- CDA approves support for new social ministry hub in St Clair Superior 06 01 12
Cleveland Development Advisors approves support for new social ministry hub in St. Clair Superior
Friday, June 01, 2012
Cleveland, Ohio—Cleveland Development Advisors (CDA), the Greater Cleveland Partnership’s real estate development affiliate, has provided an $8 million Federal and a $2.5 million Ohio New Markets Tax Credit allocation for Lutheran Metropolitan Ministry’s new building in Cleveland’s St. Clair Superior neighborhood. These tax credits generated enough equity to bring LMM to nearly 90 percent of goal on the new Richard Sering Center.
According to Steve Luca, CDA’s managing vice president, “Lutheran Metropolitan Ministry has a phenomenal track record of helping members of our community in need. The addition of an innovative social enterprise program being created by LMM will positively influence the future of both economic and community development for Northeast Ohio. Cleveland Development Advisors is proud to do its part in the creation of the Richard Sering Center, as it strengthens our community and epitomizes the mission of the New Markets Tax Credit program.”
The tax credit for the new facility will allow LMM to expand job preparation and training programs, volunteer training, community outreach and partnerships, as well develop new social enterprises. LMM is renovating an existing building located at East 45th & Superior to be fully accessible and is seeking LEED Silver certification. The tax credits were purchased by PNC Bank.
"PNC is committed to supporting economic development in Cleveland and this project is a perfect fit for our community development banking efforts,” said Michael Taylor, West Territory Executive, PNC Community Development Banking. "Our equity investment in the New Markets Tax Credits for Lutheran Metropolitan Ministry will allow them to expand and grow its operation as well as assist in the revitalization of Cleveland's St. Clair Superior neighborhood."
LMM has received assistance during the process from Betsy Figgie at Your CFO Resource, legal counsel from Ulmer & Berne and accounting support from Novogradac.
The New Markets Tax Credit (NMTC) Program was established in 2000 with a goal of spurring revitalization efforts in low-income and impoverished communities across the United States. The NMTC Program provides tax credit incentives for equity investments in certified Community Development Entities, which invest in low-income communities.
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Cleveland Development Advisors (CDA) manages private-capital investment funds as well as multiple New Markets Tax Credits allocations. Since 1989 CDA has provided resources as well as local knowledge and professional expertise - collaborating with developers, financiers and community stakeholders to structure the financing of important, catalytic projects in Cleveland. www.clevelanddevelopmentadvisors.com
As an association of business members, the Greater Cleveland Partnership mobilizes private-sector leadership, expertise and resources to create jobs and leverage investment to improve the economic vitality of the region.
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