Tivoli Foundation, old Chattanooga Bank Building getting $300,000 state grants
NASHVILLE — The Tivoli Theatre Foundation and a new hotel being planned for the former Chattanooga Bank Building are both receiving $300,000 grants from the Tennessee Historic Development program, state Department of Economic and Community Development officials announced Thursday.
Other grant beneficiaries include Preserve Chattanooga Inc., which is being awarded $24,000 to help Terminal Station.
The grant for the Tivoli is designated for work on the Trigg-Smart Building, the former Fowler Brothers Building. Chattanooga Hotel LLC was awarded a grant to rehabilitate the former Chattanooga Bank Building. The Chattanooga Times Free Press reported in January 2022 that a new boutique hotel with a Tapestry Collection by Hilton nameplate was in the works for the building.
Statewide, the Department of Economic and Community Development is providing $8.7 million for dozens of projects under the program, authorized in 2021 by the General Assembly. Grants are intended to help renovate and preserve historic buildings across the state.
The program encourages communities and private developers to invest in buildings that have contributed to a community’s history but sit idle. The goal is to have the properties contribute to the economy through job creation and commercial opportunities.
The $8.7 million investment is expected to leverage more than $18 million in private investment, officials said.
The Department of Economic and Community Development partnered with the Tennessee Historical Commission to structure application requirements and review grant applications to ensure proposals would rehabilitate the structures while maintaining their historical integrity.
“The Tennessee Historical Commission is proud to have the opportunity to provide assistance in this program to ensure that the legacy of Tennessee’s historic landmarks continues to inspire generations to come,” Patrick McIntyre, executive director of the Tennessee Historical Commission and state historic preservation officer, said in the release.
He said historic preservation projects include the Snuff Factory Warehouse in Memphis and the Vose School in Alcoa. He said the economic incentives from the Historic Development Grants and Federal Historic Tax Credits will help in getting the work done.