Earlier this year, the first chapter of the former Horlick Malted Milk complex conversion in Racine, Wisconsin was completed. J. Jeffers & Co. is transforming the site, now known as Belle City Square. Like many other mill and factory complexes, the Horlick site consists of multiple buildings, and each was integral to the manufacturing process. Therefore, the project falls under the National Park Service’s functionally related guidance, and developers must navigate various construction, financing, and investment schedules. In this month’s Novogradac Journal of Tax Credits Tool Box article, we examine the complexities of rehabilitating functionally related properties and the upcoming plans for Belle City Square.