Michigan Community Capital supports Micah 6’s community redevelopment project in Pontiac, Michigan.
FOR IMMEDIATE RELEASE March 12, 2024
LANSING, Mich. – Micah 6 Community, a neighborhood-based nonprofit community development corporation dedicated to serving the city of Pontiac, received $15 million in New Markets Tax Credit allocation (NMTC) from Michigan Community Capital (MCC) on Tuesday, March 12, 2024 in support of the Webster Community Center project.
Micah 6 Community plans to transform a vacant former school into the Webster Community Center, which will include a small business incubator, a rentable commercial kitchen and food hub, a gymnasium for community activities, a health clinic, and more. The project will also serve as an indoor transportation center, and will have the only covered bus stop on the west side of M59. Tenants utilizing the community center will specifically use the space for services including:
after school and summer programs for school age children;
art classes and art therapy for all ages;
empowerment programs for families;
a coffee shop;
STEM education;
urgent care services;
dance for school age children;
sports leagues and mentoring for youth;
local food cooperative; and
adult education services.
“This project represents almost seven years of hard work and stubbornness from our team. We knew this project was important for our neighbors and our neighborhood. We believed it before anyone else did. We have diligently pushed through a pandemic, price increases, surprise basement floodings, and more strange circumstances that I can’t even remember, but we never questioned whether this project was worth it,” said Coleman Yoakum, executive director at Micah 6 Community. “There aren’t many people who started with us who are finishing with us. We are grateful for Michigan Community Capital for being there at the beginning, walking this long process with us and crossing the finish line with us.”
Located in Pontiac, the project falls within a “severely distressed” census tract based on a poverty rate of 36.4%, an unemployment rate of 8.6%, and within a designated USDA Food Desert.
This project is expected to retain or create approximately 70 permanent jobs, and 30 positions requiring no more education than a high school diploma. All full-time permanent jobs will be eligible to receive comprehensive benefits including health insurance, life insurance, and a retirement plan.
In November 2022, Michigan Community Capital closed a bridge loan to Micah 6 Community to bridge grant funds from the Michigan Department of Environment Great Lakes and Environment to help finance environmental remediation work at the site. In addition to the $15 million in NMTC allocation, MCC increased the bridge loan to support additional remediation work.
“MCC has been supporting Coleman and the Webster team for several years as they have worked tirelessly and selflessly to create a place that directly meets the needs of the Pontiac community,” said Eric Hanna, president and CEO at Michigan Community Capital. “Historic, adaptive reuse projects are incredibly important because they preserve the cultural identity and history of the neighborhood, bringing the building into the present so that its services can be enjoyed for generations. We commend the team on a big effort and outstanding job bringing such an impactful project to a major milestone!”
National Trust Community Investment Corporation (NTCIC) is providing a $7 million NMTC allocation.
“We are honored to be a part of this project and work with dedicated partners to bring this historic building back to life,” said Kathleen Galvan, Acquisitions Manager at National Trust Community Investment Corporation. “Coleman and the Webster team exemplify the mission of the NTMC program – they listened to and worked hand in hand with the community to create a unique place that serves the needs of their neighbors. Their hard work will touch many lives for years to come.”
PNC Bank is providing $3 million in NMTC allocation and federal historic tax credit equity. A PNC-managed fund is the NMTC investor.
“Over the years, PNC has collaborated with a number of organizations to benefit Pontiac residents and businesses,” said Michael Bickers, PNC regional president for Detroit and Southeast Michigan. “The Webster Community Center is a multifaceted project that will provide critical resources and access to programs that will benefit the city of Pontiac and its residents. PNC is committed to working with developers, governments, and residents to add projects such as this one to communities across the country.”
MEDC provided two sources of capital including a Revitalization and Placemaking (RAP) Grant and a Community Revitalization Program (CRP) Loan.
