ST Paper $4.2M Qualified Equity Investment (QEI) – Oconto Falls, WI

ST Paper, LLC is a locally-owned manufacturer, specializing in tissue and linerboard products for the paper industry utilizing 100% recycled fiber through an environmentally friendly process. Long the nation's leader in paper production, Wisconsin suffered the closure of three major paper mills in 2008 and two in 2010, contributing to the trend of mill closures and job losses. ST Paper purchased the Oconto Falls mill out of bankruptcy in April 2007. With nearly 100 employees, ST Paper is currently the largest private employer in Oconto Falls. Utilizing New Markets Tax Credits, ST Paper has been able to revitalize their facility by upgrading the equipment and restructuring their debt.

Chicago Kroc Center $13M QEI – Chicago, IL

The Salvation Army’s new Ray and Joan Kroc Corps Community Center located in Chicago’s Pullman neighborhood is being constructed on an abandoned industrial site on the city’s south side. Construction of the $62 million Kroc Center is expected to create more than 200 construction jobs. The completed facility is expected to create 100 permanent full-time jobs, 100 part-time jobs, 50 summer jobs and many internship opportunities.

The 32-acre Kroc Center will offer the city of Chicago’s largest variety of educational, sports, arts and community support programs under one roof. The center’s state-of-the-art recreational facilities will include baseball and softball diamonds, fully equipped gymnasiums, an aquatic center, a water park, running tracks, tennis courts, a golf training area and a fitness center.

The center will also offer classes and educational workshops for people of all ages, including job training, GED preparation, computer literacy, financial planning, parenting and nutrition. After-school programs will also be available. The center will house a performing arts center, an outdoor amphitheater, a media center with recording video production studios, as well as studios for instrument, vocal and art instruction.

KONE Centre $5.8M QEI – Moline, IL

The multi-story KONE Centre (formally known as Bass Street Tower) will rise high above the Mississippi River and provide an unparalleled view of the adjacent River and Bass Street Landing. This $33 million mixed-use development will bring retail, office and additional public amenities to Moline's riverfront. The tower will be supported by a multi-story parking structure. The building and the construction process will attain LEED Gold status, meeting the demand for energy efficiency in new building construction. The proposed architectural design will include modern steel and glass that will reflect its nearby environment. Balconies and observations decks will grace the structure's exterior. At its base, the accompanying grounds will function as public space ideal for gatherings, providing superb riverfront access.

The ground floor will include a sought-after restaurant, New York style deli, coffee shop/internet cafe, and a financial service institution. The upper floors of Class A office space will be occupied by KONE Inc., the tower’s anchor tenant, as well as several other commercial firms. KONE Inc., an international elevator and escalator manufacturer, will retain 375 employees due to its decision to maintain a significant presence in Moline.

Verso Paper $5M QEI – Quinnesec, MI

Utilizing New Markets Tax Credits, Verso Paper financed the $50.2 million Verso Paper Renewable Energy Project in its Quinnesec Mill, in the Upper Peninsula of Michigan. Established in 1985 to produce pulp, the Quinnesec Mill began manufacturing paper in 1990. The Quinnesec Mill is capable of producing over 900 tons per day of coated "freesheet" paper. It also produces market hardwood pulp. The project will allow the mill to use renewable biomass for more than 95% of its onsite electricity generation. The project will make the plant cost competitive in an ever increasing competitive commodity market and keep 475 people working in the facility. An additional 50 persons are projected to be hired by local small businesses that will supply the biomass.

“The implementation of the Quinnesec Renewable Energy Project is in alignment with Verso’s three-pronged energy strategy, which is to reduce overall energy consumption, generate more green energy from renewable biomass and reduce our carbon footprint, all while reducing costs,” said Mike Jackson, Verso’s President and CEO.

Easter Seals of Metropolitan Chicago School and Therapeutic Center (Chicago, IL) - $15M QEI

The Easter Seals Therapeutic Center in Chicago received $15M through NMTC investment in August 2011, and was combined with investments from other Community Development Entities (CDEs) to support the facility. Easter Seals Metropolitan Chicago (ESMC) is a national leader in providing cutting edge services and progressive educational opportunities to low-income children, adolescents and adults living with autism. In 2008, ESMC opened the Therapeutic School and Autism Research Center to provide special education to over 200 low-income children (ages 6 to 21) with autism. The School offers an integrated curriculum balancing academic and functional skills in areas such as: art, behavior, speech and music along with occupational and vocational therapy. The School also offers social services to families impacted by autism, providing linkages with medical, mental health and social service agencies. Last, the school employs approximately 100 people.

The proceeds of the transaction will be used to refinance the property which was in danger of being foreclosed on by its lenders. NMTC financing will save these jobs and services and also allow for additional future development at the site to include a warm water therapeutic center, a clinic and residential family units for families with children who are living with autism. 

Grand Valley State University Seidman Center (Grand Rapids, MI) - $7.6M QEI

Grand Valley State University (GVSU) combined $7.6M of NMTC investment with an allocation from the Michigan Magnet Fund to finance new construction at the Seidman Center.  . These allocations will allow the for a, 110,000 square foot LEED Silver building expansion of the (GVSU) Seidman College of Business and various community and business outreach services. 

The property selected for the new building was occupied by an old, functionally obsolete building. The project is located in an urban Brownfield redevelopment area as designated by the City of Grand Rapids.  It is anticipated that this project will provide the needed stimulus for further development of the area.

The building will include space for various outreach services to local and state businesses, including services for small businesses, conferencing, executive level training, community outreach, food service and other related services, as well as the University’s College of Business.  Construction is expected to be completed in spring 2013.  The project will also allow the expansion of the GVSU nursing program into the Business College’s existing facility.  The project is expected to create over 500 jobs in an area with an unemployment rate greater than 1.5 times the national average.

West Milwaukee Crossings (West Milwaukee, WI) - $8.4M

The proceeds of an $8.4M NMTC investment made with JPMorgan Chase in September 2011, will finance the construction of a 60,000 sq. ft. Hispanic-centric grocery store.

The store will be located in West Milwaukee – a highly distressed area. To improve the economic challenges of the area, the development will add 100 direct jobs and approximately 200 indirect jobs. In addition, the West Milwaukee population will benefit from the grocer’s focus on fresh food alternatives. The store will be operated by Cermak Fresh Market, a grocer from the Chicago area, which specializes in fresh fruits and vegetables. The project also includes the acquisition of a 9000 sq.ft. shopping center which is currently completely occupied. Also of note, the development is located on a Brownfield site and will have environmental clean-up funded by the Village of West Milwaukee. Last, the project included an EB-5 financing commitment. EB-5 is a financing program that is supported by foreign nationals who invest money in the United States and receive some visas and green cards for their investment. This is the first NMTC deal in the country to close using EB-5 financing.

Milwaukee Scholars Charter School (Milwaukee, WI) - $8M QEI

In October2011, an $8M investment was made to create the Milwaukee Scholars Charter School, a new and better choice for families seeking a quality education in an area where the public schools have consistently failed to meet federal standards.

The charter site was carefully chosen as one in drastic need for capital investment and educational improvement. In cooperation with charter operator National Heritage Academies, a corporation with a proven track record for delivering exemplary education in highly distressed areas; the 45,000 sq. ft. K-8 facility is expected to serve nearly 700 students, the vast majority of whom come from low-income households and qualify for the federal free and reduced price student lunch program.

Beyond the educational benefits, the school will also spur greater economic activity and demand for local goods and services; and create a community where families want to stay and raise their children. The school will contribute directly to the economy with more than 45 permanent jobs and approximately 90 temporary construction jobs.