New Markets Tax Credit Coalition

  • Manistique,
  • MI
  • (2020)

UP Paper

District: Jack Bergman (R-MI01)

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill.

Investment

  • NMTC Amount: $8,000,000
  • Total Project Cost: $11,740,000

IMPACT

  • 111 FTE jobs

CDEs

Investor

Project Description

NMTC financing supported equipment upgrades for a recycled paper manufacturer and paper mill. The new financing supported the ongoing development and improvement of the Manistique-based paper company’s operations.

The refinancing consisted of two components: an allocation of Federal New Markets Tax Credits from Michigan Community Capital, which provides favorable terms for businesses investing in defined economically distressed regions; and conventional term and revolving credit facilities with JPMorgan Chase.

External Profile

MAP

Address: 402 West Elk Street, Manistique, MI 49854

Census Tract: 26153000300

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