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NDC TO CELEBRATE GRAND OPENING IN NEWARK, NJ

March 26, 2015- Today NDC will joining project partners and developers at a Grand Opening Celebration for The Hotel Indigo in Newark, NJ. NDC worked in partnership with Newark’s Economic Development Agency to fill a financing gap for the rehabilitation of a 99 year old bank building into a hotel. The development of Hotel Indigo has had significant impact on reactivating the pedestrian environment and complimenting the emerging dining and entertainment district in the downtown area. The project is located in a low- income community with a poverty rate of 44.7%, median family income of 25.5% and unemployment rate of 4.21 times the national average. The address is also located in an Economic Development Hot Zone, a NJ Urban Enterprise Zone and the Four Corners Historic District of Newark.

Additional Community Impacts include, Creating a hospitality training program with Newark Works, The Department of Labor, and Essex County Collage.  Over 80 Newark residents where trained with the program. Creating a vocational mentorship program with international Youth Organization (IYO) and mentored over 20 local young adults from the ages 15-25. During planning and development the Hotel created a contest through the Newark Arts Council to choose a local artist to do all of the murals in the building. All plants and greener is maintained locally by the Greater Newark Conservatory, and all coffee is supplied by local roaster TM Ward.

NDC’s $10 million Qualified Equity Investment in the $29.6 million project was combined with financing from US Bank, resulting in the projected creation of 150 construction jobs and 100 permanent jobs, 90% of which were hired from Newark Works.

Grand Opening Scheduled for First National Bank Building

The Port Arthur Economic Development Corporation is celebrating the Renovation of a Port Arthur Icon and the completion of their new office space.

Port Arthur, Texas— The restoration of the Historic First National Bank Building in downtown Port Arthur is complete.  A grand opening celebration and Open House has been scheduled for March 25th, 2015.  The open house will take place from 4:00 P.M. to 6:00 P.M. at 501 Procter Street.

The building was originally home to the First National Bank when it was originally built circa 1930. The building has undergone significant restoration and has been converted to office space for the Port Arthur Economic Development Corporation (PAEDC) and the Greater Port Arthur Chamber of Commerce with additional lease space available.

National Development Council (NDC), in partnership with PAEDC, used New Markets Tax Credits to help finance the redesign of the 19,500 sq. ft. three story building as a modern office space.  NDC’s $5.5 million Qualified Equity Investment in the $5.5 million project was combined with financing from Chase Bank, resulting in the creation and retention totaling 30 construction jobs and 20 permanent jobs.

 

More about PAEDC

The Port Arthur Economic Development Corporation is a 4a sales tax corporation created to enhance Port Arthur’s business climate and overall economic development. The PAEDC is responsible for encouraging and developing business growth and attracting new business to Port Arthur.

 

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Contact:

Floyd Batiste, Chief Executive Officer

info@paedc.org

(409) 963-0579

501 Procter St., Ste. 100

Port Arthur, TX 77640

 

Spread the Word! Orton Family Foundation Hosting Economic Development Discussion

Economic Developers—This Talk’s for You!

Join a lively one-hour call and learn how Community Heart & Soul™, the Orton Family Foundation’s signature approach to planning and community development, offers a way to involve everyone—from business owners to neighbors—in planning and development that leads to lasting results. You’ll hear from community development experts who have seen first-hand the transformation that happens when resident-driven economic development takes effect, reducing risk for developers, increasing investor confidence and making possibilities happen in a way that benefits community members and investors, alike. The call includes time for audience Q & A.

Featured speakers are: Jared Duval, economic development director, Vermont Department of Economic Development and Orton Family Foundation trustee; Daniel Stevenson, director of economic and community development, Biddeford, Maine, and Patrick Wright, executive director, Gardiner Main Street, Gardiner, Maine.

Heart & Soul for Economic Development: Why Broad Community Engagement Leads to Revitalization, 4-5 p.m., Eastern, Thursday, April 9, Free. Register today!

 

Heart & Soul for Economic Development: Why Broad Community Engagement Leads to Revitalization is part of the Orton Family Foundation’s bimonthly Heart & Soul Talks conference call series.

http://www.eventbrite.com/e/heart-soul-for-economic-development-why-broad-community-engagement-leads-to-revitalization-registration-16204794978?aff=PR

The Franklin Building Receives New York State Housing and Community Renewal 2014 Design Award!

NDC Corporate Equity Fund is proud to congratulate The Franklin Building in Watertown, NY for receiving the HCR Design Award 2014 in the category of Outstanding Rehabilitation. The Housing and Community Renewal Design Awards Committee selected The Franklin Building, Watertown NY as an example of excellence in design.

