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.
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.
Washoe Travel Plaza is a “first-of-its-kind” NMTC project located on the Washoe Native American reservation in Nevada. The development produced a diversified and sustainable source of revenue for this Nevada and California tribe. The new plaza is named “Wa She Shu,” which comes from the Washoe language meaning “The People’s Place”. Featuring a gas station and a convenience store, it sits along Highway 395—a popular commercial route between Lake Tahoe and Carson Valley, where an estimated 10,500 vehicles pass daily. The 6,000 square foot development offers a deli, fast food dining options, and serves as a rest stop for truck drivers. Washoe Travel Plaza currently benefits over 1,550 tribal members and is expected to generate over $1 million annually in revenue for the tribe. The Washoe Tribe – a community which operates primarily off grants – explored all possible traditional financing options with numerous banks, but faced several challenges. The project, located on Reservation Land, offered no real estate collateral, and financing was turned down by over 10 leverage lenders. Project development required extensive infrastructure improvements, which included an estimated $3.2 million for Highway 395 access. Finally, the Washoe Tribe lacked enough money for a down payment on the real estate. Clearinghouse CDFI successfully combined $10 million of Federal NMTC allocation and $2 million of Nevada State NMTCs for the project. Stonehenge Community Development, LLC also contributed $8 million of Nevada State NMTCs. This combination of Nevada State and Federal NMTC allocations provided NMTC equity of roughly 50% of the total project costs. Additionally—when other lenders would not— Clearinghouse CDFI provided a $5.6 million leverage loan to make this project possible. The new Washoe Travel Plaza officially opened in early 2016, is already fully staffed by 26 employees and is expected to generate a significant amount of income for the Tribe. The Washoe Tribe’s debut of the new travel plaza is a part of its ongoing business initiative to revitalize the reservation and its surrounding communities. Construction of additional businesses on tribal land is already underway, including prospective developments for a hotel and RV park. It is expected that the boost in revenue will foster the growth of small businesses in the area as well. Tribal leaders anticipate that the resulting increase in employment opportunities and resources will help Tribal members achieve long-term economic self-sufficiency.
New Markets Tax Credits are helping to revive a rural community in Northeastern Arkansas, providing the necessary capital for a highly distressed river town to turn the corner. Osceola, Arkansas, experiencing economic growth after Enhanced Community Development (ECD) and other Community Development Entities provided federal New Markets Tax Credit and Arkansas New Markets Jobs Act tax credit allocations to build MidRiver Terminal, a freight transport facility. In total, ECD provided $5 million in federal New Markets Tax Credit allocation and $4.8 million in Arkansas New Markets Jobs Act tax credit allocation to this job-creating business. Located on the Mississippi River, Mid-River Terminal supports operations at the state’s largest economic development project, Big River Steel, a $1.3 billion steel mill expected to bring 500 jobs to the highly distressed area.
The Makah tribe’s fishing dock in northwest Washington is ready for business – and spurring economic development in the region.
The Norfolk Ship Repair & Drydock Company (NSDC) is located in the South Brambleton Redevelopment Area of Norfolk, VA. The company was once a leader in the ship repair industry, but since the late 1990s, its plant and facilities faced growing disinvestment and underutilization, and needed repairs to existing buildings, upgrading of production equipment, and environmental remediation. Lyon Shipyard, Inc. is a full-service ship repair company also based in Norfolk, with a facility adjacent to the NSDC shipyard. Lyons provides a full range of ship maintenance and repair to the U.S. Navy and related maritime companies in the area. With 120 employees, Lyon Shipyard had a strong track record in maintaining and investing in its facilities and sought to purchase the fledgling NSDC. In 2007, City First Capital provided $7.1 million in NMTC financing for Lyon Shipyard’s acquisition and rehabilitation of the NSDC shipyard, which included 2 dry docks, a pier, machinery, and a cluster of buildings on the approximately 11- acre property. Dry docks, which are narrow basins that can be flooded for ship construction and transportation, are in high demand and had a two-year waiting period for new construction. The expanded capacity gave Lyon Shipyard a competitive edge in the shipbuilding and repair industry. The acquisition and upgrade of the shipyard helped retain 120 existing jobs. With the full rehabilitation, which included re-roofing of existing buildings, pier repairs, removal of a damaged pier, utility repairs and upgrades, production equipment upgrades, and integration of the shipyard with Lyon Shipyard’s existing facilities, the number of new jobs created by this project exceeded 100.
Construction of a fixed rail streetcar in downtown Detroit provides a foundation for economic development, growth and prosperity throughout the adjacent neighborhoods.