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We’ve been talking about the new White Square Center retail development which is under construction in White Center, WA but we’re not the only ones. The Novogradac Journal of Tax Credits profiled this project, and the New Markets Tax Credit and HUD Section 108 financing that made it possible, in its August 2010 issue.
Read the complete article written by Jennifer Dockery, staff writer for Novogradac & Company LLP.
New Markets Tax Credits filled a $3.2 million financing gap making the Main Street Parking Structure a reality in downtown Pueblo, CO.
The Urban Renewal Authority of Pueblo, Colorado (URAP) received a National Award of Merit from the National Association of Housing and Redevelopment Officials (NAHRO) for its Main Street Parking Structure. The award for “Program Innovation - Community Revitalization,” was presented at NAHRO’s annual conference in Boston on July 22. New Markets Tax Credits, allocated by NDC’s HEDC New Markets, Inc., were used to close a $3.2 million financing gap for this $11.9 million project. The 738-space garage helped lure an AT&T call center with 625 jobs to downtown Pueblo. The garage also encouraged the development of an additional 103,000 square feet of new space in five buildings on the city’s riverwalk, including residential units and ground level retail and restaurants that help the city reach its goal of making its downtown a 24-hour community. Read more.
The new Lutheran Community Services Northwest Facility in Seatac, WA consolidates the organization's critically-needed services on one state-of-the-art campus.
Lutheran Community Services Northwest (LCSNW) in Seatac, WA is one of the region’s largest social service providers, offering a full range of emotional, physical and spiritual health services in support of its mission to “partner with individuals, families and communities for health, justice and hope.” LCSNW’s new 32,000 square foot facility provides a consolidated home for its King County operations, housing administrative offices, immigrant and refugee services, counseling, youth services, adoption and foster care programs, senior services, and disabilities services, a major health care facility and a state-of-the-art child care center. With an 80-unit independent senior housing project next door, this $9.2 million project, financed in part by NDC HEDC New Markets , Inc., will form an intergenerational campus, serving over 12,000 people every year.
QEI: $6.0 million
Total project cost: $9.2 million
Jobs created/retained: 76
Babylon (Suffolk County), NY: Long Island, New York: the name conjures images of leafy commuter suburbs - communities first shaped by the path of commuter rail, then re-shaped by the paths of highways as public policies favoring the automobile overtook rail as the dominant mode of transportation. Rail-oriented development, concentrated around stations, gave way to the sprawl of development served by highways. Wyandanch, a rail-centered hamlet in the Town of Babylon, faded. Vacant, underutilized land, obsolete improvements and brownfields give testimony to better days.
But not tomorrow. That’s because the Town of Babylon intends to leverage Wyandanch’s main asset, a train station on the Long Island Railroad line, and breathe new life into this south shore community. Town officials are planning a multi-phase, 134-acre project - a transit-oriented development - guided by the principles of “smart growth” and aided by a diverse financing plan. The Town’s efforts were recognized by the State of New York, which designated Wyandanch as one of three “spotlight communities,” an initiative designed to demonstrate how existing state programs can support and complement local efforts to redevelop brownfields and achieve neighborhood revitalization and smart growth.
NDC’s field director Kevin Gremse, a Long Island native, has provided the Town of Babylon, an NDC client community, with planning and financing expertise that is helping to guide the complex project. (more…)
Through a development assistance partnership with Cuyahoga County, Ohio, the City of Cleveland received NDC’s help in structuring New Markets Tax Credit and HUD Section 108 financing for a critically-needed new police station that will support job creation near the world-renowned Cleveland Clinic. Read The Plain Dealer article at Cleveland.com.
SEATTLE, Wash. - NDC today announced the closing of a $32 million New Markets Tax Credit (NMTC) deal that will allow Seattle Steam, a privately-owned district heating utility, to convert its boiler from natural gas to biomass.
Through the NDC’s ties to the federal NMTC initiative, Seattle Steam secured the necessary private investment to move the project forward, enabling the utility to fully fund the waste wood-fired boiler conversion and access additional working capital. (more…)
The Baker Building in Cleveland, OH financed with New Markets Tax Credits.
NDC’s work with client community Cuyahoga County, Ohio, has brought a wide range of NDC’s signature services to the area, including the City of Cleveland and the surrounding suburban communities, beginning with the evaluation and negotiation of requests for development assistance - especially where the projects involve multiple public and private funding sources.