The historic Franklin Building in downtown Watertown, New York sat vacant for 10 years before Neighbors of Watertown, Inc., Watertown Local Development Corporation, and NDC CEF partnered to rehabilitate the c.1905 building. The vacant three-story building was turned into 16 low-income housing apartments and approximately 13,000 sq. ft. of ground floor commercial space. The $7.8 Million project used historic rehabilitation tax credits and low-income housing tax credits to help finance the project.

The residential units are located on the upper two floors. Because of the adaptive reuse of a historic building, each unit is unique in design. There are four studio apartments averaging over 500 sq. ft. per unit, six 1-BR’s averaging 688 sq. ft. per unit, and 6 2-BR’s averaging over 1100 sq. ft. per unit. All the units have combined living and dining rooms with wall-to-wall carpeting, a full bath, and a walk-in kitchen with all necessary appliances.

 

 

Landmark Capitol Theatre Continues to WOW Salt Lake City

NDC’s NMTC project, Capitol Theatre mentioned in ERN Mountain States Article. See article below.

Capitol Theatre ENR Article

New Markets Tax Credit Equity was used to bridge a gap in financing, which allowed the completion of the Capitol Theatre. The restoration of the 75,000 SF theatre includes an expanded lobby and increased circulation space. The theatre has been refitted for ADA accessibility and new elevators for easier access. In addition, the NMTC project will finance the construction of an adjacent 51,000 SF dance studio for Ballet West. The new Jessie Eccles Quinney Center for Dance will increase current enrollment to 600 students and triple the number of Dance Academy scholarships provided to low income students. The modernization and restoration of the treasured Capitol Theatre will allow the theatre to continue to serve as a center for the arts in downtown Salt Lake City for generations to come.

NDC’s $8 million Qualified Equity Investment in the $29.7 million project was combined with financing from Morgan Stanley, resulting in the expected creation and/or retention of 600 construction jobs and 18 permanent jobs.

Call for Projects Deadline Extended for NDC Academy 2015 Awards!

Due to the inclement weather across the nation and a brief website outage, the deadline to submit projects for the NDC Academy 2015 Awards has been extended until Wednesday, February 25 at 5:00 pm PST.

 

If you submitted a project and haven’t received an email confirmation, please send an email to bcoy@nationaldevelopmentcouncil.org with the project category, title, and state, to confirm that your project has been received.

Saturday 2/21 – Last Chance To Submit Your Community Development Project for an NDC Academy 2015 Award!

The National Development Council is pleased to recognize the country’s most dedicated and innovative community development professionals and their work through our peer-selected NDC Academy 2015 Awards. Submit your project for the chance to exhibit your work at the Academy and on Capitol Hill.  The projects that receive the most votes will win an NDC Academy 2015 Award (plus free tuition to an NDC course of your choice)!  Projects may be submitted in four categories: Creative Financing, Job Creation, Housing Development, Community Development. Submit your project by this Saturday, February 21! There is no fee to submit your project.

SUBMIT YOUR PROJECTS HERE

Riverside County Law Building Celebrates Grand Opening

We’d like to Congratulate District Supervisor John J. Benoit, The City of Indio, and the County of Riverside on the completion of the Riverside County Law Building.  Congratulations also go out to our development team Trammell Crow Company, Langdon Wilson International, and Millie and Severson on an amazing project that has produced a genuinely amazing LEED Platinum (pending certification) building that came in $2 million under budget and four months ahead of schedule!

Riverside County Law Building small

We financed the project using the American Model approach to public-private partnerships, a model that combines tax-exempt debt with private sector expertise to provide significant cost savings on the project.

Read more in The Inauguration Article in the Desert Sun

Call for Community Development Projects

NEW YORK, N.Y.— NDC has opened its call for community development project submissions for the NDC Academy 2015. Over 200 projects from across the country are expected to be entered in four categories: creative financing, job creation, housing development, and community development.

The NDC Academy 2015 Awards will recognize and celebrate our nation’s most dedicated and innovative community development professionals and their work through peer-selected voting on the submitted projects.  Projects submissions will be accepted until February 21, 2015. There is no fee to submit your project.
Register for an informational Q&A webinar that will provide you with all the details on the NDC Academy 2015 Awards and how to submit your project at WWW.NDCACADEMY.ORG.

