McNair Client Recognized as 2011 National Development Council Academy Winner for Creative Financing
On May 25, 2011, the National Development Council announced the City of Spartanburg's New Markets Tax Credits financing of the construction of the new C.C. Woodson Community Center and renovation of the Northwest Community Center as the winner of the Creative Financing Category of the NDC Academy 2011 Project Showcase. The Academy Project Showcase biennially recognizes the most outstanding financings in the nation in four categories (Creative Financing, Job Creation, Affordable Housing and Community Development), and this year's winners were selected from an unprecedented pool of applicants nationwide. Assisted by McNair attorneys Dan McLeod, Mike Burns and Brandon Norris, the City of Spartanburg was able to leverage local and federal grant funds and low interest loans in a total New Markets Tax Credits financing and equity investment of over $7.7 million to accomplish the construction of the two community centers in distressed areas of the City. The financing was accomplished through an innovative tiered financing structure which allowed the City to maximize the financial benefit of the effective federal subsidization of the project through the use of the New Markets Tax Credits, which amounted to $2,150,000 in equity for the project.
For more information about this project and the award, see the full article as highlighted in the May 26, 2011 Herald-Journal (Spartanburg, SC.)
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