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Erie, PA (2020)

Erie Center for Arts and Technology

A $10.3M renovation of the 107-year-old former school.

Investment

  • NMTC Amount: $9,500,000
  • Total Project Cost: $10,534,094

IMPACT

  • 31 FTE jobs
  • 42 construction jobs
  • Project includes a Federally Qualified Health Center.

Investor

Project Description

a $10.3 million renovation of the 107-year-old former school. With the former Wayne building purchased, ECAT then turned to financing the $10.3 million in renovations. Of that, ECAT will fund about $2.5 million through its participation in the federal New Markets Tax Credit program, created in 2000 to provide incentives for investment in low-income areas. PNC Bank is buying the tax credits that will lead to the $2.5 million investment in the ECAT project — the first New Markets deal in Erie, according to US Treasury Department records.

MAP

Address: 650 East Avenue, Erie, PA 16503

Census Tract: 42049000700

Voices from the Community

ECAT utilized the first New Market Tax Credit deal in Erie County to rehabilitate an 80,000 sqft closed school building and convert it to a multi-use community facility that includes healthcare, job training, youth programming and social services. As a non-profit, we had no other tool at our disposable to make this vision a reality. In the end, the NMTC allowed us to address blight and make a significant investment in one of the most disinvested neighborhoods in our community. We strongly support the continuance of this program.

-Daria Devlin, Erie Center for Arts & Technology, Erie, PA

Related Projects

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Minneapolis, (2018)