Municipal Complex Rebuilding

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Municipal Complex Rebuilding

NMTC Rebuilding of West Liberty, KY, Municipal Complex

Morgan County, Kentucky

Net NMTC Benefit Exceeding $3 Million Achieved

  • $30 million project with $18 million in non-metro NMTC financing to “Rebuild West Liberty” and reestablish city services following devastating March 2012 tornado damage
  • Two concurrent projects will replace the 19 government buildings destroyed with five new or totally renovated structures within 18 months
  • Recovery Center with health and wellness programs, Office Building and Community Center, Courthouse, Extension Office, and Parking Structure will speed physical as well as psychological healing
  • Projects recover approximately 500 full time positions and create 250 FTE construction jobs
  • NMTCs maximized every dollar and added more funding to the projects, enabling a community transformation

West Liberty, Kentucky illustrates the versatility of New Market Tax Credits.  They can facilitate an entire redevelopment initiative, as well as a single building project.  The HWH Group was instrumental in securing the additional $7 million in NMTC credits required to make the West Liberty projects work, and in bringing them to closing.  While the projects involved a number of additional funding sources including federal and state grants to fully leverage the credits, the knowledge and determination of the team members—as well as the sheer need of the community—moved the process forward and completed what otherwise might not have been possible.

 

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