Incentives for Historic Preservation in Seattle

Washington Athletic Club
1325 Sixth Avenue
Seattle, WA 98101
206-622-7900
July 12, 2007

Who should attend  |  Why you should attend  |  Speakers Agenda   |  Instructional Information  |  Hotel Info   |  Accreditation Registration Info  |  Price  |  Tuition Assistance   |  Group Discounts   |   Brochure   |   Sponsors   |  Cancellation Information Seattle Visitor's Guide

Tuition Assistance Presenting Sponsors:

Tuition Assistance Co-sponsors:

Local Sponsors:

New Speaker Added!

Who Should Attend

• Developers and owners of residential, commercial, mixeduse, market-rate or low-income property interested in learning more about the rules, strategies and opportunities of Historic Tax Credit transactions and New Markets Tax Credits and who are interested in doing deals that involve historic properties.
• Tax credit investors, lenders, syndicators, underwriters and others involved in financing properties that use, or are considering using, Historic Tax Credits in combination with other financing tools.
• State and local officials, non-profit representatives and those interested in historic preservation seeking to keep up with the latest techniques designed to finance development as well as preserve or rehabilitate older buildings.
• Real estate and tax attorneys, accountants, consultants and other advisors to the development community who want up-to-the-minute analyses of applicable regulations, processes and business considerations to help clients get the most from their Historic Tax Credit projects.

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Why You Should Attend

For more than 25 years the Historic Tax Credit has encouraged and facilitated the rehabilitation of former churches, industrial and factory buildings, hotels, department stores and other historic buildings for commercial and residential purposes. Today, the field is undergoing significant changes with developments ranging from more efficient twinning with the Low Income Housing Tax Credit (LIHTC) to making use of the New Markets Tax Credit (NMTC), both of which are changing the way rehabilitation of historic buildings is financed. New proposed legislation - the first in a generation - would make significant changes and improvements to the historic tax credit program.

Incentives for Historic Preservation in Seattle focuses on both cutting edge developments and the basics in a succinct nuts-andbolts fashion with special emphasis on Seattle and Washington case studies. Local and nationally recognized experts with years of experience overseeing historic credit transactions will zero in on the most recent and significant tax developments, regulatory requirements and structuring techniques as well as incorporate key issues at the foundation of today's successful projects.

Washington Athletic Club

The Washington Athletic Club, located at 6th and Union in the heart of downtown Seattle, opened its doors on December 16, 1930. Since then it's been a home away from home for Seattle's who's who in business, political and social circles. Not long after the Club opened it was threatened with closing as the Great Depression hit the West Coast. Civic leaders and community Members pulled together and kept the Club open. In the 1950s the WAC expanded its clubhouse with a four-story addition. Less than 20 years later the Club expanded once again, adding another eight stories onto the 1955 addition. Most recently the Club underwent an extensive remodel that added state-of-the art fitness facilities, a day spa and physical therapy services.

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The Speakers

Allyson Brooks, Ph.D.
State Historic Preservation Officer/Director
Washington State Department of Archaeology & Historic Preservation
Olympia, WA

John S. Chaney
Executive Director
Historic Seattle
Seattle, WA

Joel D. Cohn
Co-Managing Principal
Reznick Group
Baltimore, MD

Christine Fedukowski
Acquisitions Manager
National Trust Community Investment Corporation
Pasadena, CA

Aleks Frimershtein, Esq.
Counsel
Nixon Peabody, LLP
Los Angeles, CA

Shaun A. Gill, Esq.
Attorney
Cairncross & Hempelmann, P.S.
Seattle, WA

Karen Gordon
City of Seattle Historic Preservation Officer
Department of Neighborhoods City of Seattle
Seattle, WA

Merrill F. Hoopengardner, Esq. [ bio ]
Associate
Nixon Peabody, LLP
Washington, DC

Richard Hosey, III
Vice President and Senior Equity Manager (Tax Credit Investments)
Banc of America Community Development Corporation
Baltimore, MD

Tory Laughlin Taylor
Vice President, Pacific Northwest
AF Evans Development, Inc.
Seattle, WA

John Leith-Tetrault
President
National Trust Community Investment Fund
Washington, DC

M.A. Leonard
Vice President - NW Region
The National Equity Fund
Seattle, WA

Sarah Rick Lewontin
Executive Director
Housing Resources Group
Seattle, WA

Heather MacIntosh
President
Preservation Action
Washington, DC

Jennifer Meisner
Executive Director
The Washington Trust for Historic Preservation
Seattle, WA

