Mon RFQ
Woodlands Development Group (Woodlands), is seeking professional artists to design and create original artwork for a Lost Towns of the Mon permanent art collection in the newly-rehabilitated Tygart Hotel ...
Read More
Paint it Black 3: Copyright, Contracts, and Creatives
Angela Kniery, attorney at law & photographer Tena Crites, Woodlands Community Lenders June 23rd, Tygart Hotel, Elkins, WV Register here Copyright, Contracts, and Creatives Unlocking Your Artistic Voice Online ...
Read More
2022 Lenders Annual Report & Audit
Click here or image above to view/download full annual report (.pdf)
Read More
Infill Investments Inspire Innovation
Infill development describes the process of reutilizing urban or neighborhood properties for new building. Infill development targets abandoned, underutilized, dilapidated, and problem properties in neighborhoods for redevelopment. This reduces ...
Read More
Do Unto Others: Belington’s Historic Building Rises Again
The 120-year-old building survived a 20-year vacancy, fires, weatherization challenges, and the test of time to rise again as a centerpiece, economic driver, and community space in the heart ...
Read More
Elkins/Randolph Community Input Needed
You know all those opinions you have? All the impassioned discussions you have over coffee, dinner, or at work? Here’s a chance for your opinions to make actual change ...
Read More