The Innovate Fund Closes 2nd New Markets Tax Credit Transaction in Northside Neighborhood, 5th in Spartanburg, SC

SPARTANBURG, S.C., Oct. 25, 2019 /PRNewswire/ -- The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $10 million in New Markets Tax Credits (NMTC) to complete the $18.1 million construction of the TK Gregg Community Center, the latest addition to the Northside Initiative in Spartanburg, SC. The City of Spartanburg acquired the project site in 2015 and began construction of the 46,810 square foot community facility in late 2018 to include 2 indoor pools, a gym, running/walking track, exercise/fitness rooms, and community and classroom space. Located in an area with Poverty of 45.30%, Median Family Income of 45.14%, and Unemployment of 22.80%, the project is expected to provide services to an estimated 3,500 Northside residents annually.

The TK Gregg Community Center is a key component of The Northside Initiative - an unprecedented collaboration of public, private, civic, educational, and philanthropic institutions in Spartanburg. The Northside Initiative will result in a completely revitalized, mixed-income, mixed-use neighborhood attractive to families and businesses located close to downtown and served by a mix of highly rated educational opportunities, recreational amenities and responsive and engaged social services. Chris Story, City Manager of the City of Spartanburg, said, "Since the closing of the last TK Gregg Community Center, it has been a priority of the City of Spartanburg to re-open a state of the art community facility in the Northside neighborhood and New Markets Tax Credits have been a key financing tool to help us get there."

Whitney Ferguson, Program Manager for The Innovate Fund, noted its continued support of the Spartanburg community. In addition to the $10 million TK Gregg Community Center investment, The Innovate Fund has closed $41.5 million of additional NMTC investments in Spartanburg for The Franklin School, also part of The Northside Initiative; the Upward Star Center; OTO Development's AC Hotel; and Highland Baking Company, which have created 488 direct jobs, provided enhanced community services for 4,900 low-income residents, and constructed or renovated 380,668 square feet of real estate.

Tammy Propst, Operating Officer for The Innovate Fund noted that investment from The Innovate Fund would not be possible without the continuing support from its financial partners, Capital One and South Carolina Community Loan Fund, and South Carolina's legislative delegation, including U.S. Senators Lindsey Graham and Tim Scott and U.S. Congressman William Timmons.

About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception, have been awarded $277 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across Georgia, North Carolina, South Carolina, and Tennessee.  The Innovate Fund's partners are the Greenville Local Development Corporation and taxadvantagegroup.

About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC to address obstacles faced by businesses and community based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.

About taxadvantagegroup
Headquartered in Greenville, S.C., taxadvantagegroup (tag) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for profit organizations access capital and transform communities. Since 2004, tag has played an instrumental role in securing funding for nearly $1.7 billion for community projects across the United States. In addition, tag provides compliance and asset management services on $530 million of NMTC assets. 

Contact:
Whitney Ferguson
8287138957
[email protected]

SOURCE The Innovate Fund