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NEW MARKETS TAX CREDITS (NMTC)

Future Unlimited Law PC represents community development entities, investors, lenders and developers in New Markets Tax Credit matters nationwide.  The Firm assists clients at each step of their participation in the New Markets Tax Credit program.  Services provided include:

  • Formation and certification of community development entities (CDEs)
  • Preparation and review of applications for NMTC allocations
  • Evaluating eligibility for the program and the potential benefits
  • Structuring, negotiating and closing transactions including commercial real estate, mixed-use, targeted populations, for sale housing, land improvement, charter schools, health care facilities, hotels, business operation and expansion, and blind pools.
  • Tax and legal opinions
  • Advice and advocacy regarding legislative and regulatory developments
  • IRS audits and tax returns
  • Ongoing compliance

The Firm assists clients in combining New Markets Tax Credits with other sources of financing, including Historic Tax Credits (HTC), HUD Section 108 funds, Community Development Block Grant funds, state historic and brownfields tax credits, federal government agency loan guarantees, grants, and conventional financing.

REPRESENTATIVE TRANSACTIONS

Rough & Ready Lumber - Cave Junction, Oregon

Represented Ecotrust CDE, LLC, the allocatee, in the federal and state NMTC financing of the upgrading and re-opening of the last sawmill in Josephine County, Oregon, a severely distressed rural county. The restart of the 92-year old family owned and operated business is estimated to result in the hiring of at least 64 full time permanent employees and the creation of approximately 600 indirect jobs. The mill intends to maintain Forest Stewardship Council chain of custody certification to enable customers to choose products that support responsible forest management.


Franklinton Preparatory Academy - Columbus, Ohio

Represented the nonprofit sponsor, Central Ohio Youth For Christ, in the NMTC financing of the development of a new public charter high school, and a youth recreational, educational and vocational training community center targeted at at-risk youth in inner city Columbus, Ohio. In addition to providing critical community services and opportunities to disadvantaged youth, the facility is anticipated to result in additional housing and commercial development in the community.


Family Health Centers/Healthy Futures Fund - Omak, Washington

Represented New Markets Support Company, LLC, as manager of the Healthy Futures Fund, in the NMTC financing of the construction of a federally-qualified health center consisting of 24 medical exam rooms, four procedure rooms, and a walk-in and drive-up pharmacy, located in an underserved agricultural community in rural Washington. The new clinic replaces FHC's outdated facility, quadrupling space available for medical services. Healthy Futures Fund is a $100 million fund sponsored by LISC in partnership with Morgan Stanley and The Kresge Foundation. National Development Council provided the NMTC allocation for the FHC Omak transaction.


Husqvarna Plastics Nashville, LLC - Nashville, Arkansas

Represented the Allocatee, Heartland Renaissance Fund, LLC, as tax counsel, in the NMTC financing of the acquisition of the assets of a distressed manufacturing company for the manufacture of molded plastic equipment parts for use in forestry equipment, estimated to retain 200 jobs and create additional 15 jobs in a rural community.


Eddy's Resort - Onamia, Minnesota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the NMTC financing of the construction, redevelopment and operation of Eddy's Lake Mille Lacs Resort and restaurant, to consist of a 64-room hotel, 8 cabins, restaurant, meeting space, and marina, anticipated to catalyze development in a rural community.


Cuyuna Regional Medical Center - Crosby, Minnesota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the NMTC financing of the construction of a 40,000 square foot expansion of an existing hospital, consisting of additional operating rooms, endoscopy suites and clinic space, and remodeling to expand ambulatory clinic services and the construction of a 12,000 square foot administrative office building, for use by the Cuyuna Range Hospital District Facility in rural Minnesota. Other financing included Minnesota Health facilities Gross Revenue Bonds.


