The $48 million 2012 renovation and expansion of Washington Park was a public /private partnership among 3CDC, the City of Cincinnati, the Cincinnati Park Board, and the Cincinnati corporate and philanthropic community. This partnership resulted in the transformation of Washington Park from 6 acres to an 8-acre urban sanctuary. In addition to becoming a stand-alone destination, the restoration and expansion of Washington Park compliments its surrounding amenities, including Music Hall, the new School for Creative and Performing Arts and on-going residential and commercial development around its edges. The Washington Park restoration included a 450-space underground parking garage, a performance stage, civic lawn, event plaza, interactive water feature with lights and sound, children’s playground, dog park, restored historic bandstand, seasonal planting beds, and a half-acre of meandering pathways through beautiful, mature landscaping. The Park will continue to attract more home owners, business owners and visitors to Over-the-Rhine from throughout the city, the region and the nation.
The Yonkers Pier is the only turn-of-the 20th century pier still in use on the Hudson River. The restoration of the Pier is another milestone in the remarkable renewal of the Yonkers waterfront, initiated by the development of nearby Yonkers Public Library and the Board of Education Building. The restored first-floor pavilion of the pier provides public recreation space and access to the waterfront and serves as the landing for the river ferry service. The second level holds X2O Xaviars on the Hudson, a 260-seat “five star” restaurant. In addition to NDC’s investment, the development was also awarded a HUD Section 108 loan from the City of Yonkers.
The redevelopment of the St Louis Centre into a 750-space parking garage and 106,000 sq. ft. of retail space is part of a larger redevelopment plan for a blighted three-square block area in the central business district. NDC’s investment for the garage was $10.4 million and $4.6 million for the retail component.
NMTC financing helped Pueblo of Laguna Utility Authority complete the rehabilitation of the water and wastewater system throughout the tribal lands of Pueblo of Laguna, N.M. The previous water system, which supported six villages, suffered from recurring system failures. The 4Points Laguna project promises to enhance the water and waste water systems by providing 60 percent more capacity, as well as safety measures that would allow for an appropriate fire protection system throughout the pueblo. The first phase of this project received $23 million in NMTCs from the New Mexico Finance Authority. The project has created 20 full-time jobs, a majority of which are filled by Native American and low-income employees.
The modernization of the Port of Hueneme retained $7 billion in trade business and 500 livable wage jobs. Clearinghouse CDFI provided $10 million of NMTC allocation for this $14.7 million project. Newly installed, shore-side electrical power will eliminate 230 tons of emissions annually from vessels docking at the port. Additionally, the Port will facilitate the distribution of 1.4 million pounds of fresh produce for a mobile food pantry serving 45,000 low-income residents in surrounding food deserts.
The project includes million square feet of new, rail-served manufacturing and warehousing space in the industrial development along the Mississippi River’s Chain of Rocks shipping canal. The warehouse project is designed to provide additional capacity following the opening of the port’s new public South Harbor facility in 2015. It represents the third major expansion of the port complex, located between the canal and Route 3 in Granite City and the city of Madison.
Eagle Railcar Services acquired, remediated and renovated the former B&O Railroad Servicing facility, with 10 miles of track and 200,000 square feet of buildings located in rural Washington, Indiana (pop, 12,089), into a full-service railcar service center (the “Project”). The existing facility suffered substantial environmental contamination under its prior ownership and Eagle improved the facility to comply with all appropriate operational and health safety codes. The project provides services to the railroad industry and companies that transport via railcars, including comprehensive general shop services, railcar repair and maintenance, cleaning, painting, lining, heavy wreck damage repair, Tank Car Requalification, Tank Car Modifications, trans-loading/transfers, and railcar storage and mobile repair to railcar owners and lessees.
The Martinsville Clean Energy project successfully combined Investment Tax Credits and New Markets Tax Credits for the design, construction and installation of state-of-the-art clean energy generation technology into an anaerobic digestion facility in rural Martinsville, Virginia. The installation of the new technology allows the facility to process food waste (which could not be processed by the City facility) into biogas, which is then used to lower energy costs and provide environmental remediation for Monogram Foods (“Monogram”), a major food processing and manufacturing facility. The addition of anaerobic digester technology to Monogram’s production process, produces .4MW of clean energy each year, reducing net carbon emissions by 2,621 metric tons of CO2. Martinsville Clean Energy is a prime example of both the 2014 Virginia New Economic Strategic Plan, focused on utilizing a diverse portfolio of energy sources to encourage and enhance economic development in the area, as well as the objectives included in the Governor’s 2014 Energy Plan to diversify and grow innovated energy sectors, strengthen the business climate through investments in renewable energy sectors, and lower energy consumption throughout the Commonwealth. Monogram was the 2017 American Biogas Council Biogas Industry Award Winner for Project of the Year. With an unemployment rate of 9.4%, the project created 5 new, quality full-time permanent jobs with above average wages and retained over 471 additional jobs at the facility, as well as creating 18 new construction jobs. Over 50% of new jobs are filled by low-income persons or residents of the surrounding low-income community. Without the New Market Tax Credits (“NMTC”), the Sponsor would have been unable to expand as it lacks access to conventional financing. The Sponsor did not meet conventional underwriting requirements primarily due to technology risk and it is a stand-alone facility servicing a single plant.
Currently, residents and owners of approximately 24,000 homes and business in Grants and the surrounding area have no broadband internet option and rely on satellite internet, the speed of which depends on several factors including the provider, service package purchased, the consumer’s line of sight to the orbiting satellite, and the weather. This project will provide an affordable, reliable internet option for these homes and businesses.
On Aug. 6, 2018, the Hawaii Public Utilities Commission announced the approval of a power-purchase agreement for a new energy facility in Moloka’i. This grid-scale, solar-and-battery energy storage project on Moloka’i will lower power costs for customers and comprise more than 45 percent of the island’s renewable energy production. The 2.6-megawatt (MW) project, which includes a 3 MW battery energy storage system, will be owned and operated by Moloka’i New Energy Partners. Construction was funded with equity from new markets tax credits (NMTCs) allocated by Punawai ‘O Pu’uhonua, a community development entity. The solar-and-battery project is expected to be in service by the end of 2019, with the power purchase agreement slated for 22 years.