12/04/2023
Inquiring minds want to know... What's happening with the Red Owl building? Here are some facts:
*The building is currently owed by the Greenwood Preservation Society. These are the same folks who own and operate the historic Greenwood Hotel.
*The GWPS is a 501c3 non-profit organization that was able to apply for and was awarded a Community Service Tax Credit in 2022. The goal of this first phase is to waterproof (or seal in) the building.
*It took a REALLY long time to find a construction company with expertise and experience that was WILLING to take on the project.
*To-date, they have taken nine roll off dumpsters full of "ick" out of the very fragile building and created bracing on the interior for stabilization.
Future. The hope is to once again make this building a functional part of Main Street.
What the heck is a Community Service Tax Credit? These are awarded through a very competitive application process. Because Eureka is "rural" we are awarded a 70 percent credit. Urban areas are awarded 50. The credits serve as a "tool" for non-profits to fund raise. Here is how it works. If you donate $1,000, you will receive $700 BACK as a tax credit. IF you have a Kansas tax liability, you will include a state issued certificate in your tax return. Instead of paying $700 to the state, you will get a "Credit" and pay nothing. The $1,000 donation can also be used as a tax deduction on the state and federal side so may create greater fiscal benefits. As always, talk with your accountant/financial advisor. At this time the GWPS has tax credits remaining that must be sold by year-end. If you are interested, contact Colangelo and Taber.
