The purchase and improvement of real estate that is leased to a hospital as a medical office building, bringing accessible health care to a rural community. Financing was provided by Mascoma’s NMTC loan pool fund.
AA $7.55 million investment in Mirac, Inc., a rural Ohio-based electronics assembly and fabrication company with locations in Lynchburg and West Union, that will help keep jobs in rural Ohio.
Mar-Jac is a fully integrated poultry production company operating in GA, AL, and MS. Mar-Jac was established in 1954 and has been supplying high quality poultry products ever since. Mar-Jac ships poultry products worldwide with an emphasis on the domestic food service industry. The Company has constructed a feed mill facility in Phil Campbell, AL – a rural low-income community that was devastated by an EF-5 tornado in 2011 that killed 27 local residents. The Project supports the local community’s continuing efforts of rebuilding Phil Campbell. The $35 million investment in the Project has already spawned additional company investment in the form of a $25 million hatchery built by Mar-Jac, located within a mile of the feed mill. The Project is strengthening the local trucking industry as it requires more than 150 truckloads per day and helps the community diversify its economic base. The new feed mill in Phil Campbell, AL (Appalachian Regional Commission Service Area) is located in the middle of Mar-Jac’s network of grower houses to economize the feed delivery. 200 additional houses will need to be constructed by approximately 40 new growers. The average investment by each grower is $500,000. The new growers and existing growers are supplied chicks from Mar-Jac hatchery being concurrently constructed in that community. The mill will produce more than 10,000 tons of poultry feeds per week. This level of production not only supports local/regional farmers who grow and supply various feed ingredients such as corn and soy beans, but it also provides local/regional poultry farmers with optimal nutritional formula for healthy growth of chickens.
Alabama Aircraft Support, since renamed Arista Aviation, constructed a new 60,000 square foot hanger outfitted with the latest equipment and technology necessary to provide Maintenance Repair and Overhaul (MRO) services for civilian and military helicopters. The project has facilitated the creation of 57 jobs and is uniquely located near Ft. Rucker, Eglin Air Force Base and Whiting Field to take advantage of military service needs with a best of breed facility designed to the highest military and avionic standards. This project is one of several strategic projects in the aerospace and aviation sector that have settled in Alabama. Alabama Governor Robert Bentley and Alabama Lieutenant Governor Kay Ivey both spoke at the groundbreaking event along with Enterprise Mayor Kenneth Boswell. MuniStrategies provided allocation for this project and worked closely with the Wiregrass Economic Development Corporation for months to make this project a reality. The project is located in a severely distressed area with 29% of local residents in poverty. Company employees will receive competitive wages, insurance benefits and the ability to contribute to a 401k plan. The company has a working relationship with Enterprise Community College that provides specialized training for high school/GED graduates to move directly into aviation maintenance production jobs. The project received Honorable Mention as Non-Metro QLICI of the Year in 2014.
Baptist Health Systems acquired the Leake Memorial Hospital on October 1, 2011 in a transaction with the Leake County Board of Supervisors. Baptist Leake was constructed as a new hospital facility in this medically underserved area with a $29.7 million investment that features the use of both federal and state NMTCs and tax-exempt bond financing. This is a major investment in the healthcare of a severely distressed rural area in Carthage, Mississippi. Located in a Persistent Poverty County in the Appalachian Regional Commission (ARC) service area, the investment resulted in an expanded overnight facility, 5 new physicians, 15 new support staff and retention of 111 other high-skilled medical technicians (out of 236 total jobs) in this town of 4,600 residents. Upon a full renovation of the 1940s building, the new facility boasts a 25-bed hospital that offers acute care and swing bed services. The facility also offers MRI, vascular ultrasound, echocardiography, wound care and podiatry services. The Level IV emergency room is staffed by qualified physicians and ancillary staff. Located 68 miles from a Level 1 trauma center and most of the state’s healthcare infrastructure in Jackson, this service expansion in rural Carthage, MS has made an immediate impact in healthcare for thousands of Mississippians. Leake County has been designated by the Health Resources and Services Administration (HRSA) as a primary medical care/health professional shortage area.
The Chawla family, owners of one of the most successful hospitality companies in Mississippi, has joined forces with Mississippi Delta Community College (MDCC) to create a new job-training institute that will be designed to attract hospitality trainees from across the region. A new, 63-room ($6.5M) Hampton Inn in the rural Mississippi Delta has partnered with Coahoma Community College, where the new hospitality-training program will be housed. Specific fields of study and certification will be in the areas of management, technical maintenance, housekeeping inspectors, and guest service agents. Due to the town’s strategic location, growing tourism base as the home of the BB King Museum, and the opportunity to create a training facility, the Chawla family has committed to invest in this highly distressed, rural area in a way that will build the community and increase job opportunities for a region that has traditionally struggled with workforce readiness.
