New Markets Tax Credits News Briefs – March 2016

Novogradac Journal of Tax Credits Volume 7 Issue 3
Tuesday, March 8, 2016

 

National New Markets Fund LLC announced Jan. 7 the closing of $24 million in new markets tax credit (NMTC) financing for the construction of a new manufacturing plant and corporate headquarters for Prairie Dog Pet Products. In addition, JP Morgan is investing $8 million in equity. The development will be located in Abilene, Texas, and will transform an unused 100,000 square-foot industrial building into a state-of-the-art facility. Prairie Dog Pet Products will use the NMTC allocation to acquire property, expand the existing facility and purchase equipment needed for manufacturing. Construction is slated for completion by this spring. Once complete, the development will support 215 full-time employees.

 

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