Bornstein & Pearl Food Production Center – Dorchester, Massachusetts

Represented Local Initiatives Support Corporation, the allocatee, and New Markets Support Company, LLC in the New Markets Tax credit financing of the redevelopment of the former Pearl Meats Factory into a fully-equipped, shared-use, commercial kitchen, business incubator and multi-tenant food production facility.


Healthy Futures Fund

Represented Local Initiatives Support Corporation, the allocatee, and New Markets Support Company, LLC, in structuring and negotiating the Healthy Futures Fund, capitalized with approximately $40,000,000 from loans and tax credit equity to be used to make qualified equity investments in multiple CDEs to finance the development of federally qualified health centers linked to affordable housing financed with LIHTC.


Slayton Solar – Slayton, Minnesota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the NMTC financing of the development of a two-megawatt direct current solar photovoltaic electrical generation facility.

 


Quincy Community Health Center – Quincy, Washington

Represented Moses Lake Community Health Center, the nonprofit sponsor in the New Markets Tax credit financing of the construction of a 22,837 medical office building and related facilities, providing health services to a low-income agricultural community.


SGL Carbon – Altus, Arkansas

Represented Heartland Renaissance Fund, LLC, the allocatee, in the NMTC financing of the expansion and modernization of a graphite electrode manufacturing facility, used in the steel industry, to retain jobs in a rural community.


Ordway Center for the Performing Arts Facility – St. Paul, Minnesota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the NMTC financing of the construction of a 40,000 square foot concert hall, a 19,000 square foot production wing and 17,000 square feet of remodeled support and back stage space. Other financing included City of Saint Paul grants and tax-exempt bond proceeds and State General Obligation Bond proceeds.


Benjamin Rose Institute on Aging – Cleveland, Ohio

Represented Northeast Ohio Development Fund, LLC, the allocatee, in the NMTC financing of the acquisition and construction of a 30,000 square foot community facility, consisting of administrative headquarters, eldercare services, a research institute, a public policy institute, and a new education and training center.


Rural Small Project Loan Fund

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the structuring and negotiation of a multiple project loan fund financing real estate development, business acquisition and expansion.


Houseworth – Blytheville, Arkansas

Represented Heartland Renaissance Fund, LLC, the allocatee, in the NMTC financing of the substantial rehabilitation of two hotels in rural Arkansas.

 



East Side Health Center - St. Paul, Minnesota

Represented Local Initiatives Support Corporation, the allocatee, in the multiple CDE NMTC financing of the construction of a comprehensive integrated medical, dental, and behavioral health services clinic in a federally designated medically underserved area. Financing sources included a grant from the U.S. Department of Health and Human Services and real estate granted by the St. Paul Port Authority.


Rochester Continuum of Care Joint Facility - Rochester, Minnesota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the multiple CDE NMTC financing of the acquisition, renovation and construction of a community facility providing services to disadvantaged children and youth including Boys and Girls Club, Head Start and Early Head Start programs. Financing included U.S. Department of Health and Human Services, Administration for Children and Families, Head Start grant funds.


Mann on Main Redevelopment - Little Rock, Arkansas

Represented Heartland Renaissance Fund, LLC, the allocatee, as tax counsel, in the combined HTC/NMTC financing of the rehabilitation of the historic seven-story building and annex, formerly the Gus Blass Department Store, for office, retail and loft-style multifamily apartments, and construction of a four-level parking deck.


The Bindery Redevelopment - Concord, New Hampshire

Represented Local Initiatives Support Corporation, the allocatee, in the mulitple CDE NMTC financing of the construction of a new 5-story, 70,000 square foot, LEED-certified building for lease to retail and office tenants, arts organizations and nonprofit organizations. Financing included Recovery Zone Facility Bond proceeds.


Jack Links - Alpena, South Dakota

Represented Midwest Minnesota Community Development Corporation, the allocatee, in the multiple CDE NMTC financing of a portion of the expansion and improvement of a beef jerky manufacturing plant, construction of an anaerobic digester to convert waste products to fuel, and related facilities.


