NMTC Financing Being Used for Development of “˜Green’ Film Studio
By Caitlin Jones & A. J. Johnson
1 min read
Tax Credit Advisor, February 2009: The federal new markets tax credit (NMTC) is being used to help finance the $32 million redevelopment of a dilapidated warehouse in New Orleans, LA into the nation’s first green film studio.
Construction has begun on the new Second Line Stages studio complex, located in the city’s Lower Garden District, which has a nearly 25% poverty rate and 11.8% jobless rate.
National New Markets Fund LLC recently closed $6 million in NMTC financing for the project. The fund was created by Strategic Development Solutions, of Los Angeles, and Economic Innovation International, of Boston. In addition, CitiScape Capital Group provided $10 million in NMTCs for the project, and the Valued Advisor Fund contributed $8 million. US Bank is the equity investor for the federal new markets and historic tax credits generated by the project.
The entire film studio has been designed such that all major elements – from sound stages and office space to the parking lot – will qualify for Silver certification under the LEED (Leadership in Energy Environmental Design) green building rating system.