The theme of NDC Academy 2015 is “Your Work Moves Your Community And Our Country Forward.” To support the work of nonprofit and local government development professionals across our nation, it’s more important than ever to teach these leaders how to fully utilize the federal, state, and local development finance toolbox – and how to preserve, enhance, and expand it.  The NDC Academy’s unique structure allows for a synergistic flow between attendees and government officials while combining in-depth training for practitioners, and also providing a forum for attendees to have a voice on Capitol Hill. To ensure that attendees are successful in these Capitol Hill communications, NDC provides a “Capitol Hill Primer” that outlines key players, protocols, policies, and programs.

Over 400 community development practitioners attended NDC Academy 2013 from over 40 states and 230 communities and participation is projected to surpass 500 for Academy 2015. Our participants represent a broad range of professionals including non-profit community development organizations, housing authorities, city, federal and state government agency staff, and development partners from the philanthropic, banking, legal, and accounting industries.

Learn more about the NDC Academy 2015 at NDCACADEMY.ORG.

Broome County IDA to Offer New Financing Program for Small Business in Partnership with NDC GAF

BINGHAMTON, NY – The Broome County Industrial Development Agency (IDA) has announced a partnership with the National Development Council, Grow America Fund (NDC GAF) on a new lending program for eligible small businesses in Broome County.

“The unique financing tools provided through our partnership with Broome County IDA will allow NDC GAF a direct hand in assisting small businesses in Binghamton” said John Palyo, President of NDC GAF “NDC GAF believes that programs like this are key to a healthy economy, by creating jobs and supporting expanding small businesses”

In December 2014, the IDA Board of Directors approved a resolution to enter into a contract with the NDC GAF to begin funding the Fund. The benefits of the program for qualified borrowers are longer loan terms, larger loans, lower down payments and interest rates and a better structure to match the term of the loan to the life of the assets being financed. Through this partnership, NDC GAF will leverage a $250,000 commitment from the IDA to make available up to $2 million for lending.

More News Coverage Linked BELOW!

Broome County IDA Administers the Grow Broome Fund

New lending program aimed at small local businesses

 

About Broome County IDA
The mission of the Broome County IDA is to serve as a catalyst, partner and investor that delivers clear benefits including job opportunities, development sites, and enhanced quality of life. The IDA promotes and leverages all available resources and Broome County’s strength’s to foster economic growth and create prosperity in an ethical and transparent manner.

 

Businesses looking for more information on the Grow America Fund should contact Tom Gray, Deputy Director at the IDA at (607) 584-9000.

Novogradac Journal of Tax Credits February Issue Features NDC CEF Project, The Aeolian.

NDC Corporate Equity Fund is honored to have our project highlighted in the February Issue of the Novogradac Journal of Tax Credits. The highlight features NDC CEF project, The Aeolian, which received an honorable mention for the 2014 Development of Distinction Awards. The Development of Distinction Awards were created to recognize excellence and honor outstanding achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.

The Aeolian Building is a senior housing LIHTC project that combined Low-Income Housing Tax Credits and Historic Tax Credits to renovate an 86 year old historic landmark.  The project provides housing for seniors that otherwise would have to leave their community to find an appropriate place to live.  The residents benefit from the neighborhood, the proximity to downtown and shopping, and from the various programs hosted by The Aeolian.  The project has also created interest from developers and small business owners in the surrounding neighborhood and reinvestment in the community has already begun.

See article HERE! The Aeolian Novogradac Journal of Tax Credits

Video HERE!

NDC ANNOUNCED AS Recipient Of ASHRAE Technology Award

Center for Urban Waters was announced as a recipient of The American Society of Heating, Refrigerating and Air‐Conditioning Engineers (ASHRAE) Technology Awards. The awards recognize outstanding achievements by ASHRAE members and building owners who have successfully applied innovative building design. Their designs incorporate ASHRAE standards for effective energy management and indoor air quality and serve to communicate innovative systems design.

The NDC PPP project, Center for Urban Waters is a 51,205 square foot, three-story building. It functions as a shared research facility for the City of Tacoma, the University of Washington, and the Puget Sound Partnership, a not-for-profit with a mission to clean up Puget Sound. The building is a world-class, state-of-the-art marine research and testing laboratory that houses government and nonprofit groups that collaborate on the pollution problems facing urban communities.

The Center for Urban Waters is LEED Platinum designed and located in Tacoma, WA on the Thea Foss Waterway. Seen from the downtown core, the building is constructed on a brownfield site and is a beacon of possibility in an industrial neighborhood. The $38 million project is financed with a public-private partnership approach using 63-20 bonds and comprises laboratories, offices, conference rooms, a lunch room, an exhibit center, public art, a customer service center, and related building services including a loading dock and mooring facility on the Thea Foss Waterway.

