Citizens Bank presents final tax credit to The Grand Center for Arts & Culture
The third and final tax credit payment from Citizens Bank Minnesota was delivered to Grand Center of Arts and Culture (GCAC) on Monday, July 14 in the amount of $121,771. Total tax credits for the project from Citizens were $471,771. In 2012, Citizens Bank Minnesota partnered with GCAC to obtain a State and Federal Historic tax credit for the building development of the Grand Hotel. The State and Federal Tax Credits are in place to encourage the development and re-use of historic structures, thus generating jobs and economic development in communities across the state and country. In order to obtain Historic Structures tax credits, the GCAC needed to partner with a profitable C corporation or other entity. Because Citizens Bank Minnesota is a privately owned company whose stock is widely held by residents of the New Ulm Area, it is a C corporation that qualifies to participate in this community development project. Representing the GCAC: Megan Rolloff, Anne Makepeace, Jean Geistfeld, Lee Weber, Steve Vranich. Representing Citizens at right is Lou Geistfeld, bank president.