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New Markets Tax Credit News Briefs – September 2018

The Hawaii Public Utilities Commission announced Aug. 6 the approval of a power-purchase agreement for a new energy facility in Moloka’i. This grid-scale, solar-and-battery energy storage project on Moloka’i will lower power costs for customers and comprise more than 45 percent of the island’s renewable energy production. The 2.6-megawatt (MW) project, which includes a 3 MW battery energy storage system, will be owned and operated by Moloka’i New Energy Partners. Construction was funded with equity from new markets tax credits (NMTCs) allocated by Punawai ‘O Pu’uhonua, a community development entity. The solar-and-battery project is expected to be in service by the end of 2019, with the power purchase agreement slated for 22 years.

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UB Community Development LLC announced Aug. 1 its $7 million NMTC allocation to Burton Property Group for Riviera Square in Foley, Ala. The retail property will cost $12 million and will be done in five phases. The last phase will include a 48,000-square-foot Publix grocery store. The development is expected to bring more than 100 new full-time and part time jobs.

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The grand reopening of the Albertsons in Kalispell, Mont., was July 11. The remodel was made possible with the NMTC equity investment from MoFi. The remodel included upgrades to the deli and bakery departments, a new pharmacy, new meat department and expanded produce selection.

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The new Smith County Memorial Hospital and Family Practice opened Aug. 5 in Smith Center, Kan. The 60,000-square-foot building took 16 months to construct and the new facility will include in-patient hospital rooms, an attached primary care clinic, space for visiting specialists to see patients, an emergency room, labor and delivery facilities and space for outpatient procedures, therapy and rehabilitation services. The current hospital and clinic cover approximately 35,000 square feet. Funding included $2.5 million in NMTC equity and a USDA Rural Development loan.

Journal Category:

New Markets Tax Credit

Authors:

Novogradac

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