PALMER BUILDING
$200,000
fundraising goal by summer 2026 - with previous a $200,000 secured to date through grant dollars, we are looking to our community for the remaining support.
What’s new on the Palmer Building project?
The facade is complete. The first-floor facade was rebuilt consistently with the original building, with a recessed center entry and display windows on either side. The display windows will be used by the Chariton Booster Club, which will sell Chariton Charger merchandise in the front part of the first floor. The metal windows on the second-floor facade have been restored and repainted to match the color of the first-floor facade.
The first floor is complete. Much of the work was done by the high school students in the Chariton Construction Academy with the assistance of professional trade contractors. The rear of the main section of the first floor (pictured to the right) is now used in the mornings as a classroom for the construction academy students and also will be offered as shared workspace for small business owners in the afternoons. The far back of the first floor will be used as a workshop and storage for the construction academy.
During this school year, the construction academy will complete the construction of the two-bedroom, two-bathroom apartment on the second floor. The apartment will be offered for lease as soon as it is approved for occupancy.
We have received $60,000 of the $100,000 catalyst grant from the State of Iowa and will receive the remaining $40,000 after the apartment is complete.
We received a $90,000 grant from the Dekko Foundation for the work on the first floor. Dekko strongly supported the aspects of the project utilizing the construction academy and providing a space for school district programs.
We received a $10,000 housing grant through the City of Chariton (in addition to the $25,000 directly contributed to the project by the city) to be used for the construction of the apartment on the second floor.
We are in the process of seeking state historic tax credits for the project. The basic amount of the tax credit is 25% of the qualified project expenditures, but the state has restricted the amount of the credit available for nonprofit corporations in recent years. As a result, we may need to find a private purchaser of the credits to get more of their value (something we did not have to do for the Charitone project).
Even with these grants and the amounts contributed by individuals and organizations in prior years, we still are likely to have resulting debt of between $200,000 and $300,000 after the project is complete. We are very fortunate that Midwest Heritage Bank has provided interest-free financing during the construction phase of the project and has agreed to provide long-term financing at its completion.
And that’s why, as in the past, we need your support. We hope you will continue your critical financial support – thank you!