CWM attorneys, Delphine Carnes and Harriet Reynolds close on transaction to build grocery store in Decatur, Illinois
On April 25, 2014, CWM attorneys, Delphine Carnes and Harriet Reynolds, closed on a transaction that utilized New Markets Tax Credits (“NMTCs”) to finance the construction of a new grocery store and affiliated convenience store and gas station in a low-income community in Decatur, Illinois (the “Project”). CWM represented Hampton Roads Ventures, L.L.C. (“HRV”), a Virginia-based Community Development Entity (“CDE”), in this transaction which combined Six Million Dollars ($6,000,000) of HRV’s Round 10 NMTC allocation with a Two Million Dollar ($2,000,000) NMTC investment from a CDE affiliated with PNC Bank. The grocery store, which will be operated by Niemann’s Foods, Inc. under its “CountyMarket” brand, will bring fresh, affordable food choices to a USDA-designated Food Desert. In addition, the Project will create one hundred twenty (120) construction jobs and over one hundred (100) permanent positions which will generate significant employment opportunities for residents of the surrounding low-income neighborhood.