Mayor Errick Simmons, economic development officials and other elected leaders gathered Thursday to celebrate efforts to redevelop the historic Sears, Roebuck & Company store, a project projected to bring dozens of new jobs and to spur economic development in downtown Greenville.
“Today is the start of many wonderful developments that are on the horizon here in the City of Greenville downtown,” Mayor Simmons told approximately 100 people sitting outside of the building on Washington Avenue. “Let’s continue the momentum the city is experiencing and make downtown Greenville the center of tourism, entertainment, hospitality and economic development for the state of Mississippi.”
Stephanie Patton of the Washington County Economic Alliance emceed the event, which also included state Sen. Derrick Simmons, Mainstreet Greenville, Delta Council and the Washington County Board of Supervisors, among other notable local officials and organizations.
A project four years in the making, redevelopment of the 1940s-built Sears, Roebuck & Company store, along with three adjacent vacant buildings, will provide an estimated 36 permanent jobs and 75 construction jobs. When renovations are completed in July 2017, the property will contain retail space, a health care component, microbrewery and full restaurant, boutique hotel and co-working space to support and incubate local entrepreneurs. In addition, the project includes improvements at nearby Stein Mart Park.
Redevelopment of the shuttered Sears and adjacent buildings is possible thanks to a partnership between the City of Greenville, local developer Bill Boykin, Guaranty Bank and Trust Company, U.S. Bancorp Community Development Corporation and Enhanced Community Development, a subsidiary of Enhanced Capital.
In talking about his motivations for pursuing this project, Bill Boykin, the project developer, said, “I am trying to do something for downtown Greenville because I truly believe we have something special.”
The $9.1 million project was financed in part by federal New Markets Tax Credit allocation, Mississippi state New Markets Tax Credit allocation, and state and federal Historic Rehabilitation Tax Credits.
The federal and Mississippi New Markets Tax Credit programs were designed to encourage private capital investment in areas of economic distress, to create jobs and catalyze additional economic activity. Federal and state Historic Rehabilitation Tax Credits support the rehabilitation of historically significant buildings.
“From the bank’s perspective, we are extremely happy to have been a small part of this project,” said Andy Dixon, Senior Vice President and Relationship Banker at Guaranty Bank and Trust, Greenville.
About Guaranty Bank and Trust Company
When founders first opened the doors to Guaranty Bank and Trust in 1943, they did so with a commitment to serve as a true community bank, a bank that would prosper on a foundation of exceptional, relationship-based service, local loan decisions, value-driven accounts and active corporate citizenship. Today, the bank has grown to 15 locations in 10 communities across northwestern Mississippi, from Southaven to Vicksburg, but the mission remains unchanged: to make a difference in the lives of families and business owners while working to enhance the quality of life in each of our communities. In Greenville, the bank is working to revitalize downtown while investing in the dreams of its customers.
More about Guaranty Bank and Trust Company
About U.S. Bancorp Community Development Corporation
With nearly $19.4 billion in managed assets as of Dec. 31, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC’s commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities.
More about U.S. Bancorp Community Development Corporation
About Enhanced Capital
Enhanced Capital, with offices in New York City and New Orleans, is a diversified private investment firm focused on financing small and mid-sized companies overlooked by traditional sources of capital. Founded in 1999, many of Enhanced Capital’s funds are backed by institutional capital and finance businesses across targeted investment, asset management and tax credit platforms. In addition, the firm participates in a variety of state and federal public-private investment programs, including the federal SBIC program.