$4.9 Million in tax credit financing secured for new Utah shakespeare festival theater.

• Position: SOUTHERN AREA

Cedar City--U.S. BANK closed on $4.9 million in tax credit financing that will help build a new playhouse with a retractable roof for the UTAH SHAKESPEARE FESTIVAL.

U.S. Bancorp Community Development Corporation (USBCDC), the community development subsidiary of U.S. Bank, invested $4.9 million in equity raised from federal New Markets Tax Credits in the $25.4 million project. The credits were allocated to the Community Development Finance Alliance. SOUTHERN UTAH UNIVERSITY contributed nearly $10.4 million to the project and IRON COUNTY added $2 million in grants.

At nearly 64,000 square feet, the new Engelstad Theatre, located at 200 West on the campus of SUU, will have 900 seats, disabled-accessible entrances and a retractable roof in case of inclement or cold weather.

The Adams Shakespearean Theatre, where the festival has been held each June to October since 1977, is known as one of the most faithful recreations of the open-air Globe Theatre, where Shakespeare's plays were originally produced. Yet over time it had become outdated, and it lacks public restrooms.

As part of the Beverley Taylor Sorenson Center for the Arts, the new playhouse will enable the center to put on performances year round and is expected to boost attendance by 25 percent...