Ronald F. Murphy, AIA
Principal
Stickney Murphy Romine Architects
Seattle, WA

Brenda Nienhouse
Executive Director
Fox Theater
Spokane, WA

Paul Norris
Managing Member
Consortium Structured Investments LLC
Charlotte, NC

George Petrie
President
Goodman Real Estate
Seattle, WA

Andrew S. Potts, Esq. * [ bio ]
Partner
Nixon Peabody LLP
Washington, DC

Paul Purcell
Founder and President
Beacon Development Group
Seattle, WA

The Honorable Norman B. Rice
Former Mayor of Seattle and Distinguished Visiting Practitioner
Daniel J. Evans School of Public Affairs
University of Washington
Seattle, WA

David F. Schon, Esq. * [ bio ]
Partner
Nixon Peabody LLP
Washington, DC

John M. Tess
Principal
Heritage Consulting Group
Portland, OR

Robert J. Wasserman
Vice President
Historic MNTC Investments & LIHTC Investments
USBancorp Community Development Corporation
Los Angeles, CA

John G. Williams, III, AIA
Partner and Architect
Hoshide Williams Architects
Seattle, WA

*Planning Committee

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Agenda

Thursday, July 12, 2007

8:00 A.M.
Registration and Continental Breakfast

9:00 A.M.
Welcome and Introductions

9:15 A.M.
Laying the Foundation: The Basic Rules Governing Historic Tax Credits

• A review of historic tax credits basics, including what buildings qualify and the substantial rehabilitation test
• The role of the State Historic Preservation Officers (SHPO) and the National Park Service: Parts 1, 2 and 3
• How to calculate and claim the tax credit as well as what is and is not a Qualified Rehabilitation Expenditure

10:15 A.M.
How Credits Become Capital: When and How to Syndicate

• The basics of syndication: Why to do it and what approaches work best
• Putting together the syndication "dream team": How to select and work with an investor, lawyer, accountant, historic consultant, and other professionals
• Common business terms, the closing and what happens postclosing

10:45 A.M.
Coffee Break

11:00 A.M.
The Adaptive Reuse of Historic Buildings for Affordable Housing: The Seattle Experience

The adaptive reuse of historic buildings for affordable housing - particularly by combining Historic Tax Credits (HTCs) with federal LITHCs - has generated many success stories. Still, some worry that historic buildings bring design inflexibility, uncertainty and hidden costs to the already complicated process of creating affordable housing. Using the Historic Cooper School project in Seattle's Delridge Neighborhood as a starting point, our panel explores whether HTCs are a good source of financing for affordable housing projects.

12:00 P.M.
Keynote Luncheon Address by The Honorable Norman B. Rice Former Mayor of Seattle, Capital Access, LLC, Seattle, WA

1:15 P.M.
Lease Transactions: The Syndication Structure of Choice

• 'Sandwich leases', 'pass-though leases' and 'master leases' - what it all means and why you should care
• Mechanics of lease transactions: Who performs what roles, when and how?
• Economics of lease transactions: What are the benefits (and the hidden costs)?

2:00 P.M.
Investor Roundtable: Hot Button Issues, Deal Killers and Strategies for Bridging the Gap

• A survey of the HTC marketplace: Which investors are most active and what types of structures and deals do they prefer?
• Pricing, cash flow participation, backend: What are the prevailing terms and what will the future likely hold?
• How are tax risks and deal risks shared? What are each party's options within the transaction?
• Typical due diligence requirements of today's investors in historic tax credit transactions

2:45 P.M.
Combining New Markets Tax Credits and HTCs A Case Study: Seattle's Medical Dental Building

Twinning NMTCs and HTCs has become phenomenally popular, particularly since the combination can boost a developer's equity raise by more than 20 percent. This session will explore a great case study - the Medical Dental Building - where NMTCs combined with HTCs and innovative financing to fund the redevelopment of a 1925 landmark.

