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City invests in INSCAPE project, preserving artist workspace

Mayor Mike McGinn announced today the city’s investment in the INSCAPE project to revitalize the historic INS building at 815 Airport Way South. The building will be renovated to create affordable space for local artists.

The INSCAPE project will create or retain more than 100 permanent jobs, provide affordable artist space, and revitalize the Chinatown/International District and Pioneer Square neighborhoods. INSCAPE staff are also working closely with the Wing Luke Museum to design and install exhibits that will acknowledge the building’s historical importance.

The Office of Economic Development invested $10 million in New Markets Tax Credits through Seattle Investment Fund LLC, which helped leverage private financing, including $3 million in funds from the federal Department of Housing and Urban Development, and lessened the cost of borrowed funds. Along with these financial resources provided by the city and the federal government, the project is being financed with a loan and equity investment by JP Morgan Chase.

For more information about the city’s investment in INSCAPE, read this blog post and press release from the Office of the Mayor.