NMTC equity will help fund the construction of a 105,000-square-foot office building at Auburn University in Alabama. SunTrust Community Capital will invest $3.2 million in NMTC equity in the property, which will be called the Research and Innovation Center in the Auburn Research Park. UB Community Development allocated NMTCs to the development, which will open in the third quarter of 2020 and is expected to provide 125 temporary full-time construction jobs and 101 permanent full-time jobs.
Talladega College will construct a new 45,780-square-foot student center and health clinic, which will include a bookstore, dining hall, convenience/grocery store, cafeteria, fitness center, student meeting and classroom space and an arena for intercollegiate athletics. The project will also provide event space (700 seats) to host campus graduations and convocations as well as community events and banquets.
The Project is the 5th phase in a 5-phase commercial development located at the Project site in Foley, AL. Although the Project is technically the last phase of the development, the 4th phase of retail development (approximately 68,500 sq. ft.) is fully contingent upon the 5th phase being completed initially. Therefore, the completion of the Project will spur the immediate catalytic development of additional retail activity, which will support $11.7 million of additional private investment that will create an estimated 150 jobs.
This project is a surgery center expansion that will focus on lower-acuity, out-patient based surgeries. The existing sites are at capacity but demand continues to rise.
Sweet Brew Tea – The new Southern Visions facility will be located in Bay Minette, Alabama. The project received a $6MM NMTC allocation from UBCD. The total square feet of the real estate that will be leased by the NMTC Beneficiary is 111,180 square feet which includes 106,428 square feet of manufacturing/industrial space and 4,752 square feet of office space.
In 2018, HRV provided $7 million of its New Markets Tax Credit (NMTC;) allocation to Design Team Sign Company, LLC (DTS;), a family-owned manufacturing facility that provides design, manufacturing, millwork and installation of signs to retailers, primarily serving the fast food and fast casual food industries. The Project provides financing for the expansion of the manufacturing facility through the purchase of a 58-acre parcel of land and the construction and equipping of a new 320,000 square foot facility. The expanded facility will provide additional manufacturing space, added storage space for increased production and warehouse space for construction projects.