- Associated Press - Friday, May 6, 2016

WATERLOO, Iowa (AP) - A Cedar Falls brewery’s planned renovation of the former downtown Hostess Wonder Bread building is set to receive $1.24 million in historic preservation tax credits.

The Waterloo-Cedar Falls Courier (http://bit.ly/1OgUCiO ) reports that the Iowa Department of Cultural Affairs announced Thursday that Single Speed Brewing would receive the tax credits for the project.

The brewery is planning a $6 million renovation of the former Campbell Baking Co. building to house a production brewery, beer garden, restaurant and coffee shop.

Single Speed founder Dave Morgan says the approval and a pending report on eligibility from the National Park Service are vital to starting construction.

“The project doesn’t happen without their support,” Morgan said. “Without those guys behind us this wasn’t feasible financially. We’re trying to restore (the building) to the glory it was in when it was used for both manufacturing and retail in the 1950s. That isn’t possible without everybody on board.”

The tax credits can be sold to investors to assist with the cost of the project. They require that the work meets historic design standards.

Morgan was hoping to get news about the National Park Service’s decision this week.

“If we get it this week, we’re ready to start (construction) Monday,” Morgan said. “If they deny us, then we would have to change our plans and resubmit.”

The city donated the building to the brewery in January for the project.

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Information from: Waterloo-Cedar Falls Courier, http://www.wcfcourier.com

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