Torrefaction Manufacturing Facility - Quitman, Mississippi

Represented Heartland Renaissance Fund, LLC, the allocatee, as tax counsel, in the multiple CDE NMTC equipment financing for expansion of the first commercial scale torrefaction manufacturing facility. The facility produces torrefied wood pellets, a renewable, carbon-neutral energy source that can be co-fired in existing coal-fired power plants. Financing also included Mississippi new markets tax credit equity.


Miceli Dairy - Cleveland, Ohio

Represented Northeast Ohio Development Fund, LLC, the allocatee, as tax counsel, in the NMTC financing of the expansion of a cheese manufacturing facility, construction of a new milk intake center, and customer visitor center and the acquisition and installation of equipment related to the expansion.


TERRA-NW - Broadband Internet Access - Alaska

Represented Alaska Growth Capital, the lead allocatee, in the $78 million NMTC financing of the construction of a high capacity terrestrial microwave network by Unicom (a subsidiary of GCI) connecting over 70 small communities of rural Northwestern Alaska, providing broadband internet services to medical and educational facilities, businesses and homes. Financing also included a grant from the State of Alaska and sponsor funds.





Metropolitan Center - Kalamazoo, Michigan

Represented the allocatee, Local Initiatives Support Corporation (LISC), in the combined NMTC and HTC financing of the rehabilitation of four historic buildings consisting of approximately 28 residential rental units, including affordable housing, and over 10,000 square feet of commercial/retail space. Financing for the development also included Michigan state historic and brownfield tax credits, tax increment financing, and HOME funds.


Allen Theater - Cleveland, Ohio

Represented Northeast Ohio Development Fund, LLC, the local allocatee, as tax counsel, in the multiple CDE federal and state NMTC financing of the acquisition, development and construction of a new performing arts facility and the renovation of an existing performing arts theater.

 

 

 

 


Community Health Center - Middletown, Connecticut

Represented Community Health Center, Inc., and its affiliate, the borrower, as tax counsel in the NMTC financing of the acquisition and construction of an approximately 48,500 square foot building for use as a community health center and related parking facilities.  Financing for the health center also included sponsor funds, State of Connecticut bond proceeds, and a grant from the U.S. Department of Health and Human Services, Health Resources and Services Administration.


Beckmann Volmer - Mississippi County, Arkansas

Represented Heartland Renaissance Fund, LLC (HRF), the allocatee, as tax counsel in the NMTC financing of the construction and operation of a wind turbine frame manufacturing facility. Additional financing for the facility included (i) Community Development Block Grant funds provided by Mississippi County, Arkansas, (ii) State Quick Action Closing Funds provided by the Arkansas Economic Development Commission, (iii) City of Osceola, Arkansas Surplus Utility System Revenue bond proceeds, Series 2011, and (iv) Mississippi County grant funds.

 

 


Northwest Family Service Center - Brooklyn Center, Minnesota

Represented Midwest Minnesota Community Development Corporation (MMCDC), the lead allocatee in the multiple CDE NMTC financing of the construction of a multi-agency community social services center and related parking facilities, sponsored by Community Emergency Assistance Program, Inc., the County of Hennepin, Minnesota, and the Independent School District of the Osseo Area Schools. Financing for the center also included County funds and State of Minnesota General Obligation Bonds.


Educare Arizona - Phoenix, Arizona

Represented LISC, the allocatee, in the multiple CDE NMTC financing of the acquisition, construction, operation and leasing of an approximately 33,000 square foot early childhood learning center and health program facility that will serve approximately 190 children annually from birth to five years of age.


Blind Pool Loan Funds - Minnesota

Represented MMCDC, the allocatee, in the structuring and negotiation of multiple blind pool investment funds to finance small business expansion, working capital and equipment loans, real estate acquisition and development.

