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.
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- 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.
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- The Tygart Hotel restoration project is deeply embedded in the downtown community.
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- 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.
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