TruStile Doors, LLC (“TruStile”) manufactures quality architectural doors made from medium‐density fiberboard engineered wood, a 69% recycled product, in its Denver manufacturing operation. TruStile is consolidating its existing Denver operations and expanding into a newly constructed 260,000 sq. ft. manufacturing facility (the “Project”). The company is also purchasing new energy-efficient equipment and installing equipment to generate energy from process waste. DVCI’s NMTC financing directly supports the equipment purchase for the facility.
Located on a brownfield site, the project will include an efficient biomass boiler system that will utilize sawdust waste to heat and cool the entire facility, reducing the entire energy demand of its manufacturing process. The unemployment rate in the immediate area is 1.89x the national average, and the project will create 200 permanent, quality jobs (84% to low-income persons) and 825 construction jobs. The Project will feature a 100-seat training room to support internal education and advancement efforts.
The higher development costs related to the energy-efficient technology and environmental issues of the property was cost prohibitive versus traditional facility heating/energy options. Without the benefit of the NMTC proceeds, TruStile would not have been able to include the renewable energy components for the facility site, reducing the environmental benefits and creation of quality jobs in the low-income area.
Additional financing included $15 million in NMTC allocation from MidWest Renewable Capital, $8 million in NMTC allocation from Colorado Growth and Revitalization Fund, $11 million in NMTC allocation from Brownfield Revitalization Advisors, LLC and $5 million in NMTC allocation from the Central States Development Partners, Inc.