Tax Credits Fuel Deal for Theater DowntownJuly 6, 2015 – In The News
Paul Wassgren, Mark Connot and Daniel Madrid were featured in the Las Vegas Business Press article, “Tax Credits Fuel Deal for Theater Downtown.” Full text can be found in the July 6, 2015, issue, but a synopsis is below.
Recently, a team led by Paul Wassgren, Mark Connot and Daniel Madrid completed a $19.8 million deal securing a spot for a theater complex in downtown Las Vegas.
The multifaceted transaction, undertaken through the federal and state New Markets Tax Credits (NMTC) programs, will allow the company to complete the planned upscale, concierge-style Eclipse Theater complex in the revitalized downtown area of Las Vegas. The transaction is among the first to be completed under Nevada’s NMTC program.
“We are pleased to have assisted Eclipse in achieving its business goals through this transaction,” said Wassgren. “In more than 10 years of handling business transactions in Las Vegas, this is the most complex deal in which I’ve participated. It is gratifying to facilitate a development that will help revitalize and hopefully attract further investment to the downtown Las Vegas community.”
The new theater, which features eight auditoriums, a bar and lounge and other VIP amenities, is slated to open in the spring.
“Without the New Markets Tax Credit program, projects like this one would not be possible, and the hope is that this theater acts as a catalyst to the redevelopment of this portion of downtown Las Vegas,” Madrid stated.