The $21 million science complex LaGrange College comprises two buildings: the newly constructed, $17 million, 43,000-square-foot Ida Callaway Hudson Lab Sciences Building and, across the street, the 45-year-old, 27,000-square-foot Cason J. Callaway Science Building, updated with $4 million worth of renovations.
“We began raising funds for this project in 2014,” LaGrange College president Dan McAlexander said during the ceremony, according to a news release. “Now, seven years later, this facility is going to change the future of this college and this community, transforming lives and taking students places they would have never dreamed of going.”
250,000-square-foot expansion on Swiss Krono’s existing Barnwell manufacturing facility. The expansion includes the construction of a new medium-density fiberboard (MDF) manufacturing line, ancillary wood yard, energy plant and waste treatment facilities, as well as the installation of a fourth laminate flooring line. With this expansion, the plant will produce laminate flooring, MDF, high-density fiberboard (HDF), laminated panels for the furniture industry and treated papers for use in laminate applications. Currently, the facility only produces laminate flooring and treated paper.
Family Healthcare Center (FHC) of Fargo is an organization that has long provided medical, dental and pharmacy services to low-income and homeless persons in the Fargo-Moorhead region. From the early 1980s, doctors were providing medical support for the region’s homeless, working out of various shelter facilities, churches and the YWCA facilities. Currently, FHC operates out of three separate locations, but through this historic rehabilitation project, is consolidating its current operations in downtown Fargo. The new site opened in 1920 as the Pence Automobile Company, an automobile showroom and warehouse. The objective is to create one new facility that serves the needs of all of its stakeholders, while eliminating the overhead and administrative burden that is associated with offering services at multiple locations. Designs for the facility call for 33 medical exam rooms, 7 dental operatories, new space for behavioral health practitioners and rooms for community health programs, administrative offices and meeting areas. The project represents a doubling of space in anticipation of a growing number of uninsured and Medicaid patients in the Fargo-Moorhead region.
This project has created the funding to expand and rehabilitate a second elementary school project on the Pine Ridge Indian Reservation in Batesland, South Dakota. The current Batesland school is in serious disrepair with part of the facility unusable. The expansion includes the addition of a new gymnasium, classrooms, support areas, reading room/library, community room and a new cafeteria with kitchen, as well as a new geothermal heating/cooling system. Approximately 28,478 square feet will be renovated with an additional 61,629 square feet of new space. The renovated buildings will connect to the new addition and include classrooms for pre-school through 8th grade. One of the largest employers on the Pine Ridge Reservation, the school district’s annual expenditures of $4-$5 million for staffing create a material economic multiplier effect in the region. The school district will maintain a total of 356 permanent FTE jobs for residents, including teachers, administrators, aides, janitors, food service and other positions in Shannon County, within the boundaries of the Pine Ridge Indian Reservation. This county illustrates the highest priorities for economic development with unemployment as high as eighty percent in some areas of the reservation.
Advantage Dental is one of Oregon’s largest dental health care providers for low-income persons within the state serving over 200,000 patients, the majority of whom qualify for public health care or are uninsured. In addition, Advantage Dental is Oregon’s largest rural dental services provider, with service locations throughout the state.
The NMTC transaction will allow the cooperative to invest in seven additional rural dental clinics that can increase service capacity by nearly 50,000 patients and create additional health care jobs in remote and underserved areas. Another key aspect of the NMTC transaction was to finance new electronic data storage and information systems to enhance the quality of service offerings and improve efficiencies. Advantage offers many ways for small rural clinics to benefit from shared economies of size and scale. The Advantage Dental model for rural dental care is considered to be a leading prototype for next-generation health care services in underserved areas.
Roeder & Company, LLC announces the closing of a $10 million Federal New Markets Tax Credit (NMTC) financing for Heritage University’s campus expansion in Toppenish, Washington. Roeder & Company sourced the allocation from Dakotas America, LLC.
