The success of any major construction project requires seamless coordination between owners, the construction team, Investors and Financing Institutions along with the corollary Accounting, Tax and Legal providers. A “Tax Credit” project adds several new dimensions. Compliance with the Secretary of the Interior Standards is required for “Historic Rehabilitations,” certain wall and infrastructure retention requirements come into play with “Pre-1936” non-historic building Rehabilitations, and specific approval and reporting processes become involved with Federal Rehabilitation Tax Credits. Access to special allocations, among other funding criteria capabilities are needed in order to benefit from “New Markets Tax Credits.” State credits regulations vary from state to state. Credits typically require that new entities have to be formed with different ownership structures, operations of each defined, and protocols for the rights and responsibilities of each implemented. After project completion, there is an ongoing compliance period during which special reports are required, as well as the management and record keeping of the multiple entities that have been created.

Most organizations considering the rehabilitation of an historic building or obtaining equity from Rehabilitation or New Markets Tax Credits do not possess the supplemental in house resources to execute a construction project coupled with Tax Credit financing. These organizations can benefit by using an outside resource that provides only the services they need when they need them and is knowledgeable enough to identify additional resources needed and recommend solutions to those needs. This strategy helps to insure a successful project while making the best use of these very significant sources of funding and the personnel available to make the funding a success.

Plymouth Soundings works with Clients to define their needs and can act as a

  • Liaison between the implementation and financing teams and all the other stakeholders through out the whole project process from inception through the compliance period to provide understanding, guidance and ultimately achieve the benefits of Tax Credits
  • Financial Coordinator for the Client, guiding the Client through the data collection, preparation and reporting process, translating the needs of Lenders, Investors, the Accounting and Tax counsel so that the Client is able to respond with meaningful information in a timely and efficient process
  • Knowledge Base that can educate the Client and various stakeholders to the overall process, identify key issues unique to the particular project and recommend additional resources and possible solutions.
  • Project Coordinator for all groups involved in the project process.
    • Coordination between the design/construction process and the Tax Credit financing process is very important. Plymouth Soundings will helping the design and construction team understand critical timing issues, possible implications of proposed changes to designs and materials, or significant cost changes.
    • Coordination between the fundraising process and the Tax Credit financing process is equally as important. Grants awards, bond issues, State funding programs, tax exempt fundings, and conditional donor funding all could impact the use of Tax Credits, or require additional solutions to be crafted.

Each project is unique and the types of services provided will reflect the specific needs of the project and the Client. The objective is to provide the maximum benefit in a specialized financing/construction process that is likely never to be repeated by the Client, and for which the Client does not want to internal resources for going through the “learning curve” necessary for coordinating the process.

The depth and breadth of Plymouth Soundings capabilities enables delivery of services in the following areas:

  • Tax Credits and Related Financing and Compliance Process (click here for more info)
  • Related Project Functions as Needed:
    • Evaluation of Project Potential and Guidance for Planning and Pre-design Team (click here for more info)
    • Assistance in the team assembly and coordination during Design and Construction (click here for more info)
    • Coordination with the project implementation team for successful project close out and transition to operations
      (click here for more info)

Photo - Tennessee Theatre in Knoxville, TN