Arkansas School for Mathematics, Sciences and the Arts – Hot Springs, Arkansas

Represent the allocatee Heartland Renaissance Fund, LLC in the NMTC financing of the first phase of the development of educational facilities of ASMSA, a public residential high school incorporated into the University of Arkansas. 

 


AG Processing Inc a cooperative – Dawson, Minnesota  

Represent the allocatees Midwest Minnesota Community Development Corporation and Local Initiatives Support Corporation in the NMTC financing of the purchase and installation of equipment, upgrades and expansion of a farmer-owned cooperative soy processing facility. 


Paradise Enterprise Center – Honolulu, Hawaii

Represent Pacific Gateway Center, a Hawaii nonprofit corporation, the borrower, in the NMTC financing of the restoration of an historic community facility consisting of a retail business incubator, business center and restaurant.  






Lighthouse Community Charter Public School – Oakland, California

Represent Light Keepers, LLC, the borrower, in the NMTC financing of the construction and leasing of an approximately 74,000 square foot K-12 charter school facility to Lighthouse Community Charter Public School.


Argonaut Building - Detroit, Michigan

Represent the allocatee Local Initiatives Support Corporation (LISC) in the combined new markets and historic tax credit financing of the rehabilitation of the Argonaut Building primarily for use by the College for Creative Studies providing creative arts programs as well as space for compatible nonprofits and start-up commercial enterprises. Financing also includes Michigan Historic and Brownfield tax credits and tax increment financing.




White Earth Oshki Manidoo New Spirit Center – Bemidji, Minnesota

Represent the allocatee Midwest Minnesota Community Development Corporation (MMCDC) in the new markets tax credit financing of the acquisition, renovation and operation of an 11-building adolescent residential treatment facility by the White Earth Band of Chippewa Indians.



Producer’s Choice Soy Energy – Moberly, Missouri

Represent the allocatee, Advantage Capital Partners, in structuring the acquisition of participation interests in U.S. Department of Agriculture guaranteed loans to operating businesses, including a soybean processing and biodiesel production facility in Moberly, Missouri.


Maternal and Child Health Care Facility – San Ysidro, California

Represent Centro De Salud De La Comunidad De San Ysidro, Inc., a California nonprofit public benefit corporation, the borrower, in the financing of the construction of a three-story maternal and child health center. The Project financing includes a loan guaranty provided by the U.S. Department of Health and Human Services, Health Resources and Services Administration, Bureau of Primary Health Care.



Green Tech Charter School – Albany, New York

Represent LISC in the new markets tax credit refinancing of the acquisition and construction of the Green Tech High Charter School for disadvantaged male youth by the Brighter Choice Foundation.



Duluth Heritage Sports Center – Duluth, Minnesota

Represent MMCDC in the new markets tax credit financing of the construction of a community, sports and recreation complex, including an ice hockey arena, multi-sports field house, and an historical building including interpretive center, support and recreation facilities.






Adams & Central – Los Angeles, California

Represent LISC in the financing of the construction of a retail facility, including a grocery store, as part of a multi-project fund. The retail facility is the commercial component of a mixed-use project including affordable residential rental housing financed with the proceeds of low-income housing tax credit equity.


Union Gospel Press Building – Cleveland, Ohio

Represent the allocatee Northeast Ohio Development Fund, LLC in the new markets and historic tax credit financing of the rehabilitation of the former Union Gospel Press building located in Cleveland, Ohio for use as market rate residential rental housing and extended stay hotel units.



Barrel O’ Fun Snack Foods Co. – Perham, Minnesota

Represent MMCDC in the financing of the purchase and installation by Barrel O’Fun Snack Foods co., a manufacturer of snack food products, of a baked potato chip line and related equipment.




The Landing at Liberty Station – San Diego, California

Represent LISC in the historic and new markets tax credit financing of the rehabilitation of seven buildings known as the Landing at Liberty Station at the historic Naval Training Center in San Diego, California, for retail and other commercial use.





