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City of Seattle

September 7, 12:07 PM click here to comment > 0

City invests to revitalize historic INS building, preserve artist workspace

Now is the time to invest in our future. When people need to get back to work right away and when we have access to federal New Markets Tax Credits (NMTCs) there is no time to lose. Now is the moment to ask what kind of city we want to be, and what investments we should make to get there, so that those investments can create the jobs that people need.

One of those investments is $10 million in New Market Tax Credits for the INSCAPE project. INSCAPE will revitalize the historic INS building at 815 Airport Way South. The building will be renovated, creating affordable space for local artists. INSCAPE staff are also working closely with the Wing Luke Museum in designing and installing interpretive exhibits that will acknowledge the building’s historical importance.

It’s a win for jobs in Seattle, for ensuring local artists have affordable workspace, for revitalizing our Chinatown/International District and Pioneer Square neighborhoods, and for celebrating our local history. Thanks to the support of the Obama Administration, which helped deliver additional funding, the project will create or retain over 100 permanent jobs.

The Office of Economic Development has invested $10 million in New Markets Tax Credits (NMTCs) through Seattle Investment Fund LLC that helped leverage private financing, including $3 million in funds from the federal Department of Housing and Urban Development, which lessened the cost of borrowed funds.

Along with these financial resources provided by the City and the federal government, the project is being financed with a loan and equity investment by JP Morgan Chase.

As part of the Seattle Jobs Plan, the City has been actively investing New Markets Tax Credits. The INSCAPE project follows these two additional projects:

  • Pike Place Market Phase II Renovation: $10 million investment financing tenant improvements and temporary relocation assistance for more than 60 small businesses impacted by the Market’s significant infrastructure renovations (March, 2011)
  • Bullitt Center: $10 million investment financing development of nation’s first office building to achieve Living Building standards, exceeding LEED Platinum efficiency standards; creation or retention of 141 direct permanent jobs; creation of 94 direct construction jobs that will provide opportunities to WMBEs, pre-apprenticeships and apprenticeships; and creation of green building educational center (July, 2011)

New Markets Tax Credits are federal tax credits that can be distributed to private investors who provide low-cost financing for business and real estate projects located in eligible census tracts.  For more information about the city’s Office of Economic Development’s NMTCs program, visit www.seattleinvestmentfund.com.

Posted by: Words: April Thomas, Pictures: Jen Nance