The Webster Community Center is a community-driven and supported project. The following organizations have financially supported the project: Oakland County, Cinnaire, IFF, Opportunity Resource Fund, EGLE, and others. The following foundations have also collectively contributed more than $5 million in grant funds; Carls Foundation, William Davidson Foundation, Ralph C. Wilson Jr. Foundation, Pontiac Funders Collaborative Community Foundation, Total Health Care Foundation, Ballmer Group, Consumers Energy Foundation, and other various organizations.
Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Since 2005, MCC has supported over $1.3 billion in project financing, successfully attracted $445 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units, 4.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion and has insured over 22,000 affordable multifamily doors. MCC drives community development impacts in four key areas: Real Estate Development, CDFI lending, New Markets Tax Credits, and affordable Property Insurance. michigancommunitycapital.org.
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Temple Lofts
MCC receives nine recognition awards in 2023.
LANSING, MICH. – 2023 was an award-winning year for Michigan Community Capital (MCC) who accepted nine recognition awards for multiple developments and New Markets Tax Credits investments.
Five national recognitions received in 2023 included:
Gold Winner for Real Estate Redevelopment & Reuse from the International Economic Development Council (IEDC) for MCC’s Mt. Pleasant development, Broadway Lofts. Learn more about this recognition and project here.
Gold Winner for Innovative Project Financing from the International Economic Development Council (IEDC) for MCC’s Mt. Pleasant development, Broadway Lofts. Learn more about this recognition and project here.
Real Estate QLICI of the Year from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year for MCC’s New Markets Tax Credit involvement in The Freelon at Sugar Hill. Learn more about this recognition and project here.
Small Business QLICI of the Year from the 2023 Novogradac Journal of Tax Credits Community Development QLICIs of the Year for MCC’s New Markets Tax Credit involvement in Detroit Food Commons. Learn more about this recognition and project here.
Broadway Lofts – Mt Pleasant
Four regional/state recognitions received in 2023 included:
“At MCC, we let our work speak for itself and it’s rewarding to see regional and national stakeholders lift up the work of our incredibly dedicated and talented team,” said Eric Hanna, president and CEO at MCC. “By listening carefully to the needs of the disinvested communities we serve and putting the mission before the money, we inevitably end up with strong projects in stronger communities.”
For 18 years, Michigan Community Capital (formally Michigan Magnet Fund) has invested in transformational community development projects across the state of Michigan that create housing, jobs and access to fresh food through NMTC allocations. Since the organization’s inception, MCC has worked to advance these projects using the best tools possible, even if it means creating new tools or wearing new hats.
Starting in 2018, MCC began taking its lending and investment know-how and started developing projects. As of today, in its development practice alone, nine (9) properties developed and/or co-developed by MCC have led to more than $89 million in investment in Michigan communities, creating 421 new residential units and 68 new permanent jobs, and activating almost 350,000 square feet of indoor real estate. In addition to the nine awards received in 2023, MCC’s developments have previously received one national and two regional awards.
All the awards were made possible by innovative financing structures with public, private and philanthropic partners.
About Michigan Community Capital
Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Since 2005, MCC has supported over $1.3 billion in project financing, successfully attracted $445 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units, 4.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion, and has insured over 22,000 affordable multifamily doors. MCC drives community development impacts in four key areas: Real Estate Development, CDFI lending, New Markets Tax Credits, and affordable Property Insurance. michigancommunitycapital.org
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Michigan Community Capital invests New Markets Tax Credits into thermoforming company expansion.
FOR IMMEDIATE RELEASE December 6, 2023
LANSING, Mich. – Vantage Plastics, a family-owned and operated custom thermoforming company, received $6.5 million in New Markets Tax Credit (NMTC) allocation from Michigan Community Capital (MCC) yesterday. This allocation will be utilized for the purchase and installation of equipment in the newly purchased and renovated building in Bay City, Michigan. The 325,000-square-foot manufacturing and warehouse facility will house equipment for injection molding, extrusion, and thermoforming machines needed to expand production capacity and meet demand.
