Federal Historic Tax Credits Received by Museum Distributed to City of Las Vegas
LAS VEGAS (April 2014) – On Wednesday, April 16, The Mob Museum, The National Museum of Organized Crime and Law Enforcement, handed over $1.5 million in cash to the City of Las Vegas. The money is the first of four annual equity payments the Museum is scheduled to distribute to the City of Las Vegas. The City originally envisioned taking possession of the historic former federal courthouse and U.S. Post Office, rehabilitating it and repurposing it for a museum dedicated to advancing the public understanding of organized crime and law enforcement and its impact on society. The City in partnership with the museum board also had the creativity and foresight to engage in historic tax credit financing of the project. This transaction brought the promise of returning millions of dollars back to the City.
The Mob Museum is a 501(c)3 nonprofit with a mission of operating as a financially independent and self-sustaining organization, while contributing to the growth and vitality of downtown Las Vegas. Clarifying the significance of the historic tax credit financing, The Mob Museum Executive Director Jonathan Ullman explained, “We are proud to say the museum carries no debt. Today provided a wonderful opportunity to return a portion of the City’s original investment in the Museum through the historic tax credit program.”
Self-sustenance of the organization was a goal of Mob Museum visionary and Board member, the former Mayor Oscar B. Goodman.
“This is a great day for The Mob Museum,” declared Oscar B. Goodman, as he presented the briefcase full of $1.5 million in cash during the council meeting. “Rest assured, when The Mob Museum gets a score, everyone gets a piece of it!”
The Mob Museum has welcomed nearly a half-million visitors from all 50 states and nearly three dozen countries around the world. It’s on track to greet its five-hundred-thousandth guest as early as the end of April.
“The Mob Museum has been an exciting and interactive addition to downtown Las Vegas,” added Mayor Carolyn G. Goodman. “I’m so pleased at the success the museum is having and its role in the continuing renaissance of the city’s urban core.”
The Federal Historic Tax Credit (HTC) encourages the preservation and reuse of the nation’s built environment by offering federal tax credits to preserve historic properties.
ABOUT THE MOB MUSEUM
The Mob Museum is a world-class destination in downtown Las Vegas dedicated to the thrilling story of organized crime and law enforcement. It presents an exciting and authentic view of the Mob’s impact on Las Vegas history and its unique imprint on the world. True stories of Mob history are brought to life in a bold and contemporary style via engaging exhibits, high-tech theater presentations and more than 600 artifacts, the largest collection of Mob and related law enforcement memorabilia under one roof. Since opening in 2012, The Mob Museum has accumulated numerous accolades, including being named one of “20 Places Every American Should See” by Fox News and Budget Travel magazine, “Las Vegas’ Best New Attractions for 2012” by Travel + Leisure magazine, “9 Reasons to Visit Las Vegas” by CNNgo, a finalist for the “Best Wider World Project Award,” by the British Guild of Travel Writers and “Best Museum” by Nevada Magazine and the Las Vegas Review-Journal. Admission is $19.95 for adults ages 18 and over with special pricing for children, seniors, military, law enforcement, Nevada residents, and teachers. Museum hours are Sundays through Thursdays from 10 a.m. to 7 p.m.; Fridays and Saturdays 10 a.m. until 8 p.m. For more information, call (702) 229-2734 or visit www.themobmuseum.org. Connect on Facebook: www.Facebook.com/themobmuseum and on Twitter: @TheMobMuseum.