Historic Preservation Conference: Incentives for Historic Preservation in Detroit

Detroit Athletic Club
241 Madison Avenue
Detroit, MI
June 5, 2008

Who should attend  |  Why you should attend  |  Speakers Agenda  |  Instructional Information  |  Tuition Assistance Accreditation  |  Group Discounts   |   Brochure Registration Info  |  Cancellation Information

Series Sponsor:

Local Sponsor:

Who Should Attend

• Developers and owners of residential, commercial, or mixed-use, market-rate or low-income properties interested in learning more about the rules, strategies and opportunities of Historic Tax Credit and New Markets Tax Credit transactions.
• Tax credit investors, lenders, 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 abreast of 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

The federal Historic Tax Credit has grown into a key driver of downtown and neighborhood revitalization nationwide. Detroit has seen an increasing number of successful historic rehabilitations, but the full promise of the next Detroit - renewed by revitalizing its historic buildings - has yet to be realized. Historic Tax Credits and related state and federal financing incentives are key tools for realizing that promise. Mixed-use friendly, smart-growth oriented and inherently 'green,' historic preservation holds financial and civic potential for Detroit. Join us for this one day conference to learn from the experts how economic revitalization is achieved through historic preservation.

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The Speakers

Kenneth W. Beall, Esq.
Loomis, Ewert, Parsley, Davis & Gotting
Lansing, MI

Joel D. Cohn, CPA
Managing Principal
Reznick Group P.C.
Baltimore, MD

Brian D. Conway
State Historic Preservation Officer
Michigan Department of History
Arts & Libraries
Lansing, MI

Mark T Diachok
Vice President Historic Tax Credit Acquisitions
PNC Bank, N.A.
Vienna VA

Nancy Finegood
Executive Director
Michigan Historic Preservation Network
Lansing, MI

Gordon B. Goldie, CPA
Partner
Plante & Moran PLLC
Auburn Hills, MI

Marc Hirshman
Senior Vice President
US Bancorp Community Development Corporation
St. Louis, MO

Richard Hosey
Senior Vice President
Sr. Originator
Bank of America
Baltimore, MD

Renee A. Kent
Community Development Loan Officer
Community Development Association
National City Bank
Detroit, MI

Kristine Kidorf
Owner
Kidorf Preservation Consulting
Detroit, MI

Michelle Lemerond
Community Development Officer
Comerica Bank
Detroit, MI

William G. MacRostie
Principal
MacRostie Historic Advisors, LLC
Washington, DC

Heather McIntosh
President
Preservation Action
Washington, DC

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

Olga Savic
Acting Vice President
Business Development
Detroit Economic Growth Corporation
Detroit, MI

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

John Tess
Principal
Heritage Consulting Group
Portland, OR

**Planning Committee

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Agenda

Thursday, June 5, 2008

8:00 A.M.
Registration and Complimentary Continental Breakfast

9:00 A.M.
Earning Historic Tax Credits: The Tax Fundamentals

• A review of historic tax credits basics, including what buildings qualify, and what type of rehabilitations qualify
• Calculating and claiming the credit - and recapture
• Limitations to nonprofits

10:00 A.M.
State Incentives: Michigan Historic Tax Credits and Brownfields Tax Credits

• What each credit is and how they work on their own and in combination with other incentives
• Prerequisites and application processes
• Who can use them and how much are they worth?

11:00 A.M.
Networking Break

11:15 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
• Close-up on financial projections and how the numbers make or break the deal: using projections to demonstrate profit motive and a review of sample projections

12:20 P.M.
Complimentary Networking Luncheon

1:30 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 transaction - who performs what roles, when and how?
• Economics of lease transactions: what are the benefits (and hidden costs)?

2:30 P.M.
Conservation Easements for Historic Preservation

• Why easements can be the best protection for historic buildings
• How properly handled easement donations can benefit building owners
• Introduction to Michigan Historic Preservation Network - an active easement holder in Detroit and across Michigan

3:00 P.M.
Networking Break

3:15 P.M.
Investor Roundtable: Hot Button Issues, Deal Killers and Strategies for Bridging the Gap

• Pricing, shared economics, guarantees, tax indemnities, fees - what do developers and investors really want?
• 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

4:15 P.M.
New Markets Tax Credits in Historic Tax Credit Deals and a Detroit Case Study

• New Markets Tax Credit basics: Attracting New Market Tax Credit advantaged financing to Historic Tax Credit projects
• Harmonizing New Markets Tax Credit rules with
  Historic Tax Credit structure
• Effects of New Markets Tax Credits on investment holding periods and other Historic Tax Credit business terms

5:00 P.M.
Industry Trends and Washington Wire

• The Greenest Building is the One That Isn't Built: Historic Rehabilitation as Green Architecture
• The Recent Past: 50's and 60's Buildings Come of Age
• The good, the bad and the ugly: which post-war buildings are historic? A guide for the confused
• The latest on legislative and regulatory developments affecting Historic Tax Credits

5:30 P.M.
Conclusion of Program / Networking Reception for All Participants, Speakers and Sponsors

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Instructional Information

This seminar offers basic and in-depth information about the Historic Tax Credit (HTC) program, its rules and practical application. There are no formal prerequisites for this seminar other than a working knowledge of real estate development and finance. All sessions will be presented by on-site speakers, including individual presentations, panel discussions, question-and-answer opportunities and/or workshops. When applicable, reference and/or course material will be provided for each registrant. No advanced preparation is required.