Find Full Press Release HERE,  Recipients of Technology Awards Announced by ASHRAE Urban Waters

NDC Grow America Fund Closes its 500th Loan!

The closing of Big G Food Mart in Cincinnati, OH marks NDC Grow America Fund’s 500th loan, since program inception. Big G Food Mart is minority, family owned and operated small business located in the North Side of Cincinnati. The owner of Big G Food Mart immigrated to the United States in 1982 and has worked at the same convenience store, under different ownership, for over 25 years. Starting as an associate, working his way up to manager and in March of 2013 became convenient store owner. NDC GAF’s SBA loan allows the owner to purchase the building where the convenient store currently operates. Ownership will give the minority owned small business significant savings on monthly lease, supporting their continued growth.

Congratulations to Big G Food Mart and NDC Grow America Fund!

 

NDC Corporate Equity Fund will be Honored at Novogradac Conference THIS WEEK!

NDC Corporate Equity Fund   will attend the Novogradac Tax Credit Developers Conference in Miami, FL this week where our LIHTC project, The Aeolian will receive an honorable mention for the 2014 Development of Distinction Awards. The Development of Distinction Awards were created to recognize excellence and honor outstanding achievement in the development of properties using the low-income housing tax credit (LIHTC), and/or tax credit developments using U.S. Department of Housing and Urban Development (HUD) financing.

The Aeolian Building is a senior housing LIHTC project that combined Low-Income Housing Tax Credits and Historic Tax Credits to renovate an 86 year old historic landmark.  The project provides housing for seniors that otherwise would have to leave their community to find an appropriate place to live.  The residents benefit from the neighborhood, the proximity to downtown and shopping, and from the various programs hosted by The Aeolian.  The project has also created interest from developers and small business owners in the surrounding neighborhood and reinvestment in the community has already begun.

Congratulations to our partners, Brownstone Affordable Housing Ltd. We are honored to have another one of NDC’s projects receive a Novogradac Award!

Official Press Release

 

Project Photos

GAF Borrower TO CELEBRATE GRAND “NEW” OPENING

After 40 plus years of operating a collision repair and towing business from 120 Union Avenue in Williamsburg, Brooklyn, NDC GAF borrower Knights Collision has expanded and found a new home within the Borough at 200 Eastern Parkway at Broadway.

Knights Collision is a locally owned and operated family business that provides towing and storage services for vehicles that are disabled, involved in accidents, seized in parking enforcement and involved in theft recovery. The auto-body repair and maintenance shop provides complete auto repair services. In 2007 NDC Grow America Fund provided Knights Collision a SBA guaranteed working capital loan to facilitate the growth of the company.

The event will take place tomorrow December 19th @2pm. More Details HERE

McFarland A. Bragg II, President of the Peoria Citizens Committee for Economic Development and an NDC EDFP and HDFP, Shares How His NDC Training Experience Produced, “A tremendous return on investment”

“The Economic Development Finance Professional Certification that I received in December 1994, the Housing Development Finance Professional Certification received in May 1999 as well as my attendance and participation in the biennial NDC Academies have proven to be invaluable to my professional development and PCCEO’s economic development.

The rigorous training required to complete the certifications is invaluable. Our development team of seven (all trained and certified by NDC), is responsible for the construction of 168 single family residences, using a combination of Low Income Housing Tax Credits and other affordable financing techniques, in several of Peoria’s most impoverished neighborhoods. The first project of 80 homes was funded at $6,812,600; the second project of 60 homes was funded at $5,966,654. We are currently initiating Year 16 activities for the OKPARA I project wherein we will begin to sell the homes to the residents that are prepared to purchase.

Through the relationships developed with Academy attendees, PCCEO’s development team was able to “pick the brains” of experts which enabled us to craft and execute a development agreement (The Spring Grove Subdivision) with the City of Peoria to complete a market rate project in an area that had been the victim of a stalled Urban Renewal Initiative which was dormant for a considerable period of time! The Spring Grove Development produced 28 “affordable” market rate homes which sold for an aggregate total of $3,883,185!!

I look at the National Development Council’s certification process and attendance at the NDC Academy as a knowledge and skill development investment which when used correctly, can produce has a tremendous return on investment for economically challenged areas of many communities!”

