First “Targeted Populations” Project Underway in Berkeley, CA
NDC’s allocation from the federal New Markets Tax Credit (NMTC) Program made possible a variety of projects all across the country in 2010. Third and fourth quarter projects included a mixed-use development in a historic building in Lancaster, Pennsylvania; expansions of a children’s museum in Norwalk, Connecticut and a space museum in Tukwila, Washington; machinery acquisition and building expansion for a manufacturer in St. Johnsbury, Vermont; revitalization of a historic hotel in Big Spring, Texas; and NDC’s first targeted populations” project in Berkeley, California.
These third and fourth quarter projects represent $66.49 million in Qualified Equity Investments (QEIs) with investor partners Dudley Ventures, Fulton Bank, JPMorgan Chase and US Bancorp. This brings HEDC-New Markets, Inc. 2010 QEI total to more than $131 million, and its total QEI since the NMTC program’s inception to $479 million.
“We’re pleased with all of our investments and the opportunities they provide to make a positive difference in people’s lives, but we’re particularly proud of the way in which we were able to make NMTC work in 2010 for the Ed Roberts Campus for persons with disabilities in Berkeley – our first ‘targeted populations’ deal – and funding Weidmann Electrical, a major manufacturer in Vermont’s rural Northeast Kingdom,” notes HEDC New Markets’ David Trevisani.
Following is a list of 3rd and 4th quarter investments:
Ed Roberts Campus
Berkeley, CA
QEI: $ 14.50 million
Total project cost: $40 million
NMTC Investor: JPMorgan Chase
Partner CDE: Northern California Community Loan Fund
Historic East Side Suites
Lancaster, PA
QEI: $9.17 million
Total project cost: $9.17 million
NMTC Investor: Fulton Bank
Museum of Flight Space Shuttle Gallery
Tukwila, WA
QEI: $10.0 million (Round 6)
QEI: $ 2.13 million (Round 7)
Total project cost: $12.2 million
NMTC Investor: US Bancorp
Stepping Stones Museum for Children
Norwalk, CT
QEI: $ 8.00 million
Total project cost: $18.3 million
NMTC Investor: JPMorgan Chase
Partner CDE: Local Initiatives Support Corp
The Settles Hotel
Big Spring, TX
QEI: $10.0 million
Total project cost: $25.5 million
NMTC Investor: Dudley Ventures
Weidmann Electrical Technology, Inc. (WETI)
St. Johnsbury, VT
QEI: $10.62 million
Total project cost: $37.6 million
NMTC Investor: WICOR Americas, Inc.
Partner CDEs: Massachusetts Housing Investment Corp.; Vermont Rural Ventures