MEDC is spearheading the Keene Public Library’s $13 million expansion project that will connect the main library to a neighboring annex building. A former Masonic lodge, the annex building contains nearly 15,000 square feet of finished space and includes Heberton Hall. The project will create new community spaces and bring the historical structure up to code. The scheduled completion date is late 2018. As part of the financing package, MEDC arranged for $4 million in New Markets Tax Credits, which are geared toward promoting economic development in low-income areas. People or private firms invest in projects and then get that investment back through federal tax credits.
The Museum for African Art has been increasing public understanding and appreciation of African arts and culture since 1984. The Museum is well known for its traveling exhibitions, public education programs, and unique store that offers authentic hand-made African crafts.
After years of nomadic travel from one rented space to another, the Museum will realize a long-held dream of creating a permanent and appropriate home for the museum collection, which is currently warehoused in Long Island City.
The Museum’s relocation efforts have garnered widespread support in its capital campaign and from New York State and New York City capital grant programs.
The 75,000 SF facility will include gallery space featuring both traditional and contemporary African art, a library, a restaurant, a gift shop, two classrooms, and an African Discovery Hall. The development will also include 116 market-rate condominium units above the museum.
As well being the first addition to Museum Mile in 50 years, the project is targeting LEED Gold certification from the US Green Building Council for its sustainable design features. It is anticipated that this new and vibrant community space will link Museum Mile with Harlem’s African, African-American and Latino communities and create numerous, new educational opportunities for residents of New York City and visitors.
Providence Public Library announced Sept. 13 $4.2 million in NMTC equity and $1.6 million in C-PACE financing for the $25 million renovation of the Providence Public Library, in Providence, R.I. Funding will address required life safety systems upgrades while making major infrastructure improvements to downtown buildings. The 83,000-square foot project will transform the library’s 1950s wing, auditorium and special collection areas to provide 21st-century library services.
The newly-restored and expanded library will provide after-school programs for disadvantaged youth, a specially-designed young-adult room, Internet resources, computer skills training, summer reading programs and many other programs for children and adults in this community.
Construction of the 242,000 gross-square-foot Old Post Office began in 1872 and was completed in 1884 at a cost of approximately $6 million (in 1884 dollars). The building’s monumental proportions, its vast vertical elements and distinctive hipped roofline made it a distinctive landmark in downtown St. Louis. Such a commanding interior space proved difficult to occupy, however, after postal operations ceased. The building first fell vacant in 1975. Even a $16 million renovation and adaptive reuse overseen by the U.S. Government Services Agency (GSA) failed to secure its future. Various retailers tried the location and failed. Federal office consolidation plans led to the building’s designation as surplus property again in the 1990s. The DESCO Group and DFC Group, Inc., both of St. Louis, began redevelopment and financing planning in the fall of 2000 . The result is a $44 million rehabilitation plan to return the grandiose structure to viability.
The Missouri Court of Appeals, Eastern District, will occupy the entire third and fourth floors (50,000 square feet) of the rehabilitated structure for its courtrooms and library. Webster University ,The St. Louis Business Journal, St. Louis Public Library and Teach for America are among the other confirmed tenants. To date, a total of 66% of the 157,500 rentable square footage has been leased. The remaining 56,500 square feet will be for retail and offices on the garden, mall and second floor.
NTCIC utilized $22.5 million of its first round $127 million New Markets Tax Credit (NMTC) allocation to enhance an equity investment for the rehabilitation of the Old Post Office building.
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.