One of the County’s primary objectives in creating a partnership with NDC is to increase the knowledge and capacity of economic development professionals throughout the region, including its own staff. NDC’s Economic Development Finance Professional (EDFP) Certification is mandatory for all County community development personnel, ensuring a strong foundation for screening development proposals and for focusing NDC development assistance where it’s needed most. In the case of real estate development projects, NDC training supports staff in recognizing critical project cost and operating pro forma issues. With NDC on-site development assistance, these issues are distilled into questions and recommendations that help the developer improve the bankability of his or her project and reduce the need for the County’s limited gap financing resources. (more…)
Educare in White Center, WA opened on March 27. Photo Michael Brunk.
We don’t often think of what we do as child’s play, but the work we did recently with one of our community partners, Puget Sound Educational Service District (PSESD) in the State of Washington, brought us close. PSESD asked NDC to help them create an important new facility in the community of White Center to house a nationally recognized educational program for infants, toddlers and pre-schoolers. White Center is an unincorporated community bordering Seattle, and boasts one of the most ethnically and economically diverse populations in the area.
The Historic East Side Suites in the heart of downtown Lancaster will undergo a $9.2 million transformation into a mixed-use development with help from NDC's Michelle Mooney and New Markets Tax Credit financing.
The Lancaster Housing Opportunity Partnership (LHOP) of Lancaster, Pennsylvania is NDC’s newest East Team client community.
NDC is no stranger to Lancaster, however. “This is a renewed relationship, based on the results of earlier contracts with Lancaster County, including several loans to Lancaster small businesses from our Grow America Fund (GAF) and the Lancaster Arts Hotel New Markets Tax Credit project,” explains NDC Field Director Michelle Mooney. Mooney will be working directly with Ray D’Agostino, LHOP Executive Director; Phyllis E. Stellfox, LHOP Project Development Manager; and Matthew T. Sternberg, Executive Director, Lancaster County Housing & Redevelopment Authorities (LCHRA).
“We are very excited to have the resources and experience of Michelle and all of NDC available to Lancaster County, our affordable housing development and preservation efforts, as well as supporting community redevelopment in our neighborhoods,” says Ed Kaminski, Director of Acquisitions and New Business for Lancaster’s Housing Development Corporation. “Michelle is already expanding our thinking beyond our standard array of financing tools. We know that in addition to determination, we need to creatively use all available tools to be successful in today’s environment.” (more…)
NDC’s Michelle Morlan and Con Vong on the job site at the new White Square Center. NDC put the pieces of the financing puzzle together using NMTCs and HUD Section 108. Photo Courtesy of White Center Now.
The economic fortunes of White Center, WA, an unincorporated community of 32,000 adjacent to Seattle, will be receiving a much-needed boost with the recently begun development of White Center Square. A project of local businessman, Con Vong and his family, White Center Square will be a commercial retail center on an infill site in the community’s commercial business hub, now home to nearly 140 businesses whose ownership reflects the great ethnic diversity of White Center itself.
Although the community suffers from both unemployment and poverty rates exceeding national averages and median household income significantly below that of its neighbors, it is a busy urban area whose strength lies in that ethnic and socioeconomic diversity. The economic downturn stalled White Center’s development and made business financing more difficult even for established companies. Con Vong and his family searched for a year without success for conventional financing to relocate and expand their grocery business, a neighborhood institution for more than ten years,
(more…)
Yesterday, April 5, the Ford Foundation announced 10-year, $100 million initiative “ to support a new generation of arts spaces…. an investment in the creative energy of America, to help artists and arts organizations develop vibrant cultural spaces even in times of economic hardship.” In its announcement, the Foundation cited an NDC New Markets Tax Credits funded project, the Wing Luke Museum in Seattle, as an example of the kind of project they will focus on. “The foundation has provided support to a number of innovative projects around the country, including in Seattle, where, after a 10-year journey, the Wing Luke Museum has established a permanent home in a superbly renovated historic hotel that housed Asian immigrant workers in the early 1900s.”
Click here: Grants Nurture Arts Spaces and Housing | Newsroom | Ford Foundation
Rural New York Community Receives $6.2 Million NMTC Investment
Hornell, New York, located in rural Steuben County, will soon open the doors of a brand new YMCA, thanks to the hard work and commitment of the town’s leadership, its residents, its local banks, and the community-building services of the National Development Council. The Y, a more than century-old Hornell institution and mainstay of this city of about 10,000 people, provides vital services not only for its 1,200 members but for clients of area hospitals who receive various medical and rehabilitation services at the Y, as well as for students of a Hornell parochial school that has no gym facilities of its own. (more…)
Rochester, NY native Philip Seymour Hoffman will narrate an upcoming documentary on the Eastman Theater renovation. Read local press coverage.
