Real estate services

Economic development incentives and project financing

Overview

Government economic incentive programs are designed to enhance the economy and business culture, and come in the form of grant dollars, favorable term loans, and tax credits. The financing may encompass a variety of business investments that a commercial bank may not finance. Many companies are just not aware of the numerous economic incentive programs available to help them grow and be more profitable. It could be because they are busy expanding, adding employees, or just handling day-to-day business. Or, as is often the case, they may not have the manpower or resources to research what incentives are available. State, county and local government websites will have many of the available resources that a company may need; however, there is a lot of information to wade through, and at times it can be cumbersome and time-consuming for a busy executive to search the various programs and determine financial and application requirements.

Our goal is to help clients find the best programs available, understand the eligibility requirements and determine which economic incentives and project financing options fit within their business plan and objectives. We’ve helped clients in a variety of industries take advantage of affordable housing/HUD financing, financing buy out of tenant in common partners and LLC members, historic tax credits, investment tax credits, joint venture opportunities, low-income housing tax credits, new markets tax credits, private/public partnerships, REITs, renewable energy, TIF, 1031 exchanges, and EB-5 investor visa financing.   Once we help our clients find the right program, we work to assist in structuring the transaction, streamlining the process, negotiating the financing, and meeting established deadlines and budget. Our extensive experience means we can typically anticipate our client’s needs and work towards a result that makes sense for everyone involved. Creative problem solving is crucial to achieving successful implementation of your project, which is why we often call in attorneys with knowledge in other fields to assist.

Clients in the following areas consistently turn to the attorneys and professionals at our firm for their economic development incentive and project financing needs:

  • Banking 
  • Community development
  • Lenders
  • Equity sponsors
  • Developers 
  • All types of financial advisors and consultants
 

Representative Matters

  • Represented an institution of higher education in all aspects of its $35 million rehabilitation and modernization of a historic building including: development agreements, construction documents, commercial debt financing, obtaining and syndicating federal historic rehabilitation tax credits, state historic rehabilitation tax credits and new markets tax credits, applying for and complying with the requirements of state and federal grants and subsidies, and assisting with capital campaign activities
  • Represented a purchaser in structuring and negotiating a prepaid power purchase agreement and in all aspects of the 2.2MW solar photovoltaic project, including negotiating and documenting the project site lease, bridge loan financing, security interests, and interconnection agreement and reviewing the EPC contract and operation and maintenance contract
  • Represented national financial institutions in numerous historic rehabilitation tax credit and new markets tax credit loan financing transactions
  • Represented a leading private liberal arts college in the redevelopment of a historic theater for use as a modern commercial movie theater and for educational advancement purposes financed in part with federal historic rehabilitation tax credits, state historic rehabilitation tax credits, and new markets tax credits
  • Represented buyer in assumption of 800 apartments from HUD
  • Represented an Ohio university in the complete rehabilitation of a historic dormitory utilizing federal historic rehabilitation tax credits and state historic rehabilitation tax credits to supplement the university’s capital campaign
  • Represented local developer in redevelopment of historic urban office buildings
  • Represented nonprofit in utilizing state and federal historic rehabilitation tax credits in the rehabilitation of a former department store to be used as an incubator and laboratory for high-tech start-ups
  • Represented university in the $33 million redevelopment of a 1960s era student residence utilizing federal historic rehabilitation tax credits and state historic rehabilitation tax credits
  • Represented a developer in a Public-Private Partnership to construct a Public Stormwater Management Facility, including obtaining approximately $50 million in New Market Tax Credit Financings
  • Represented a developer in obtaining $20 million in EB-5 Investor Visa Financing, both equity and debt offerings
  • Represented a developer in EB-5 Investor Visa offering for the acquisition and development of multi-family housing projects
  • Represented lender in ESOP related financing involving retail and wholesale liquor stores in 3 states
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