Finance Fund provided $7.5 million in New Markets Tax
Credit financing towards the $53 million General Electric Aviation EPISCENTER development that officially opens tomorrow on the University of Dayton campus.
The 138,000 sq. ft. EPISCENTER is an aviation electrical power systems research and development facility that anchors economic revitalization in the area through reclamation of a former eight-acre brownfield.
Construction employed 665 workers and the Center expects to employ 50 people at the end of 2013, with a potential workforce between 150 and 200 within five years. A total of $36.5 million in New Markets Tax Credit financing and private capital investment was provided by four community
development entities: Finance Fund, CityWide Development Corporation, Urban Research Park CDE, LLC and PNC Community Development Corporation.
“This public-private partnership is an excellent example of how the New Markets Tax Credit program helps regions create a sustainable economic path,” said James R. Klein, Finance Fund president and chief executive officer. “By investing in the EPISCENTER, we are ultimately investing in the future success of the region.”
With its close proximity to both Wright-Patterson Air Force Base and Tech Town, Dayton’s technology district, the EPISCENTER further solidifies the region’s position a national hub for aerospace research and technology.
“This is a catalytic project for the site,” said Brian Heitkamp of CityWide Corporation, the lead developer of the site. “This is the first step in making a long term impact on local economies by developing this type of facility. Redeveloping brownfield sites is harder to do, but it’s important since they are usually in urban centers.”