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Enterprise Makes $11 Million New Markets Tax Credit Investment in Green Park Broadway
ST. LOUIS, MO, (SLFP.com), December 13, 2009 - Enterprise Community Investment, Inc. (Enterprise), a national leader in affordable housing and community development, recently announced the closing of an $11 million New Markets Tax Credit (NMTC) transaction that will finance the rehabilitation and expansion of a former streetcar repair facility to create the Green Park Broadway development in St. Louis, MO.
The 95,700-square-foot industrial building, which will feature a multi-tenant service center and office space in the North Riverfront Business Corridor, is expected to create 105 construction and temporary jobs as well as 40 new jobs.
Green Park Broadway will be developed by Green Street Properties, LLC and will be built to U.S. Green Building Council's Leadership in Energy and Environmental Design (LEED) Rating System(TM) standards. U.S. Bancorp Community Development Corporation (USBCDC) served as the NMTC investor and leveraged loans are being provided by Pulaski Bank.
"USBCDC is committed to providing innovative financing solutions to meet the needs of our customers and communities," said Marc Hirshman, senior vice president and director of NMTC, Historic, and Renewable Energy Investments for USBCDC. "Partnering with Enterprise and Green Street Properties on Green Park Broadway allows us to continue serving the community by helping complete a project which exemplifies the purpose of the NMTC Program. We are excited to be a part of this development."
Green Park Broadway is Enterprise's first deal to close as part of its $95 million NMTC allocation awarded by the U.S. Treasury Department's Community Development Financial Institutions Fund earlier this year through the 2009 American Recovery and Reinvestment Act. The development will feature sustainable design and building practices, including the use of recycled materials, natural lighting in the warehouses, non-volatile organic compound paints and provisions to limit storm water run-off. In addition, the development is located next to a MetroBus Transfer Center, making it easily accessible.
"This is the first of three green developments set to close on financing by year-end thanks to the federal stimulus allocation for New Markets Tax Credits," said Joe Wesolowski, senior vice president for Structured Finance, Enterprise Community Investment. "We are excited to link this critical financing to Green Park Broadway to provide business expansion and job opportunities for St. Louis residents."
Announced in May 2009, Enterprise is targeting its NMTC allocation authority to developments that meet the criteria of its Enterprise Green Communities New Markets Tax Credit Program, one of the first national financing vehicles for environmentally sustainable commercial and mixed-use developments in low-income areas. Enterprise seeks to provide NMTC financing for developments that incorporate energy- and water-use efficiency, renewable energy, healthy building materials and techniques and are transit-oriented or brownfield reclamation developments.
"Pulaski Bank is pleased to participate in the financing of this great development. Investments like this, resulting in sustainable green design and the creation of additional jobs, allow everyone in the community to win," said Mark Greenley, senior vice president, Commercial Lending, Pulaski Bank.
"Green Street Properties is committed to pursuing sustainable development in the St. Louis area, and much of our focus has been in the redevelopment of strategically located but commercially underserved areas within the city of St. Louis," said Phil Hulse, principal of Green Street Properties. "We believe that Green Park Broadway will be a catalyst for further investment in the North Riverfront business corridor. The teamwork between Enterprise, USBCDC, Pulaski, the St. Louis Development Corporation and Green Street is an example of the type of successful public-private partnerships that are critical to moving development projects forward today."
Enterprise has received $610 million in NMTC allocation authority in the past six years, which has resulted in the creation of 43 developments in 18 states and Washington, D.C., including schools, community centers, retail, industrial and office space. As Enterprise deploys its NMTC allocation authority to enhance financing for developments nationwide, the company also works with investors and other community development entities (CDEs) to select NMTC investment opportunities and provide deal structuring, underwriting and closing services.
National data shows that NMTC capital has been invested into more than 2,000 businesses and real estate developments to date, helping to build or rehabilitate 68 million square feet of real estate, create 210,000 construction jobs and create or maintain 45,000 full-time equivalent jobs at businesses in low-income communities. The NMTC Program is scheduled to expire at the end of 2009. However, if pending legislation in Congress passes, it will provide a five-year extension of the program.
Phonesnoop Spies on Blackberry Users
ST. LOUIS, MO, (SLFP.com), December 13, 2009 - The U.S. Department of Homeland Security's Computer Emergency Readiness Team (US-CERT) is warning Blackberry users to be wary of a new software application known as "Phonesnoop." When utilized, the program allows a criminal to eavesdrop on a user's personal Blackberry conversations.
An attacker must either have direct physical access to your Blackberry device or convince a user to install the application in order for Phonesnoop to operate. US-CERT therefore encourages users to download applications only from trusted sources and to both password protect and lock Blackberry devices when not in use to discourage criminals from accessing personal information.
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