• New Markets Tax Credit basics: Attracting NMTC advantaged financing to HTCs projects?
• Harmonizing NMTC rules with HTC structure
• Effects of NMTCs on investment holding periods and other HTC business terms

3:45 P.M.
Coffee Break

4:00 P.M.
Financing Community-Based Preservation: Rebirth of Spokane's Fox Theater

Built in 1931, the Fox Theater was slated for demolition in 2000. Undeterred, the citizens of Spokane rallied to save this Art Deco treasure and are converting it into a regional performing arts center that will soon be home to the Spokane Symphony. Navigating HTCs, NMTCs and the complicated rules governing the role nonprofits can play in tax credit transactions were only a few of the challenges that were overcome. In this session, the team responsible for the Fox's tax credit financing explains how they got it done.

5:00 P.M.
Advocacy Update

• The latest from Washington, D.C. on legislative and regulatory developments affecting HTCs
• Status of the National Park Service's new plan for overhauling the application of the Secretary of the Interior's Standards for Historic Rehabilitation

5:30 P.M.
Conclusion of Program & Networking Cocktail Reception for All Participants and Speakers

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Registration Information

IPED, Inc. accepts the following forms of payment: Visa, MasterCard and check. American Express is not accepted. Payments must be made by check or credit card, in advance of the program.
$295 for general
$50 Tuition Assistance Registrant (See Tuition Assistance for eligibility requirements.)

Register by June 15, 2007 and save $35. This discount cannot be combined with Group Discounts .

IMPORTANT NOTICE:
Each registrant must be paid in full prior to the start of the program. IPED no longer accepts government purchase orders. Fees include sessions, refreshments, lunch, reception, and course materials.

Special Needs: Any person with disabilities attending the conference who believes he or she might need a reasonable accommodation to participate should contact us at least four weeks in advance.

Tuition Assistance

Tuition Assistance has been made available to a limited number of recipients thanks to the generosity of Bank of America, National Trust Community Investment Corporation, US Bank, Reznick Group, Consortium Structured Investments, and Nixon Peabody LLP. If you are interested in being considered for a Scholarship, complete and submit the Tuition Assistance Application form.

Tuition Assistance Registrants must:

• Work at least 20 hours a week (paid or volunteer) for a non-profit organization, a State/Tribal Historic Preservation Office (SHPO/THPO), or a preservation advocacy organization;
• Agree to attend the entire seminar;
• Demonstrate an interest in the use of Historic Tax Credits as a tool for financing the rehabilitation of historic buildings. (See application for details.)

Policies & Deadlines: All requests for Tuition Assistance must be received by July 6, 2007 for this conference.

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Group discounts

For three, four or five attendees, deduct $40 per person from the applicable rate; for six or more attendees, deduct $75 per person. To receive this rate, you must register all individuals together in one transaction. This discount cannot be combined with the Early Registration discount. If you have any questions please call 202-331-9230.

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Cancellation Information

Cancellations must be made in writing and must be received in our office no later than 10 business days prior to the conference. A $150 administrative fee will be deducted from all refunds received in writing 10 business days prior to the conference. Any cancellations received fewer than 10 business days prior to the conference, or any confirmed registrants who fail to attend, will be charged the entire registration fee. Option: If you have paid for a conference, cannot attend, and have missed the date for a refund, IPED encourages you to transfer your payment and registration to a future IPED conference for a $50 fee. We will honor your original payment and registration for any conference within 6 months of the date of this conference. For more information regarding administrative policies and refunds, please call 202-331-9230.

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Instructional Information

This seminar will provide a general overview of the Historic Tax Credit program and its rules and practices as they work today. There are no formal pre-requisites for this program other than a basic knowledge of real estate development and finance. No specific advanced preparation is required. All sessions will be presented by on-site speakers through individual presentations, panel discussions and question-and-answer periods. When applicable, reference materials will be provided for each registrant at the start of the program.

Recommended Dress: Business Casual Attire

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Event Hotel Information

Washington Athletic Club
1325 Sixth Avenue
Seattle, WA 98101
206-622-7900
www.wac.net

The WAC is located in Downtown Seattle on 6th Avenue, between Union and University. WAC Parking is available one block north of the Clubhouse, just past Union on the left. If you would like to inquire about overnight accommodations, please contact the Club at 206-622-7900.

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Accreditation

IPED will seek approval for continuing legal education credits on an as needed basis. Please indicate on your registration form if you need these credits. State bar associations have the final authority on the acceptance of individual courses and IPED will do everything it can to ensure these requirements are met when seeking approval.

IPED is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered spon­sors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Nashville, TN 37219-2417, www.nasba.org. In accordance with the standards of the National Registry of CPE sponsors this course has been granted 10 CPE Credits.

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