The Innovate Fund Allocates $7 Million for New Headquarters in North Charleston
The new headquarters will allow for employment growth and consolidate employees into one location while also allowing for the current Ingevity Technical Center, also located in North Charleston, to return to its original purpose as a research laboratory.
NORTH CHARLESTON, S.C., Nov. 15, 2019 /PRNewswire/ -- The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $7 million in New Markets Tax Credits (NMTC) to provide flexible, below market financing to Ingevity Corporation for the build out and upfit of its new 84,283 square foot headquarters in North Charleston, SC.
Ingevity provides specialty chemicals, high-performance carbon materials and engineered polymers that purify, protect, and enhance the world around us. Ingevity operates from 25 locations around the world and employs approximately 1,750 people. The new headquarters will allow for employment growth and consolidate employees into one location while also allowing for the current Ingevity Technical Center, also located in North Charleston, to return to its original purpose as a research laboratory.
Located in a Low-Income Community with 36.60 percent poverty, and 43.66 percent median family income, Ingevity's new headquarters is projected to support 250 permanent jobs and 43 construction jobs over the NMTC compliance period. "Ingevity has been a longtime supporter of our community," said North Charleston Mayor, Keith Summey, "and we're happy to see they've chosen to remain headquartered here in North Charleston."
Whitney Ferguson, Program Manager for The Innovate Fund, noted its continued support of the North Charleston community. In addition to the $7 million Ingevity investment, The Innovate Fund has closed $17.5 million of additional NMTC investments in North Charleston for Limehouse Produce and Restaurant Depot, which have created 287 direct jobs and constructed or renovated 239,045 square feet of real estate.
Tammy Propst, Operating Officer for The Innovate Fund, thanked South Carolina's Congressional delegation, U.S. Senators Lindsey Graham and Tim Scott, for their active support of the NMTC program which allows The Innovate Fund to continue in its mission of providing investment capital in low-income communities across its service area.
About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception, have been awarded $277 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across Georgia, North Carolina, South Carolina, and Tennessee. The Innovate Fund's partners are the Greenville Local Development Corporation and taxadvantagegroup.
About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC to address obstacles faced by businesses and community-based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.
About taxadvantagegroup
Headquartered in Greenville, S.C., taxadvantagegroup (tag) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for profit organizations access capital and transform communities. Since 2004, tag has played an instrumental role in securing funding for nearly $1.7 billion for community projects across the United States. In addition, tag provides compliance and asset management services on $530 million of NMTC assets.
Contact:
Whitney Ferguson
8287138957
[email protected]
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SOURCE The Innovate Fund, LLC
