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December 2010 CDF provides $11.2 million in New Markets Tax Credits to Radio Flyer to help rehabilitate and reconfigure a 68,000 sq.....
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	Community Facilities Industrial Grocery-Anchored Retail Eligibility Map Success Stories

Success Stories
CDF funding in action

Charter Steel Trading Company

In May 2010, CDF provided a $4.9 million allocation of NMTCs to Charter Steel Trading Company, a national distributor of premium steel products. The financing provided by CDF will be used for the acquisition and renovation of an approximately 100,000 square foot building located on the City’s West Side. This renovated facility will be in addition to the company’s existing operations, which is located within close proximity to the new building. The new facility allows Charter Steel to keep its expanded operations in the City, providing additional employment opportunities for Chicago’s low-income residents. Charter Steel currently employs approximately 70 employees and the new facility will result in approximately 30 additional jobs over time. The new facility is anticipated to be complete in the spring of 2011.

Community Career Training & Economic Development Center

In September 2009, CDF provided $9.3 million in New Markets Tax Credits to the Community Career Training & Economic Development Center (CCTEDC) project, a job training and placement center, which will target high-growth industry sectors of Manufacturing and Transportation, Distribution, and Logistics for disadvantaged, unemployed community residents.

The facility will be operated by The Greater West Town Community Development Project (GWT), a non-profit corporation which provides job training and vocational education to adults and drop-out youth and currently operates from two locations at 790 N Milwaukee and 2021 W Fulton in Chicago, IL.

The CCTEDC transaction is the result of extensive efforts by CDF and the City of Chicago. It is the first NMTC-funded project in the City to use TIF Funds as an NMTC leverage source, with the City of Chicago providing $3.1 million in TIF financing. The transaction also utilized the Illinois New Markets Development Program to provide additional equity to the deal. This partnership between CDF, the City and the State substantially reduced the amount of debt necessary for the development of CCTEDC, making more funds available to GWT to spend on the training and educational services provided to community residents.

GWT is currently renovating a 60,000 square foot facility at 500 N Sacramento Boulevard in Chicago. In addition to job training and placement programs, the facility will include an incubator for woodworking businesses and space for GWT’s high school completion and career development programs for drop-out youth. At full capacity, the CCTEDC will house provide services to approximately 430 people annually. Construction on the facility began in September 2009 and is projected to be completed by July 2010.

Charles H. Shaw Technology & Learning Center

		In July 2008, CDF closed its first transaction, providing $15 million in New Markets Tax Credits to the Charles H. Shaw Technology & Learning Center, a public charter high school that will occupy the former Sears power plant in Chicago’s Homan Square. U.S. Bank also provided $7 million in NMTC financing for the project. Henry Ford Learning Institute, based in Dearborn, Michigan, will operate the school, its first in the State of Illinois.

Encompassing 95,000 square feet of classroom and office space, the school will enroll roughly 480 students and return an important historic structure to productive reuse. Space will also be allocated for local community groups and Community Facilities organizations. The curriculum will focus on science and “green” technology, and the building itself is targeted for LEED-Gold certification. It will also utilize a geothermal field on the former CSX railroad right-of-way adjacent to the site for heating and cooling.

In addition to NMTC financing, the project also secured funding from private donors, as well as Historic Tax Credit equity from U.S. Bank Community Development Corporation.

The school opened in August 2009.

Imperial Zinc

In May 2009, CDF provided $6 million in New Markets Tax Credits to Imperial Zinc, a zinc processing company that has been a member of the Pullman Community for over 50 years. Imperial Zinc is the first borrower to participate in CDF’s Industrial Expansion Loan (IEL) program, which aims to create and retain jobs in low-income communities by providing enhanced financing for industrial projects.

In March 2008, a fire destroyed Imperial Zinc’s primary production facility, forcing it to reduce production and staff. The new 80,000 square foot production facility will replace the damaged structure and include free-standing kilns and built-in furnaces for production. With the assistance of NMTCs, Imperial Zinc will be able to maintain its production in Chicago and increase its current employment to pre-fire levels. The new facility will also be utilized to add new product lines, which will further increase employment. Overall, Imperial Zinc expects to retain 40 jobs, as well as create an additional 45-55 positions. The new facility is anticipated to be completed in late 2009.

Gary Comer College Prep

Gary Comer College Preparatory High School is a public charter school located on the City’s South Side, in the Greater Grand Crossing community area. In June 2009, the project received approximately $21.5 million in NMTCs from CDF. This allocation will be used to finance the construction of a new school facility, with a total enrollment of approximately 530 students.

The high school will consist of approximately 45,000 square feet, with 25 classrooms, four science laboratories and a computer laboratory. The project will be adjacent to the existing Gary Comer Youth Center, which is owned and operated by the Comer Science and Education Foundation. Students of GCCPHS will have access to the Youth Center’s gymnasium, theater, computer labs, cafeteria and locker rooms.

The Comer Science and Education Foundation is managing the development of the future high school site and has led several initiatives to help stabilize the Greater Grand Crossing community. These initiatives include the Youth Center, rehabilitation of the Paul Revere elementary school, a new public library and affordable residential development. GCCPHS is one of nine campuses that make up the Noble Street Charter School.

Christ the King

In June 2009, CDF provided $17 million in NMTCs to Christ the King College Preparatory School, a private, non-profit Catholic Jesuit secondary school which serves students from the Austin neighborhood and surrounding communities. The school is based on the “Cristo Rey” model where students are placed in an internship program and are able to earn up to 75 percent of their tuition while gaining valuable work experience to supplement their education. Application for enrollment is open to students regardless of religious affiliation.

Construction on the facility began in June 2008 and is projected to be completed by July 2009. The 100,000 square foot high school facility will house approximately 500 students at full capacity. In addition to classroom space, the school will include a gymnasium, library and other ancillary space. The building’s design and construction also incorporate a number of green features, such as a 25% green roof, a reflective “cool roof” for the balance of the building, substantial use of recycled construction materials, and energy and water-efficient building systems.

Austin Family Health Center

In August 2010, CDF provided $6.5 million in New Markets Tax Credits (NMTC) financing to PCC Wellness Center (PCC), a non-profit organization and operator of multiple federally qualified health centers located in Chicago’s West Side and near western suburbs. PCC had recently completed construction of an 18,300 SF health clinic in the Austin Community Area, replacing and substantially expanding upon an outdated facility. CDF was able to provide permanent finance that allowed PCC to take out its existing construction loan.

PCC’s client base consists of many uninsured individuals, as well as patients who receive care through Medicare and Medicaid. This patient mix limits PCC’s cash flow available to service debt for a new facility while still providing a full range of services. In addition, PCC encountered approximately $530,000 in unanticipated site preparation costs associated with environmental remediation. NMTC financing from CDF has helped PCC address this cost while reducing its debt service load, thus freeing up operating funds to allow the organization to serve its clients more effectively.

The new LEED Silver certified Austin Family Health Center is anticipated to serve as many as 10,000 patients per year—2.5 times as many patients as the previous facility accommodated. The new facility provides comprehensive, outpatient primary health care including behavioral health offices and counseling rooms, community meeting rooms, a dental suite, WIC offices, and space for a future pharmacy.

NMTC equity for this project was provided by JPMorgan Chase, which provided approximately $1.825 million in NMTC equity to the transaction. In addition, the City of Chicago provided a land write-down for site acquisition costs.


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