UNIVERSAL RENOVATION
UPH plans $6.5M renovation project for 2019
SARATOGA SPRINGS, N.Y. » Universal Preservation Hall is close to beginning a $6.5 million renovation project that will bring programming from Proctors to 25 Washington St. starting sometime in 2019.
Universal Preservation Hall puts on various educational, cultural and community events.
Teddy Foster, the campaign director at UPH, reached out to Proctors a few years ago. The UPH is doing the renovation work, which will allow Proctors to bring in programming.
The National Park Service still needs to approve the plan before the pricing and construction begins.
“It’s already been approved by the State Historic Preservation Office, for our historic tax credit,” Proctors CEO Philip Morris said. “We are already designated. It’s really approving the structure of what it looks like, so we’re just waiting for that approval.”
The UPH will be closed while the work is done, though events can be put on at other sites. After it re-opens, approximately 12 to 14 months after construction begins, the second floor will feature a performance space that can seat about 700 people.
Historic tax credits will help to pay for the renovations.
Proctors and UPH have not been approved for the window of time from which they can capture the historic tax credits.
“Once that’s approved, 100 percent of the qualified expenses, which in our case is going to be almost everything, are eligible for a 30 percent federal credit and a matching 30 percent state credit. Those credits are then available to a taxpayer — we’re not a taxpayer — to reduce their taxes,” said Morris. “It’s a credit on their taxes. We will partner with somebody, and we’re very close to having that done, and they will earn that credit. If we spend $6.5 million, between the two credits, there will be almost $2.5 million of credits that somebody will use against their federal taxes and they will invest 90 percent of that in our building.”
Saratoga County Prosperity Partnership has been involved in the process because UPH, a nonprofit entity, must transfer the project to a for-profit entity.
The for-profit, taxpaying entity has not been named yet.
The SCPP is involved, explained President Marty Vanags, to develop a PILOT — a Payment In Lieu of Taxes — program through Saratoga County’s Industrial Development Agency.
Even though UPH and Proctors will partner with a taxpaying entity, the PILOT program means UPH and Proctors would still not have to pay certain taxes over the next five years.
On Monday morning, the IDA will be at the Universal Preservation Hall to approve the PILOT.
“For a five-year period while we’re earning the credit and able to partner with someone who can use it, and then re-invest the money back into us, we’re also not paying property taxes,” said Morris. “At the end of that, we will be exempt again the way we’ve always been.”
The renovations include an elevator, a kitchen, a lobby area, new heating and air conditioning as well as at least $500,000 worth of sound and acoustic equipment.
As far as programming goes, the space is ideal for musical performances, officials said.
“This will be more focused on music than theatricals because of the large windows and the difficulty of making it black in here, and the desire for it not to be black,” said Morris. “It’s going to be a little more focused on less formal theatricals and music. We imagine music is going to be the primary.”
The stage will be in the middle of the room, allowing everyone to have a close enough seat to the action.
Teddy Foster, campaign director at UPH, said it’s going to be the coolest place in Capitol District to see a concert.
Once opened, the UPH will hire
at least five full-time staffers and dozens of parttime employees.
“This is important for economic development. Today when we’re talking to companies, trying to attract them to come to Saratoga County, they are [asking] ‘What are the assets? How am I going to attract top management and talent to my company?’” said Vanags. “So assets like this creative arts, performance and restaurants, all of that fabric is very important to the attraction part of economic development.”