Since 1990 (and the compounded effects of the global financial crisis), the Southern United States’ wood supply chain has lost 30% of its sawmills and nearly 20% of its pulp mills. With mill capacity shrinking, rural communities that depend on mill demand for labor and other production inputs have suffered dramatically. In the wake of this negative environment, MuniStrategies invested $11.8MM in this Moultrie, GA sawmill upgrade and reconfiguration, as part of an overall $28.4MM expansion. The NMTC financing provided the funds to fully the realize the capabilities of the reconfiguration and upgrades of the sawmill, drying and finishing processes. This investment was critical in strengthening the long-term viability of this 70-year-old mill by increasing production capacity and significantly reducing costs to better weather various market cycles associated with the commodity lumber market.
Habitat for Humanity Mississippi Capital Area (HFHMCA) invested $5.7M in Midtown and west Jackson areas by creating or renovating 50 homes. One feature home constructed with the financing achieved LEED BD+C Certification and featured collaboration with the Chair of the Mississippi Green Building Council. The larger project also featured a home revitalization component designed to stem decay and provide stabilization assistance to serviceable homes in transitional neighborhoods. This innovative structure served as a model for other Habitat affiliates nationwide and helped HFHMCA build more homes and make more interest free loans available to Habitat family partners. These family partners earn home ownership opportunities through commitments to stable employment, volunteer/sweat equity in a new home, and mandatory homeownership education through HFHMCA. “We are extremely grateful for this investment to further our mission in this vital area,” says Cindy Griffin, Executive Director of HFHMCA. “We believe this project provided a new template for revitalizing communities through strategic new home construction and existing home revitalization to make our communities stronger.” Volunteers additionally worked 1,280 hours per completed home. This project in Jackson continues Habitat for Humanity’s legacy of helping revitalize important communities through affordable housing. This project has far reaching impacts not only for the immediate neighborhoods but also for surrounding projects like the Medical Corridor and its proximity to University of Mississippi Medical Center and the Jackson Medical Mall.
In 2009, Georgia Pacific operated a large plywood lumber mill in Louisville Mississippi. At the time, it was the largest employer in Louisville, located in east central Mississippi. Louisville was, according to the mayor, a “plywood town”. When the mill was shuttered in response to the Great Recession, all of the 400 remaining jobs were lost in the town of just over 6,600 people. In early 2014, Winston Plywood & Veneer made a commitment to the City of Louisville to restart the mill on a limited scale, but on April 18, 2014, an EF-4 devastated the town, killing 10 people and destroying over 1,000 structures including the 265,000 square foot mill. The town was subsequently declared a Federal Disaster Area by FEMA. Winston Plywood and the City of Louisville led by Mayor Hill, with the help of FEMA, MS Development Authority, Appalachian Regional Commission and many other local stakeholders, have realized a dramatic rebirth of this business with a brand new state-of-the-art facility that will employ 400 local residents. In October 2015, Novogradac and Company selected Winston Plywood & Veneer its Operating Business QLICI of the Year.
After successfully growing and stabilizing three middle schools and one high school in Nashville, RePublic Schools launched Reimagine Prep in the fall of 2015 in Jackson, MS. It currently serves more than 700 5th, 6th and 7th grade scholars and will grow to serve over 1,200 by 2022. RePublic Schools has experienced strong growth and results over the past six years (serving over 3,000 students network-wide) and, with a focus on computer programming instruction, has been recognized by Stanford University and the Charter School Growth Fund as one of the highest performing charter school networks in the nation. This innovative use of NMTCs involved philanthropic leverage as well as Mississippi NMTC incentives to fund the facility expansion, which will be operational in the 2018-2019 school year. This is the first use of NMTCs for a charter school in Mississippi. The Impacts
- Economic: NMTC financing will help fill a capital gap of $2M necessary for the growth of the school, freeing up philanthropic funds for teacher training, programming and recruitment.
- Jobs: The Project creates approximately 47 new teaching jobs (average wage over $45K) to adds to its current 31 teaching positions and provides a viable educational alternative for students in a public school district with an “F” rating and at risk to lose accreditation.
- Community: RePublic was founded on the belief that digital literacy is the key to dismantling historic barriers to equality in the South. RePublic’s unique curriculum introduces computer programming to students in 5th grade and continues teaching and building upon this foundation until high school graduation.
- Workforce Development: Each student will graduate with programming abilities that rival those of an entry-level programmer, before even stepping foot on a college campus.