Finance Fund EVP, General Counsel Andrew P. Swary
Finance Fund closed five major economic development projects in Ohio deploying a total of $48,000,000 of federal and $10,256,412 of state New Markets Tax Credit (NMTC) allocation in 2015.
This work is the result of public and private partners coming together to realize a shared vision for greater financial health and prosperity in Ohio’s underserved communities. These NMTC allocations enabled Finance Fund to attract critical private investment to catalytic projects that will provide education, fresh food access, health care and employment in economically distressed, low-income communities throughout Ohio. The NMTC investments were drawn from federal and state NMTC allocation awards made to Finance Fund in 2015 in the amounts of $55,000,000 and $10,256,412, respectively.
The five NTMC projects include:
Childhood League Center, Columbus. Finance Fund provided $8,000,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project. The Childhood League Center (CLC) will double both its space and the number of children it serves through construction of a new, LEED-certified 41,000 sq. ft. modern and accessible facility at the Fort Hayes Campus near downtown Columbus. The building is expected to open for the 2016-17 school year. CLC is a licensed early childhood intervention program. For 70 years, CLC has provided the educational and therapeutic services essential for at-risk, developmentally delayed and special needs children under age six. The project will enable CLC to create 18 new full time jobs, retain 49 current staff positions, and create approximately 120 construction jobs. Capital One, the investor, provided an additional $2,000,000 of federal NMTC allocation to the project.
Kroger Northland Village, Columbus. Finance Fund provided $8,500,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project. The Kroger Co. (Kroger) is constructing a new 102,188 sq. ft. full-service grocery store in the Northland Village neighborhood of Columbus. This new store is an important priority for the City of Columbus, which is providing the project with Tax Increment Financing for infrastructure. This store, which will be conveniently located next to a public bus stop, will serve a significant low-income population that has little access to healthy food options. The store will provide a variety of healthy food products including fresh fish and meats, fruits and produce, grains and nuts; and it will include The Little Clinic, which provides high-quality, affordable healthcare. This project will enable Kroger to create 38 new full time jobs, retain at least 146 existing full time jobs, and create 35 construction jobs. U.S. Bancorp, the investor, provided an additional $1,500,000 of federal NMTC allocation to the project.
Woodward Opera House, Mount Vernon. Finance Fund provided $18,500,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation to the project. The Woodward Opera House project involves the renovation and rehabilitation of two historic buildings containing approximately 63,706 sq. ft. known as the Woodward Opera House and Woodward Annex. The project will create a processing kitchen and distribution center for locally grown produce and will also create much needed educational, performance, office, and retail space. The project will enable the local, nonprofit operators to create 50 new full time jobs, retain 7 full time jobs, and create approximately 277 construction jobs.
ProMedica Downtown Campus, Toledo. Finance Fund provided $8,000,000 of federal NMTC allocation to the project. ProMedica Health System, Inc. (ProMedica) will play a major role in revitalizing downtown Toledo with the rehabilitation and conversion of an approximately 119,400 sq. ft. historic and long-abandoned steam plant to become its new consolidated corporate headquarters, housing at least 450 employees. The new headquarters, together with ProMedica’s broader Downtown Campus development, will create as many as 600 new full time jobs within five years, retain approximately 900 full time jobs, and create approximately 300 construction jobs. These employees will represent a significant portion of the City’s job base which will increase the revenues of local businesses, support additional job growth, and enhance tax revenues. The Downtown Campus development also includes a redeveloped public park that could lead to a “river walk” in Toledo. Finance Fund partnered with Northwest Ohio Improvement Fund, LLC, an affiliate of Toledo Port Authority, to deploy the NMTC allocation. Stonehenge Community Development Corporation provided an additional $5,000,000 of federal and $2,564,103 of state NMTC allocation; and U.S. Bancorp, the investor, provided an additional $2,000,000 of federal NMTC allocation to the project.
Mercy Health’s Behavioral Health Institute, Youngstown. Finance Fund provided $5,000,000 of federal NMTC allocation and $2,564,103 of Ohio NMTC allocation. Mercy Health Youngstown’s St. Elizabeth Hospital is renovating a 32,000 sq. ft. section of its current facility to create a Behavioral Health Institute (BHI). The BHI will expand the hospital’s current behavioral health services from adult care to include geriatric care, outpatient services, and increased inpatient admission. It will have 24 adult acute beds and 14 senior medically frail beds, which can service up to 100 patients per day. In addition, post-acute services and intensive outpatient programs will reduce the need for frequent inpatient hospitalization. This project will enable Mercy Health to create 20 new full time jobs primarily in the health care field, retain at least 50 full time jobs, and create approximately 90 construction jobs. Development Fund of the Western Reserve, Inc. provided an additional $5,000,000 of federal NMTC allocation to this project.
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