Special Needs: Any person with a disability who believes he/she may need reasonable accommodations to participate should contact IPED no later than 4 weeks prior to the conference start date.

Recommended Dress: Business Casual

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Conference Site

Detroit Athletic Club
241 Madison Avenue
Detroit, MI 48226
313-963-9200 / www.thedac.com

In Detroit's 300 years as a city, few organizations have impacted the community as much as the Detroit Athletic Club (DAC) since it was established in 1887. Albert Kahn, an American industrial architect who is sometimes called "the architect of Detroit," designed the magnifcent six-story Clubhouse that stands today in the center of the city's theatre and sports district.

So spectacular is the interior beauty of Kahn's Madison Avenue building that the offcial opening in 1915 became a major milestone in Detroit history. The DAC, wrote a major national magazine at the time, "is an expression of Detroit's greatness.... nowhere but in Detroit could it be done." In 90 years, no major structural overhauls to the building have been needed.

The DAC has always been home to world-class Olympic athletes as well as professionals, with the clubhouse playing host to regional, national and international tournaments and exhibitions of all types, from boxing and fencing to swimming and squash. The Detroit Athletic Club, a center for community leadership, remains a Detroit original.

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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. 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. In accordance with the standards of the National Registry of CPE sponsors this course has been granted 10 CPE Credits.

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Registration Information

The registration fee includes all applicable sessions, refreshments, lunches, receptions, and reference and/or course materials unless otherwise noted. Payment must be received by May 26, 2008, to ensure your registration. IPED accepts Visa, MasterCard, and payment by check. Government purchase orders and American Express are not accepted. There are NO EXCEPTIONS to this policy.
$295 General Fee
$245 Non-profit/Government/Education Organization
(Proof of tax exempt status must accompany registration.)
$50 Tuition Assistance Registration Fee - Application Required
See Tuition Assistance Program section below.

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Tuition Assistance Program - Deadline: May 15, 2008

Tuition Assistance has been made available to a limited number of recipients thanks to the generosity of the Tuition Assistance Presenting and Contributing Sponsors.

Tuition Assistance Presenting Sponsors

Tuition Assistance Contributing Sponsor

Eligibility Criteria - Tuition Assistance Program recipients must:

• Work at least 20 hours a week (paid or volunteer) for a nonprofit organization, a State Historic Preservation Office (SHPO), or a preservation advocacy organization;
• Agree to attend the entire seminar as well as the Networking Reception; and
• Demonstrate an interest in the use of Historic Tax Credits as a tool for financing the rehabilitation of historic buildings.

Application: Click here to download the application.

Policies: All applications for Tuition Assistance must be received in writing by May 15, 2008. Each assistance recipient will be charged $50 to ensure active interest. Applicants will be notified at a minimum of two weeks prior to the conference regarding the status of their tuition assistance request.

Review Process: IPED and the Conference Co-Chairs will select the assistance recipients at their discretion. Preference will be given to applicants/organizations with recognizable financial need.

Questions? Contact IPED at info@ipedinc.net or call 202-331-9230.

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Group discounts

For 3-5 registrants, deduct $50 per person from the applicable rate. For 6 or more registrants, deduct $100 per person from the applicable rate. To receive this discount, you must register all individuals in one payment transaction. This discount CANNOT be combined with any other offer.

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Cancellation Information

Registrations made on-line must be cancelled on-line . Registrations made via fax or mail must be cancelled in writing via mail, fax or e-mail to the IPED office. Mailing address: IPED, Inc., 401 Ninth Street, NW, 8th Floor, Washington, DC 20004. Fax: 202-585-8748. E-mail: info@ipedinc.net.

• Cancellations requested on/before May 25, 2008, are eligible for a refund minus a $50 administrative fee.
• Cancellations requested on/after May 26, 2008, will forfeit the entire registration fee.

Substitutions are permited on a case-by-case basis at IPED's discretion. Fees, dates, details, and Cancellation Policy subject to change. In rare instances when a conference is rescheduled or cancelled, IPED will fully refund the registration fee, but is not responsible for other costs incurred, such as nonrefundable airline tickets.

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