All News

Mississippi development using historic and New Markets tax credits celebrated for ‘restoring life to Delta town’

September 22, 2017Greenville, MS

Sears_Building_Rendering

A major goal of many economic development projects is to spur a cascade of additional positive growth in the community, and a project supported by Enhanced Capital is doing just that.

The Clarion-Ledger this week reported that the redevelopment of a 1940s-built Sears, Roebuck & Company store along with three adjacent buildings in Greenville, Mississippi, has revived a previously distressed area while offering additional benefits for the local community as well.

“The city of Greenville has been through a lot over the years,” according to The Clarion-Ledger. “Through it all, Greenville’s allegiants held out hope their beloved municipality would once again emerge as The Queen City of the Mississippi Delta.”

And it has.

“City and county officials in Greenville are celebrating a milestone that is much more than an economic benefit,” the newspaper stated. “The recent openings of a restaurant, a brewery and a residential and hotel space in the downtown area is not only a testament to the resilience of the largest city in the Mississippi Delta, but also a tribute to its late mayor, Chuck Jordan, who initiated the vision of a better Greenville, but died before it was realized.”

The newspaper posted a photo slide show entitled “Growth in Greenville: New businesses restoring life to Delta town.” You can see the slide show and read the full article by clicking here.

A project four years in the making, redevelopment of the 1940s-built Sears, Roebuck & Company store, along with three adjacent vacant buildings, is expected to provide an estimated 36 permanent jobs and 75 construction jobs.

The project was 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.

It 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.

You can read more about the Greenville development here.