Phoenix Boys & Girls Club - Phoenix, Arizona

Represent LISC in the new markets tax credit financing of the construction of three clubhouses to be subleased to the Boys & Girls Clubs of Metropolitan Phoenix, Inc.



Baker Electric Car Building - Cleveland, Ohio

Represent the developer and owner, 7100 Euclid LLC, in the historic and new markets tax credit financing of the rehabilitation of the former Baker Electric Car Building for lease primarily to bio-science tenants.



Fort Piqua Hotel - Piqua, Ohio

Represent the City of Piqua, Ohio, as developer and lender, in the structuring and negotiating of the historic and new markets tax credit financing of the renovation of the Fort Piqua Hotel to be leased for use as a public library, a banquet facility and retail space. Sources of financing include loans made by the City of Piqua, community charitable donations and tax credit equity.



Achievement Academy - Albany, New York

Represent LISC in the NMTC leveraged financing of the development of a public charter school in Albany, New York. Financing includes tax credit equity and leveraged loans from LISC and NCB Capital Impact.


BioBased Realty, LLC - Fayetteville, Arkansas

Represent the allocatee Heartland Renaissance Fund, LLC, in the NMTC financing of the acquisition and construction by BioBased Realty, LLC of a building to consist of a lab and office space for the research, development, sale and marketing of “bio-based” products.


Otter Tail Ag Enterprises - Fergus Falls, Minnesota

Represent MMCDC in the NMTC financing of the construction of an ethanol plant. Financing includes private commercial debt, tax-free revenue bond proceeds, county bond proceeds and tax credit equity.




Canal Street Commerce Center - Milwaukee, Wisconsin

Represent LISC in the NMTC leveraged financing of the construction of a 144,688 square foot light industrial building and other improvements located in the Menomonee Valley of Milwaukee, Wisconsin.


Duluth Renaissance - Duluth, Minnesota

Represent MMCDC in the new markets tax credit financing of the redevelopment of an area of downtown Duluth for commercial and residential uses. Financing includes tax increment financing, bank and city loans, developer and tax credit equity.


Hope Street Family Support Center - Woonsocket, Rhode Island

Represent LISC in the historic and new markets tax credit financing of the conversion of a vacant historic school building for use as a day care facility in Woonsocket, Rhode Island. Sources of financing include a LISC loan, developer equity, new markets, and federal and state historic tax credit equity.



Seattle Housing Authority - Seattle, Washington

Represent SHA in the preparation of a fourth round NMTC allocation application which allocation will be used to finance a mixed-use real estate development.


The Plant - Providence, Rhode Island

Represent LISC in the NMTC leveraged financing of the historic renovation of a former calendaring, bleaching and dyeing mill in Providence, Rhode Island, consisting of approximately 14 residential rental units, 15 artisan live/work loft spaces, 26,500 square feet of commercial space, and parking.


Midtown Global Market MinneostaMidtown Global Market - Minneapolis, Minnesota

Represent the allocatees LISC and MMCDC in the New Markets and Historic Tax Credit leveraged financing of the historic rehabilitation and operation of an indoor public market in Minneapolis, Minnesota, designed to serve as a small business incubator.



Steelyard Commons - Cleveland, Ohio

Represent the allocatee Northeast Ohio Development Fund, LLC in the NMTC leveraged financing of a retail shopping center located in Cleveland, Ohio, including a $30 million NMTC allocation provided by a second CDE.



Plaza Verde - Minneapolis, Minnesota

Represent LISC in the combined NMTC/HTC financing of the rehabilitation of the former Antiques Minnesota building located in South Minneapolis; formerly one of the largest vacant commercial properties. The building includes retail storefronts, office space, an entrepreneur and career center and performing arts space.

Plaza Verde


Summit Place - West Allis, Wisconsin

Represent LISC in the NMTC leveraged financing of the construction of a parking facility related to the rehabilitation of a formerly vacant industrial brownfield facility and construction of a commercial office complex and the refinancing of the senior loan.

 

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