MOUNT VERNON — Mount Vernon City Council voted Monday night to approve a resolution supporting the restoration of the Woodward Opera House. Council’s measure will be included in applications for available state and federal tax credits which, if approved, could move the restoration project into the final stages as soon as March 2013.
According to Pat Crow, director of the Woodward Development Corp., the designation of downtown as an historic district opened the doors for income tax credits as well as New Market tax credits that could generate over $13 million.
In 2005, the projected cost to finish the restoration was $14 million. Today, it is estimated at $18 million. If tax credits are approved, Crow said a capital campaign could start later this year to finance the remaining costs.
If all goes as planned, the opera house could be open in 2015.
Council also approved a resolution that will allow the safety-service director to develop a policy regarding annual inventory of city property. The policy, which is still being streamlined, will require written inventory of items valued over $500. Department heads will also be required to inventory hand tools, power tools and technical equipment and create control measures for items that are “particularly vulnerable to loss.”
related
County looks at ways of attracting visitors February 11, 2008
Phase 3 complete for Woodward December 8, 2008
Tourism toolbox unveiled at Woodward June 5, 2009
City, Woodward partner for grant August 20, 2010
City, Woodward apply for $200,000 grantAugust 24, 2010
The walls come crumbling down December 8, 2011
