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Board committee advances $13 million Geneva Car Barn & Powerhouse renovation and tax‑credit financing package
Summary
The Budget & Finance Committee forwarded five linked measures to the full Board advancing renovation of the Geneva Car Barn & Powerhouse in District 11, approving acceptance of a $3.5 million state grant and authorizing tax‑credit financing and indemnities to support a phased redevelopment that uses new market and historic tax credits.
The Budget and Finance Committee voted to send to the full Board a five‑piece package that advances renovation of the long‑vacant Geneva Car Barn & Powerhouse in District 11.
Rec and Park officials, represented by Nicole Averill, described a phased approach that would first renovate the powerhouse (phase 1) and later the adjacent car barn. The department estimates total project costs at about $13 million, funded through a mix of sources that includes a proposed $3.5 million state grant, $2.7 million in general fund, $3.8 million in tax credits, $1.0 million from Community Arts Stabilization Trust (CAST), $600,000 from the community opportunity fund and prior expenditures of roughly $1.3 million. Construction financing relies on new market tax credits and the 20% federal historic rehabilitation tax credit because the building is listed on the National Register.
Rec and Park explained that US Bank will act as the private tax‑credit investor and that a special purpose entity (the Qualifying Active Low‑Income Business, or “QALICB”) would lease and manage the project under a long‑term (55‑year) lease; CAST will contribute $1 million and receive developer fees and management payments tied to the tax‑credit compliance period. The department said tax‑credit proceeds are expected in February 2018 and a notice to proceed for the contractor would follow receipt of those proceeds. The project team described community outreach dating back to 2009 and noted approvals from relevant historic‑preservation authorities.
Budget staff and the Budget Legislative Analyst reported updated budget and funding agreement details and recommended approval as amended, clarifying the city contribution, the structure of the funding agreement, and noting an indemnity agreement that tax‑credit investors require. Committee members and local advocates including Friends of the Geneva Car Barn and Arts Commission staff spoke in support of the project’s potential to provide arts programming, jobs, and neighborhood amenities.
The committee forwarded the set of items (acceptance of the state grant; development services and funding agreements; indemnification; and a long‑term lease) to the full Board as committee reports with a positive recommendation.
