The Grand's Partnership with Citizens Bank Minnesota
We may have been closed for renovations for the past few weeks, but trust me, A LOT has been happening behind the scenes! One of the biggest accomplishments is that as of January 1, 2019, The Grand Center for Arts & Culture (non-profit organization) now is the sole owner of our building!
Renovating a historic building and starting a nonprofit are two very complicated processes, with many moving parts. Understanding the tax code is never easy, but with our unique situation, the complexity was multiplied exponentially. We partnered with Citizens Bank Minnesota in order to benefit from $425,000 in tax credits that otherwise would not have been available to us as a non-profit organization. At the end of last year, our 5-year partnership has been completed and we now wholly own our building!
Our Letter to the Editor printed in the New Ulm Journal thanking Citizens Bank for their support:
Letter to the Editor
The Grand Center for Arts and Culture Board of Directors would like to thank Citizens Bank Minnesota for the last five years of partnership in developing The Grand as a downtown arts and cultural space. Many may not know that for the last five years Citizens Bank has been our partner in a historic tax credit project which allowed our nonprofit to benefit from almost $425,000 in both federal and state tax credits. Our 2.4 million dollar renovation would have been much less “grand” without this help. As of January 1, 2019, Citizens Bank has relinquished their ownership interest and the building is now wholly owned and operated by the nonprofit organization.
We look forward to continuing to grow in our mission to enrich community life through arts and cultural experiences and we thank Citizens Bank Minnesota for being instrumental in helping us to renovate this beautiful building and become a great resource to New Ulm!
Linda Beck, Board Chair and the Grand Board of Directors (Anna Fleischmann, Tom Osborne, Sarah Seifert, Craig Anderson, Tamara Furth, Bridget Gusso, Dan Hoisington, Andrew Siegmann, Michael Shanemen and Pam Stocco.)
As we close this chapter, we are overjoyed to move on to the next! We have MANY exciting things in store for 2019, including a Printmaking Studio in the basement, an apartment available for overnight stays on Airbnb, expanded arts education offerings, and so much more! Sign up for our newsletter here to make sure you never miss an update!