As part of an overall neighborhood vision for the Broad Street Commercial Corridor in New Orleans, the ReFresh Project is helping to drive revitalization. A former abandoned building will soon become a new space for businesses to operate, and for community groups and residents to engage and collaborate. Approximately 88 permanent and 61 temporary full time jobs will also be created.
Chase originated an $8 million New Markets Tax Credit construction loan to support revitalization efforts for the corridor. Additional financing includes a $1 million loan from the City of New Orleans Fresh Food Retailers Initiative and $900,000 in the form of two loans from the New Orleans Redevelopment Authority.
The building supports Firstline Charter Schools, Broad Community Connections, Whole Foods Market, Liberty’s Kitchen, and Tulane Unviersity.
Redevelopment and expansion of a vacant 18,000 sq. ft. school building that formerly housed Our Lady of Perpetual Health Catholic School into a ‘state of the art’ 36,000 sq. ft. building to serve as the Anacostia campus of DC Prep.
A promotional postcard from the Finance Fund led to a permanent, high quality facility for the Noble Learning Center located in Caldwell, OH. Caldwell is a town of less than 2,000 in the southeast portion of Ohio. Noble had been in business for years but struggling with the limited availability of space, high rent, low quality facilities, and poor fit. The Center operated out of rented apartments on the second floor of a senior center in rural Ohio with no option to renew their lease.
With the $600,000 New Markets Tax Credit (NMTC) loan financing provided by the Finance Fund, the Noble Center finally found a permanent home. After connecting with the Finance Fund, Noble Learning Center purchased a former National Guard armory building and began major
Funds received from the Finance Fund and other sources were used for these renovations, as well as for the purchase of furniture, equipment and supplies. Thanks to this partnership the Center can continue its legacy of being the only licensed child care provider in a four-county region. The resulting child care center provides services for 136 children. The productive reuse of the abandoned 14,880 square foot building has become an economic engine in the local community. Noble Learning Center has been home to the Junior League, 4-H Groups, Noble County Business Fair, and other community events and services.
The financing structure was comprised of a first mortgage from Advantage Bank of Cambridge, Ohio in the amount of $242,500, and a second
mortgage loan of $600,000 as a NMTC investment via a blind loan pool capitalized by investors (Fifth Third Bank/Fifth Third CDC and Key
Bank/Key Bank CDC).
Since the total development cost of the project exceeded the stabilized value of the real estate and this nonprofit organization had little to no equity to contribute, the support of the Finance Fund through its NMTC loan and technical assistance were vital to bring the project to fruition.
The project entails the renovation of the Winters Building – a school and performing arts center that provides services to underserved inner-city youth.
The project involved the construction of a completely new steel and concrete structure within the historic exterior walls. The improvements included performance theaters on the first and second floors, lower-level instructional space, all new building systems, restoration of the historic façade, and increased classroom/office space.
The Knowledge Is Power Program (“KIPP”) charter schools is a national network of three, not-for-profit open enrollment charter schools with a renowned track record of preparing students from our nation’s most educationally undeserved communities for success in college and life. The overall project consisted of the redevelopment of a former greyhound racing track clubhouse into educational space for the eventual operation of three KIPP schools.
Jacksonville Alliance for KIPP Schools, Inc. (“JAKS”) was gifted the site located at 1440 N. McDuff Road, Jacksonville, FL 32254 for the purpose of developing the KIPP schools and to lease the property to KIPP Jacksonville Schools, another recently-created, non -profit entity
whose sole purpose is to build and manage the schools. The clubhouse was over 150,000 square feet in space, which is large enough to house three KIPP schools with a total of 37 classrooms. Plans for the fourth floor are pending.
In total, approximately 1,180 students will be served through the renovations, which took place from January 2010 to November 2010. KIPP Impact Middle School opened in August 2010 and serves approximately 340 students. In subsequent years, a second middle school and an elementary school are planned to be opened in the building, which will serve 340 and 500 students, respectively. At full occupancy, the facility serves approximately 1,180 students from kindergarten through 7th grade.
New construction of a youth recreation and academic support facility. – boys and girls club
Fort Wayne Boys & Girls Clubs, $8 million. The Fort Wayne Boys & Girls Clubs is a local non-profit that provides after-school and summer programs to low-income, school-aged children. A new 2.3 acre campus and building are currently under construction.