Tax Credits Success Stories

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Merchandise Mart
Quick Facts

• Redeveloped commercial space in 213-unit apartment complex
• Structured $50 million financing arrangement involving tax credits, Brownfields credits and the issuance of $23 million in tax-exempt bonds

When a local developer wanted to acquire the Merchandise Mart Apartments in St. Louis, Missouri, it turned once again to Elkins, P.L.C., with whom it had great success on the Marriott Grand Hotel and Suites in that same city. The acquisition and substantial rehabilitation of a 213 residential unit apartment complex involved not only federal historic tax credits but also state historic tax credits and state Brownfields credits as well as federal low-income housing tax credits. In addition, the project involved the issuance of over $23 million in tax-exempt bonds, as well as other layers of financing to bring the total project cost to almost $50 million.

Elkins, P.L.C. acted as general counsel for the developer, the guarantors and the project company.


Lights, Camera, Action - Louisiana Motion Picture Tax Credits
Quick Facts

• Motion picture incentive program offers tax credits up to 20 percent
• Structured productions by working with LA Film Commission and LA Department Revenue

Elkins, P.L.C. has been instrumental in the development of the newly created motion picture incentive program adopted by the Louisiana State Legislature in spring 2002. The incentive program offers state income tax credits of up to 15 percent to investors in productions made in Louisiana and costing more than $1 million to make, a credit of up to 20 percent of payroll expenses and a sales tax exemption for productions costing more than $250,000.

In order for a production company to receive the maximum advantage from the Louisiana state tax credit incentive package, national film producers have asked Elkins, P.L.C. to structure their productions and production entities within Louisiana. Elkins, P.L.C. works with the individual film producers, the Louisiana Film Commission and the Louisiana Department of Revenue to achieve the maximum tax credit benefit for the studio. The successful tax credit structures that Elkins, P.L.C. generates provide additional revenue for the film producers, a growing job market for Louisiana residents, and millions of dollars of direct spending into the Louisiana economy.



Standard Enterprises, Inc.
  Quick Facts

• Pioneered the "bargain-sale" structure
• Closed over 30 transactions with a development value of over $50 million

From the time that Elkins, P.L.C. was established in 1989, we have represented Standard Enterprises, Inc., a prominent developer of affordable housing based in northern Louisiana. We work with Standard to structure and syndicate interests in development partnerships that utilize the low-income housing tax credit provided for in Section 42 of the Internal Revenue Code as an incentive to develop housing for lower income individuals. We also pioneered the “bargain-sale” structure for Standard in Louisiana, a tax structure in which the partners of partnerships owning interests in older partnerships were able to take a charitable contribution for a portion of the value of the projects conveyed to the new owners, thus making these transactions more attractive for the selling partnerships. Elkins, P.L.C. has represented Standard in more than 30 transactions, with an aggregate development value of more than $50 million.


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