New Market Tax Credits
Through the New Markets Support Company, one of our affiliates, we syndicate federal New Markets Tax Credits to energize retail corridors, and reinforce investment in housing, schools and neighborhood services.
Project Summaries:
- NorShor Theatre: Our investment included a $750,000 predevelopment loan and $7 million in New Market Tax Credit allocation through LISC affiliate, the New Market Support Corporation. (View project summary) From the balcony to the box office, the 1910 landmark theater is undergoing a total restoration. At center stage in downtown Duluth’s Historic Arts and Theater (HART) District, the restored NorShor Theatre will bring new economic development, new productions, and new possibilities to the region. The NorShor opened with its first performance on February 1, 2018. To learn more and discover ways you can support Duluth’s amazing new, state-of-the-art, community arts and entertainment center, visit: http://norshortheatre.com/.
- Clyde Park: The vision for the former Clyde Iron Works machine shop was to develop a multipurpose entertainment and event space facility. The project is an award winning adaptive reuse of a brownfields site, receiving awards from the Economic Development Association of Minnesota and the Environmental Protection Agency. LISC provided $9.1 million in New Market Tax Credits for the $9.9 million project. (View project summary) Clyde Park features Clyde Iron Works Restaurant, Bar & Event Center and the Duluth Children's Museum. A portion of the site was donated for the construction of the Essentia Health Duluth Heritage Sports Center, which contains ice rinks, a multi-use sports pavilion, a climbing wall, and computer lab, study, arts, and other recreational space for the Boys and Girls Club of the Northland. Through LISC/NLF Grassroots program, the Boys and Girls Club received a $200,000 field grant in 2009 to install an indoor artificial turf.
- Sheraton Duluth Hotel: Using capital obtained from US Bank Community Development Corporation, LISC allocated $16.5 million in New Market Tax Credits to the Sheraton Duluth, making it economically feasible. In addition, Midwest Community Development Corporation, a community development corporation supported by LISC, provided $4.4 million in New Market Tax Credits to further assist with financing the $23 million project. (View project summary) The Sheraton has 147 guest rooms, a full service restaurant, meeting room and fitness room. The top five floors are home to 35 condominium units.
