INDUSTRY Denver turned a former warehouse into a mixed-use building with offices, retail, and a business incubator.
a leading manufacturer of heating and cooling products, today announced a New Markets Tax Credit (NMTC) allocation for its new facility expansion at the Longview, Texas manufacturing plant. AAON received a $23.0 million NMTC allocation for the project and secured low interest financing and the potential for future debt forgiveness related to the expansion. AAON Coil Products Inc. is building a $28 million addition that will add 125 jobs to its manufacturing plant southeast of downtown Longview.
The New Orleans Culinary and Hospitality Institute includes the renovation of a historic, five-story building, accessible by public transportation in downtown New Orleans that will provide no cost and low cost training to several hundred students annual through its Workforce Training Programs.
In early 2016, HOPES completed the new three-story facility called the Stacie Mathewson Community Wellness Center. With this new facility, HOPES is expected to expand from serving 4,000 patients annually to 10,000 patients each year. Additionally, HOPES has maintained 52 of its current staff members and has hired 45 new full-time employees. As it grows, HOPES expects to continue hiring new full-time employees. All employees receive quality salaries and full benefits, including health care and retirement plans.
Development of feed mill facility creating jobs with benefits including healthcare, retirement, and advancement training.
New Markets Tax Credits are helping to revive a rural community in Northeastern Arkansas, providing the necessary capital for a highly distressed river town to turn the corner. Osceola, Arkansas, experiencing economic growth after Enhanced Community Development (ECD) and other Community Development Entities provided federal New Markets Tax Credit and Arkansas New Markets Jobs Act tax credit allocations to build MidRiver Terminal, a freight transport facility. In total, ECD provided $5 million in federal New Markets Tax Credit allocation and $4.8 million in Arkansas New Markets Jobs Act tax credit allocation to this job-creating business. Located on the Mississippi River, Mid-River Terminal supports operations at the state’s largest economic development project, Big River Steel, a $1.3 billion steel mill expected to bring 500 jobs to the highly distressed area.
Located in one of the most economically challenged neighborhoods in Minneapolis, Banyan Community works to transform lives by developing youth, strengthening families, and creating community in an area struggling with drugs, gangs and grinding poverty. Banyan reaches more than 1,275 people a year through a combination of neighborhood block clubs and youth/ family programming. Of the more than 1,600 families in the neighborhood, 82% are people of color and 83% of Banyan youth are African American or Latino. Forty-six percent of all children live in poverty in the portion of the Minneapolis’ Phillips Neighborhood that Banyan serves. Since founder Joani Essenberg launched Banyan in her house in 1990, it has grown to be a national model for building a community from the inside out. In 2000, Banyan began leasing a 9,000 square foot community center, where it thrived for the next 15 years. A short-term lease, combined with a need to expand services and eliminate a waiting list of 100 youth, led to a desire to find a place of their own to serve as a community anchor for future generations of families. While they were able to raise $4.7 million to build a new facility, they still faced of $2.3 million gap to be able to complete the $7 million project. Due to the short-term nature of their existing lease, a delay for an indefinite period of time because an inability to access capital could have meant a disruption to the programs that were vital to the community. Banyan Center identified the NMTC as a way to fill the gap in financing. CRF was able to provide $6.7 million in NMTC financing, with Chase Community, LLC as the investor (a subsidiary of Chase Bank). Without the NMTC, the project could not have moved forward. With NMTC financing, Banyan Center was able to build a 31,000 square foot facility that includes: study rooms for high schoolers, elementary and middle school space, laundry facilities for busy families, community classrooms, a gymnasium, computer lab, shared dinning space, commercial kitchen and space to add a pre-school. A new building doubled Banyan’s capacity to serve young people and eliminated the 100 person the waiting list. The new facility will bring increased stability to families and youth who connect with Banyan, along with Banyan’s staff, all 13 of which reside in the neighborhood and have deep roots in the community. Banyan expects to add more than 15 new permanent full-time positions, all providing living wages, and the project also generated 75 temporary construction jobs. Thanks to the new center, Banyan can now serve 250 students with its after school programs, 94% of which are eligible for free and reduced lunch.
Enhanced Community Development, Ecotrust CDE, Capital One Community Renewal Fund, and National Community Investment Fund provided a total of $20 million in NMTC financing to food manufacturer, Fry Foods (“Fry”), for the acquisition, rehabilitation and operation of a shuttered onion-processing facility in Ontario, Oregon. Ontario is sometimes called the “Onion Capital of the World”; but when Select Onion, a major local employer, went bankrupt in 2012, it left hundreds of people without jobs. This rural part of Oregon has since struggled with high unemployment and low wages, and the reopening of this vacant facility has resulted in much-needed job creation and revival of the local economy. Fry produces specialized appetizers such as onion rings for the food service industry and retail. Restarting the shuttered plant carried additional costs to ensure that (i) food disposal met modern environmental safety standards and (ii) equipment was upgraded to address work-safety and environmental concerns. NMTCs filled the financing gap associated with these compliance-driven improvements. Since the start of operations, Fry has created 134 construction jobs, and 108 full-time employees who receive competitive pay, healthcare benefits, dental insurance, holiday and vacation pay, life insurance and job training. Approximately 70 percent of the full-time employees at the Ontario facility are considered low-income persons. Fry also expects to employ over 300 individuals in the next seven years. Additionally, the project will catalyze opportunities for grocery stores, farmers and heavy industrial businesses in the rural area, giving an economic boost to the entire region.
Food Distribution Center for a nonprofit hunger relief organization