Three New Cosponsors on H.R. 1680

Last week, three members of Congress cosponsored the New Markets Tax Credit Extension Act of 2019 (H.R. 1680): Garrett Graves (R-LA), Andy Barr (R-KY), and David Price (D-NC). Below, I’ve highlighted of the NMTC projects in their districts.

Garrett Graves (R-LA)

Baton Rouge, LA

American Door and Hardware

The NMTC supported $1.47M in financing for a commercial door, frame, and hardware supplier.

Baton Rouge, LA

Moran Printing, Inc.

In 2010, Moran received NMTC financing. Since that investment, the company has grown substantially, and it now employs 132 people.

Napoleonville, LA

Game Equipment

GAME Equipment is an agricultural machinery manufacturer and distributor located in rural Louisiana. At a time when GAME needed additional funding for equipment purchases, its traditional lender refused to extend their line of credit. The New Markets financing provided the funding needed to maintain operations and retain 21 full-time employees. Since receiving the investment, GAME has hired an additional 19 employees.

Zachary, LA

Americana YMCA

The Americana YMCA project was the construction of a 26,000 square foot community facility, with expansion capability of another 18,000 square feet, by the YMCA in Zachary, Louisiana.

Destrehan, LA

Ochsner Health Center Destrehan

Destrehan offers Primary Care, Urology and OB/GYN services within the new Plantation View Medical Offices. From diagnostics to treatments, receive quality primary care, urology and women’s services from dependable, local providers.

Andy Barr (R-KY)

Berea, KY

Berea College Health and Sciences

This project was for a phase in the largest capital expenditure in Berea’s history. The Margaret Cargill Health and Sciences building is a 125,000 SF, four-story educational complex that will be a single central site for all forms of math, physics, chemistry, biology, sciences and health training.

Cynthiana, KY

EZ PACK

In 2014, Busicchia and his partners brought E-Z Pack and another truck manufacturer, Continental Mixers, under one roof in Cynthiana, KY. The previous owners were slated to move the E-Z Pack operation out of state, taking dozens of good jobs with it. An investment in connection with the New Markets Tax Credit program enabled the company to stabilize the two operations and begin critical turnaround efforts – bringing business expansion, jobs and opportunity to Cynthiana. .

Louisville, KY

Nucleus Innovation Center

The University of Louisville Foundation is constructing an eight-story, 202,510 gross square foot commercial office, information technology and laboratory building known as the Nucleus Innovation Center Building #1, the first of four buildings that will comprise the Nucleus Innovation Park Downtown in Louisville, KY. Upon completion, the building will be leased to innovative companies, both revenue generating and start-up, in the technology and healthcare industries. Louisville already has the world’s largest cluster of long-term care companies, and Nucleus will further enhance the city’s status as a national and international hub for the wellness and aging care industry.

David Price (D-NC)

Raleigh, NC

Wake Health Services

The construction of a new 35,000 square foot medical, dental, and pharmacy facility by Advance Community Health adjacent to its existing 13,100 SF Rock Quarry Health Clinic in Raleigh, NC. The project also includes the re-purposing of its existing Rock Quarry building into a centralized facility to house all of Wake’s administrative departments.

Raleigh, NC

Southeast Raleigh YMCA

The new, 114,959 square foot facility will be shared by the YMCA (42,960 SF) and the Wake County Public School System elementary school (71,999 SF). Community residents will be able to enjoy a state-of-the-art fitness and wellness center with amenities such as group exercise studios, an indoor track, a gym, outdoor pool, multi-purpose rooms, and sports fields. Future phases include a Low-Income Housing Tax Credit development and a mixed-use building with community serving tenants.

Hillsborough, NC

Weaver Street Market

Weaver Street Market is a large cooperatively-owned grocer that operates two stores in distressed areas in Carrboro and Chapel Hill (NC). NMTC financing supported the purchase and development of a third healthy food retail site, and to develop warehouse capacity that allowed the market to provide healthy, freshly-prepared foods to customers at all of its stores. Weaver Street invests in its local community by working with local farmers, seeking out Fair Trade products, supporting local producers and undertaking numerous environmental initiatives.

Raleigh, NC

Raleigh Times Building

One of Raleigh’s most important buildings in the first part of the 1900s, this building housed the Evening Times, which later became the Raleigh Times newspaper. Over the years, the Times building went through many changes. Empire Properties bought the building in 2002 and restored it to its former glory (based on 1910 photographs) with the help of the NMTC and Historic Tax Credit. In 2006, The Raleigh Times Bar opened on the first floor and was celebrated by many former Raleigh Times employees on opening night.

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