Specifically, this nearly $27-million project will include 215,000 square feet of space for Vantage’s plastic thermoforming and injection molding operations; 100,000 square feet of space to produce custom thermoplastic polyolefin sheet stock by Vantage subsidiary Airpark Plastics; and 10,000-square feet of office space for staff.
Located in an economically distressed census tract with an unemployment rate of 7.6% (1.4 times the national average). The project site is also within a brownfield redevelopment area.
Since starting in 1996 with the purchase of a small thermoforming facility in Standish, Vantage Plastics has grown into a family of six companies that employs over 250 Michigan residents. This expansion project is expected to support 113 full-time equivalent positions, 108 of which are newly created. Positions include production managers, engineers, electrical and machine repairmen, machine and forklift operators, and general laborers – all positions accessible with less than a four-year degree. These positions will also earn an above average living wage and will receive comprehensive benefits, including health insurance, performance-based variable pay, and paid time off. Vantage Plastics will continue to partner with Bay Future, Michigan Works!, Bay Arenac ISD Career Center, and Arenac Opportunities to recruit and hire local residents, especially those with significant barriers to employment.
“Vantage Plastics and its affiliate family of companies have always improved the communities in which we reside,” said Don Hale, Mergers, Acquisitions, and Emerging Technologies at Vantage Plastics. “This project allows us to continue that focus through new employment and refurbishment of a facility that badly needed it. We appreciate the help and support from all the people and companies that are and have been helping to bring this together.”
MCC is supporting this project with a $6.5-million New Markets Tax Credit allocation.
“Creating jobs that offer living wages and benefits enables individuals not only to survive but also to thrive,” said President and CEO of Michigan Community Capital, Eric Hanna. “We are pleased to partner with Michigan companies that prioritize local investment, local employment, and the bolstering of the Michigan economy.”
The senior lender in this project is West Michigan Community Bank in partnership with Northstar Bank.
“We are very excited for Vantage Plastics and the Bay City community,” said Michael Skinner, SVP, Grand Rapids Market Manager, Commercial Banking at West Michigan Community Bank. “The new investment will help revitalize this facility, provide them room for further growth and create new jobs here in Michigan. MCC did a great job bringing a team together quickly to help Vantage Plastics navigate the NMTC process. We appreciate the opportunity to partner with Vantage Plastics and MCC on this project.”
Dudley Ventures is serving as the NMTC investor on the project.
“We are thrilled to have participated as the NMTC investor in Vantage Plastics’ transformative project. The $6.5 million allocation from Michigan Community Capital has been instrumental in facilitating the purchase and installation of cutting-edge equipment in their newly acquired facility. We are grateful for the incredible teamwork that made this transaction possible, and we look forward to witnessing Vantage Plastics expand its production capacity and meet the growing demand. This project is a testament to the power of collaboration and innovation in driving economic growth,” said Kyle Koupal, Vice President of Investments at Dudley Ventures/Valley Bank.
About Michigan Community Capital
Michigan Community Capital (MCC) is a non-profit diversified public-private partnership that supports the missions of the Michigan Economic Development Corporation (MEDC) and the Michigan State Housing Development Authority (MSHDA) by aggregating capital and facilitating the financing and development of low-income and attainable housing, and the redevelopment of complex brownfield sites within the State of Michigan. MCC is a U.S. Treasury certified Community Development Financial Institution (CDFI) and the only Community Development Entity (CDE) that deploys this resource solely throughout the entire State of Michigan. Since 2005, MCC has supported over $1.3 billion in project financing, successfully attracted $445 million in federal New Markets Tax Credits, and helped to create over 1,500 housing units, 4.3 million square feet of commercial, retail and industrial space to facilitate job creation and expansion, and has insured over 22,000 affordable multifamily doors. MCC drives community development impacts in four key areas: Real Estate Development, CDFI lending, New Markets Tax Credits, and affordable Property Insurance. michigancommunitycapital.org
