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Victory Theatre project awarded $600K in tax credits

Date: 4/21/2010

April 21, 2010.

By Courtney Llewellyn

Reminder Assistant Editor



HOLYOKE -- The banner on the old building may be considered a bit early, but the supporters who gathered in front of the Victory Theatre on Friday believed it.

The banner reads "Victory is ours!" and, thanks to $600,000 in state rehabilitation tax credit funds, that message is one step closer to becoming true.

State Sen. Michael Knapik, State Rep. Michael Kane and Holyoke Mayor Elaine Pluta had aides gather in front of the theater to speak about the credits, announced by Secretary of the Commonwealth William Galvin earlier last week.

"This is the beginning of a $27 million rehab," Knapik said at the press conference. "It's proof that Massachusetts will continue to make significant investments in historic infrastructure. It takes a lot of love from a lot of people to pull this together and this is one of those gems absolutely worth saving."

He added that once the rehabilitation is completed, the Victory will become a "Western Massachusetts phenomenon."

Executive Artistic Director of the Massachusetts International Festival of the Arts (MIFA) Donald Sanders said the tax credits illustrate "a tremendous vote of confidence in Holyoke."

He explained that the initial credit of $600,000 supports MIFA's efforts to gain additional state, federal and new market tax credits. The funds generated from the sale of these credits will help fund construction costs incurred during the renovation. For-profit businesses buy tax credits to be used to defray tax liabilities while the proceeds are invested in the renovation.

"We're looking at the possibilities," Knapik said. "This is not a building we want to lose in Holyoke."

Following the press conference, Sanders noted that the renovation is "absolutely on schedule" the roofing has recently been completed and the next step is to remove the theater's historic murals for preservation.

The project is expected to be completed in December 2012.

"The Victory Theatre will be a powerful economic development tool and job creator for downtown Holyoke and the region," Pluta stated in a release, "and an important promoter of the arts and culture in the Pioneer Valley and beyond."