Heritage is a private, non-profit university serving rural and low-income students, many of them the first in their families to attend college. The university has a three-phase strategic plan in place to increase the undergraduate population from 800 currently to 2,000 students over the next five years by constructing new buildings on campus, expanding scholarship support and enhancing academic programs and student services. The NMTC net derived benefit was used to complete the funding of Phase II, which involves the construction of two new buildings on campus that will expand its health science curriculum and provide administrative offices for current and to-be-hired faculty.
Heritage serves communities where rates of higher education attainment by people over the age of 26 is only 8% as compared to the national average of 25%. These students may take longer than average to complete college because they need pre-college coursework, or they may need flexible class schedules to accommodate lifestyles that often already include family and work. These facts sometimes make it more difficult for the university to finance capital projects as Heritage cannot raise revenue because tuition rates need to remain affordable for the low-income community.
“Heritage provides the support and encouragement necessary to guide students to graduation, and this project will greatly enhance our ability to reach more individuals in the low-income community,” said Dr. John Bassett, President of Heritage University. “Removing barriers is a core tenet of our day-to-day decisions, and the NMTC financing removed any remaining barriers to achieving our Phase II strategic goals.”
“We worked nearly two years with the university and its staff to locate and close allocation for this project,” said Roeder & Company CEO Reynold Roeder. “This one was especially rewarding as it aligns so well with our mission to facilitate investments in low-income communities that increase opportunities for education and technical training,”
Seventy-Five North Revitalization Corporation (“75 North”) is a nonprofit organization with the mission of revitalizing the Highlander neighborhood of North Omaha—the blighted and highly disinvested former site of a failed 23-acre public housing complex demolished in 2009. North Omaha has struggled to attract meaningful investment in recent decades, and suffers from elevated rates of poverty, and unemployment. In partnership with such organizations as Purpose Built Communities and the Sherwood Foundation, 75 North is the “community quarterback” of a long-term, grassroots effort to bring a comprehensive mix of affordable and mixed-income housing, vital complementary goods and services, and upgraded local educational options that respond to increased local unemployment and disinvestment.
The anchor and centerpiece of the $90 million revitalization effort is the Highlander Accelerator, a new 63,000 SF, $24.7 million multi-tenant community facility. 75 North and Chicago-based affordable housing developer Brinshore Development, LLC were assisted by the consulting firm of SB Friedman Development Advisors in structuring and coordinating a $24.5 million NMTC financing provided by Dakotas Americas, RBC Community Development, and Chase New Markets Corporation. NMTC equity for this transaction was provided by Chase. As a young nonprofit organization with limited revenue history and balance sheet resources, 75 North lacked access to conventional debt options. Instead, the Accelerator was financed with a combination of philanthropic capital sources and below-market debt. NMTC financing was used for land acquisition, new construction and tenant improvements. Without this financing package, the Accelerator would have been
significantly delayed or scrapped altogether.
The Accelerator offered initial tenant rents that are intentionally more than 50% below market to facilitate a carefully selected mix of nonprofit and commercial tenants that maximize impact on the educational opportunities, health, and well-being of disadvantaged neighborhood residents. The facility includes over 17,500 SF for Whispering Roots, a nonprofit aquaponics organization that will produce fish and leafy greens in a high-tech “closed loop” system. In addition to job creation and access to healthy food options, Whispering Roots will use its production facilities as an educational tool serving an estimated 2,900 students from local schools and community colleges.
Metropolitan Community College will add a new 9,200 SF “MCC Express” campus on-site that is anticipated to serve 2,000 students by
replicating a highly successful program that has lowered the barriers to community college in Omaha’s minority communities. Creighton University is adding a new 4,100 SF community health and wellness program space at the Accelerator that will provide nutritional services, lifestyle assessment, and counseling for residents of a community with some of the most elevated rates of diabetes in the region. Finally, the Accelerator provides much-needed community gathering and event space including a 5,400 SF community arts facility.