2019 Operating Business QLICI of the Year Award Recipient
CDE: Stonehenge Capital, Dudley Ventures, HEDC/National Development Council, National New Markets Fund/Strategies Development Solutions and Wells Fargo Community Development
Flex-N-Gate Detroit (FNG) is an auto components manufacturer that was looking to expand its manufacturing operations. Ford Motors and the city of Detroit worked with FNG to find a location in a highly distressed area within Detroit city limits.
Detroit’s District 3 census tract has the city’s lowest education and income rates, as well as an unemployment rate of 27 percent. Upon realizing the extraordinary costs that environmental issues, a lack of qualified labor and local hiring ordinances for the construction presented, FNG considered other nearby cities, including in Canada, where FNG has locations and where the development cost would be significantly less.
The development’s five CDEs–Stonehenge Capital, Dudley Ventures, HEDC/National Development Council, National New Markets Fund/Strategies Development Solutions and Wells Fargo Community Development–offered NMTC allocations in order to offset expenses including environmental remediation, local construction hiring, job training and fringe benefits. Upon completion, the development will be a 494,000-square-foot manufacturing facility that will employ up to 700 people.
“[There’s] significant impact by financing a new business that is providing significant benefits for low-income employees in Detroit,” said Elaine DiPietro, founder of Blooming Ventures LLC and QLICI Awards judge.
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