NDC structured the New Markets Tax Credit financing that made the project possible. Read more on the project.
X2O Xaviar's Restaurant is at the heart of the Yonkers Pier restoration.
Peter X. Kelly, accomplished chef and owner of X2O Xaviar’s Restaurant on the renovated Yonkers Pier, has been nominated for the prestigious Best Chef Northeast award presented the James Beard Foundation. Considered the Oscars of cooking, Kelly’s nomination through a public voting process was confirmed by secret ballot by culinary professionals. The winner will be announced May 3.
X2O Xaviar’s Restaurant is the crown jewel in the Yonkers Pier revitalization. NDC and community partner, the City of Yonkers, used New Markets Tax Credits in combination with a HUD Section 108 loan to bring the project to fruition. Read more about the Yonkers Pier project.
Chicago, IL - The renovated Yonkers Pier, in Yonkers, New York, and its renowned restaurant, Peter Kelly’s X2O, were recognized on Thursday, October 22, 2009 by The Novogradac Community Development Foundation (NCDF) at its Second Annual Community Development Awards luncheon held in Chicago, IL. (more…)
The Steelworks Museum showcases the industry that helped build Pueblo and Colorado during the early part of the 20th century.
Colorado Fuel and Iron was once one of the largest integrated steel mills in the country and was Pueblo, Colorado’s primary industry. With the drastic decline in the American steel industry in the 1970’s and 1980’s, however, the steel mill was mostly abandoned. Pueblo’s south side, which was once the company town of Bessemer and home to the mill , quickly declined. Today, Pueblo’s renewal strategy includes an emphasis on tourism and economic diversification, and they have made major investment in support of that plan. Through NDC’s Corporate Equity Fund and HEDC-New Markets, Historic Rehabilitation and New Markets Tax Credit equity completed the financing puzzle for the City, providing the Bessemer Historical Society with the dollars to transform Colorado Fuel and Iron’s historic mill into the Steelworks Musem. Now open, the musem attracts tourists and pays tribute to Colorado’s steel industry. The museum also houses archives for CF&I, a steel company that continues to use the original grounds.
NDC Orchestrates Financing for Rochester’s Revitalized Eastman Theatre Building
Rochester, NY - Financing is complete on a New Markets Tax Credits investment that made possible the renovation and expansion of the Eastman Theatre Building at the University of Rochester’s Eastman School of Music. The renovated performance hall at Eastman Theatre in the heart of downtown Rochester debuted October 8 with a gala evening of music by the Rochester Philharmonic Orchestra. (more…)
Stamford, CT celebrated the reopening of the Old Town Hall on November 19, 2009.
On Thursday, November 19, 2009, The City of Stamford, Connecticut celebrated, with marching bands and great civic pride, the re-dedication of its Old Town Hall. Vacant for decades, the 1903 structure that is the physical and symbolic center of the community has been beautifully restored and revitalized, and NDC was there from the very first…
Stamford’s Old Town Hall, a stately-but-vacant Beaux-Arts style building circa 1906, was the architectural centerpiece of downtown Stamford. Despite the strength of the Stamford real estate market, the Old Town Hall had remained vacant since 1988, when municipal government moved out into expanded quarters. The problem: the very features that made the building aesthetically attractive made it functionally obsolete for today’s standards, and as a result, financially unattractive for a conventional development. Majestic stairways twenty-plus feet wide and grand hallways thirty feet wide left a 40,000 square foot building with only 21,000 square feet of leasable space. That ratio, and the extensive renovation needed, added up to a serious challenge: how to generate enough cash flow to cover development and operating costs in the Stamford market. Do the math and it is easy to see that it wouldn’t work — at least with conventional financing. (more…)
As Wyoming’s third largest city (population 30,000) and the county seat for Albany Co., Laramie long had the potential to be an economic powerhouse. Despite being the home of the University of Wyoming (UW), the state’s only university, Laramie’s shortage of facilities and overnight accommodations to support visitors for academic conferences, sporting events, trade shows and other UW events meant that UW’s presence alone would do little to draw outside visitors or stimulate Laramie’s economy. (more…)
The renovated Yonkers Pier, in Yonkers, New York, and its renowned restaurant, Peter Kelly’s X2O, were recognized on Thursday, October 22, 2009 by The Novogradac Community Development Foundation (NCDF) at its Second Annual Community Development Awards luncheon held in Chicago, Ill. The project, financed through NDC’s HEDC New Markets Inc., received the award as the best New Markets Tax Credits project in the Operating Business category. (more…)
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