Iowa Community Development Allocates $767,000 to Hoyt Sherman Place Foundation8/5/2019
Hoyt Sherman Place Foundation is the honored recipient of more than $760,000 in support of its building expansion The Next 100 Years from Iowa Community Development.
Hoyt Sherman Place: The Next 100 Years focuses on expanding and updating its historic facility and increasing accessibility for its patrons and performers. The expansion will feature rehearsal space, dressing rooms, laundry facilities, showers, additional restrooms and a large rentable event space to be used for meetings, lunches, dinners, receptions, and other events.
“What made our board of directors particularly fond of the Hoyt Sherman expansion project, was not only the anticipated job creation—directly at the theater, as well as the ancillary job creation in the surrounding community, but even more impactful the ways the organization already is making a difference in the metro and will be able to continue and expand,” Steve Cruse, Senior Vice President of the Iowa Business Growth Company, said.
Iowa Community Development and a consortium of Iowa banks have formed a strategic partnership to expand the New Markets Tax Credits allocation program to support smaller projects in the $1.5-$3 million range. The program helps attract private sector capital and development to communities where new investment is needed most. Hoyt Sherman Place Foundation’s capital campaign project was selected because it is transformative in nature, creates jobs and is located in a low-income census tract.
Hoyt Sherman Place is the premier historic cultural center in Iowa and works to present outstanding performances, to celebrate Iowa’s history, and to grow arts and culture in the region. While its galleries and 1,252-seat theater have hosted some of the best singer-songwriters, recording artists, comedians, and entertainment personalities, the use of its space for local dance recitals, graduations, swearing-in ceremonies, and weddings are what have solidified Hoyt Sherman Place in the community’s heart.