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City signs letter of interest to pursue federal historic tax credits for Plaza Theatre restoration
Summary
The council approved a letter of interest letting the city and the Plaza Theatre Foundation pursue federal historic tax credit financing; consultants said the project could yield more than $2.8 million net to the city but requires complex legal and financial work and subsequent council approval of any final deal.
The Palm Springs City Council on May 28 authorized city staff to enter a letter of interest with the Plaza Theatre Foundation and a nonprofit intermediary to pursue federal historic tax credit financing for the city’s downtown Plaza Theatre restoration.
City Attorney (presenting) told the council that the proposed approach would use private investment to monetize federal historic tax credits and could provide significant funding for the restoration while preserving city ownership of the property through long‑term lease structures.
“This proposed tax credit financing for the theater is being facilitated by an organization, a nonprofit, National Trust Community Investment Corporation,” the city attorney said in the staff presentation. He summarized the financing mechanics: a private investor would provide equity and…
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