McFarland A. Bragg II, CCAP
President/CEO
PCCEO

NDC Certified Over 300 Development Finance Professionals in 2014

Congratulations to the following participants who became Economic Development Finance Professionals (EDFPs),  Housing Development Finance Professionals (HDFPs) or Rental Housing Development Finance Professionals (RHDFPs) in 2014!

Read more…

NDC Mentioned in US Treasury 2014 Agency Report

NDC’s project, Continental Tire in Sumter, SC is highlighted in the US Department of Treasury 2014 Agency Report! See Report HERE, and Continental Mention on page 16.

New Markets Tax Credit investments of over $58 million helped bridge a financing gap for the $542 million Continental Tire project, allowing plans for the production plant to move forward and begin on time. The one-million-square-foot production facility is located in a severely distressed, low-income community with an unemployment rate exceeding 1.5 times the national average.  National Development Council partnered with Chase New Markets Corporation, Community Reinvestment Fund, USA, People Inc. and UrbanAmerica Advisors to leverage the NMTC equity.

Senate Poised to Take Up Tax Extenders Legislation

The Senate may take up H.R 5771, the Tax Increase Prevention Act of 2014, as early as this evening. Please take a moment to reach out to your Senators and urge them to support passage of H.R. 5771, which includes retroactive extensions of expiring tax provisions, including the NMTC.

The most effective message you can deliver your Senators is to tell them compelling stories of how the NMTC created jobs, improved services, or revitalized communities in their state. If you need examples or project profiles, please see our NMTC project map. If you need state-specific statistics, please see our state post cards.

We also crafted broad talking points that you should feel free to use in your calls and emails to Senate offices:

 

Music Legend Diana Ross to Perform Inaugural Concert at Brooklyn’s Revitalized Kings Theatre

Today our project partners, ACE Theatrical, announced that the inaugural year of programming at the Kings Theatre will kick off with an opening concert by internationally acclaimed artist Diana Ross, as the newly revitalized entertainment palace opens to the public for the first time in nearly 40 years. The inaugural performance by Ms. Ross on February 3, 2015 at 8:00 p.m. follows an extensive $93.9 million restoration and renovation of the architectural gem.  The largest theatre in Brooklyn with more than 3,000 seats, the Kings Theatre will serve as a cultural and economic cornerstone of the community and an extension of the borough’s cultural renaissance. Tickets for An Evening with Diana Ross will go on sale Friday, December 12 at 12:00 p.m. at KingsTheatre.com, Ticketmaster.com, 800-745-3000, and all Ticketmaster outlets.

See official Press Release HERE! Press Announcement Inaugural Preformance Kings Theatre

 

About the Kings Theatre

The historic Kings Theatre will reopen its doors in 2015 as one of New York’s premier performing arts venues.  Providing a destination for large-scale popular entertainment and serving as a resource for local arts groups and community organizations, the City-owned Theatre will be a cultural and economic cornerstone of the Flatbush community and add a major fixture to Brooklyn’s vibrant cultural landscape. The Kings Theatre was originally designed by Rapp & Rapp in 1929 and was one of the five Loew’s ‘Wonder Theatres’ built in New York and New Jersey during that period. Featuring high curved ceilings, ornate plaster walls, wood paneling, pink marble, and a glazed terra-cotta ornamental façade, the classic 20th-century movie palace was inspired by the French Renaissance Revival style of the Palace of Versailles and the Paris Opera House. Spearheaded by ACE Theatrical Group and designed by Martinez+Johnson Architecture, with Gilbane Building Company serving as construction manager, the redevelopment project will both revive the historic structure’s original splendor and transform the Theatre into a state-of-the-art facility with over 3,000 seats—the largest of its kind in Brooklyn. The Theatre was recently selected as a recipient of the 2014 New York State Historic Preservation Award for excellence in preservation and revitalization.

The renovation and restoration of the Kings Theatre is a partnership between the New York City Economic Development Corporation and the Kings Theatre Redevelopment Company—a consortium of ACE Theatrical Group, Goldman Sachs Urban Investment Group, and the National Development Council. Public sector funding is provided by the City of New York, through the Office of the Mayor, the Office of the Brooklyn Borough President, the New York City Council and District 40 Council Member Dr. Mathieu Eugene, and by the State of New York. Additionally, the Kings Theatre is a Federal and New York State Rehabilitation Tax Credit project and a Federal New Markets Tax Credit project in partnership with Goldman Sachs Urban Investment Group, United Fund Advisors, and the National Development Council.  www.KingsTheatre.com.

 

Facebook: facebook.com/KingsTheatreBklyn

Twitter: @KingsBklyn

 

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