$50,000 in tax credits awarded Columbus and Fairbury projects

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$50,000 in tax credits awarded Columbus and Fairbury projects

The Nebraska Department of Economic Development (DED) has awarded $50,000 in Community Development Assistance Act (CDAA) tax credits to help construct a wellness center and renovate a historic theatre.

The Nebraska Department of Economic Development (DED) has awarded $50,000 in Community Development Assistance Act (CDAA) tax credits to help construct a wellness center and renovate a historic theatre.

The Columbus Family YMCA has been granted an additional $25,000 in tax credits for a total of $50,000 to construct a new wellness center with aquatic and cardio facilities, as well as provide activities for youth and adults alike. The Wellness and Education Quality of Life Center broke ground on April 2, 2014, and has an expected completion date of October 2015.

Budget for the total project is $1.2 million.

Contact Corey Briggs, CEO, Columbus Family YMCA, at cbriggscfy@gmail.com .

The Bonham Theatre Project (BTP) will use $25,000 in tax credits to support the renovation of the historic two-screen theatre; upgrade the facility to meet guidelines of the Americans with Disabilities Act, and conform to building, fire, and safety codes; and install digital projection equipment. Located in downtown Fairbury, the theatre is listed on the National Register of Historic Places, and is a contributing building to the Fairbury Historic Commercial District. Bringing the Bonham back to its original grandeur will attract patrons regionally and statewide.

The Bonham, the only theatre in Jefferson County, closed in 2012 due the high cost of digital conversion and subsequent lack of funding; however, the BTP was formed shortly thereafter with the sole purpose of re-opening the theatre as a community-run movie, arts, and entertainment center. The Bonham was acquired by the BTP on January 4, 2013. Much of the organization, construction, and operation of the facility has been, and will continue to be, volunteer-driven.

Budget for the total project is $915,000.

Contact Deborah Ebke, Bonham Theatre Project, at 402-4467436, or debbyebke@gmail.com .

The CDAA program that awards tax credits to donors encourages private investors to financially support nonprofit community betterment organizations in an effort to undertake community service and development projects.

The credits represent 40 percent of each contribution, and reduce a contributor’s state income tax burdens. Every dollar contributed to a project results in a $0.40 tax credit return. Donations may be in the form of cash, services, or materials. The minimum eligible contribution for a tax credit is $50.

For information about the CDAA program, contact Jenny Bindrum, CDAA coordinator, at 402-471-6280, or jenny.bindrum@nebraska.gov

CONTACT Kate Ellingson at 800-426-6505, 402-471-3749 or kate ellingson@nebraska.gov