The New York City Office of Duane Morris will host a Super Storm Sandy Conference and Reception on September 25th. The focus of the Conference is “From Disaster to Recovery: Financing Tools for Development after Super Storm Sandy”. The panelists are Jonathan Gouveia, Senior Vice-President of the Strategic Investment Group of the New York City Economic Development Corporation, Margaret Anadu, Vice President of the Urban Investment Group of Goldman Sachs, George L. Olsen, Managing Principal of the New York City EB-5 Regional Center, and Andrew Rachlin, Vice President and Market Leader of The Reinvestment Fund. The speakers on the panel will discuss a wide range of financing tools available for development in the aftermath of Super Storm Sandy which include Sandy HUD CDBG grants, Federal New Markets Tax Credits, equity, debt, and EB-5 financing. The Conference will be from 5 pm to 6 pm followed by a cocktail reception from 6:00 pm to 7:30. For further information and to register contact Art Momjian at ajmomjian@duanemorris.com
CDFI Fund Announces Intent to Award $8.5 billion in NMTC Allocation
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) released the Notice of Allocation Availability (NOAA), which officially opens the next round of competition under the New Markets Tax Credit Program (NMTC Program). The NOAA combines the calendar year (CY) 2013 and CY 2014 rounds, making $8.5 billion ($3.5 billion authorized by Congress for CY 2013 and $5 billion requested in the President’s 2014 Budget) in tax credit authority available, pending Congressional authorization.
The CDFI Fund seeks to combine the CY 2013 and CY 2014 rounds in order to achieve cost and efficiency savings to the government in addition to realigning the program calendar. The combined round would also prevent an anticipated deficit of available NMTCs and would allow the CDFI Fund to make additional allocation awards.
At this time, the CDFI Fund anticipates opening the CY 2015 round of the NMTC Program in the summer of 2014 with award decisions in the spring of 2015.
NYC EDC issues RFEI for Staten Island Site
Richard Dyer of the New York City office of Duane Morris reports that the New York City Economic Development Corporation (EDC) and the Port Authority of New York and New Jersey (Port Authority) have issued a Request for Expressions of Interest (RFEI) for re-development at the Staten Island Industrial Park known as the Teleport. The RFEI will seek ideas from developers to expand or transform the site, or to utilize the site more efficiently. Currently, approximately half of the Teleport is used as a data center and office park, while the remaining half, another 40 acres, is available for development.
A public notice regarding the opportunity was posted at the EDC’s website here. The notice summarized some background and elements of the project as follows:
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Duane Morris closes Historic Tax Credit Transaction
The Duane Morris team of Art Momjian, of the Philadelphia office, Chris Winter, of the Wilmington office, and Marc Kushner, of the New York office, represented Ci 6E Lancaster Avenue Associates LP in connection with the partnership’s $40,000,000 historic renovation of the Palmer Seminary located in Wynnewood Pennsylvania. The historic buildings of the Palmer Seminary will be renovated into apartments and medical office space. The Duane Morris team represented the partnership in the syndication of Federal Historic Tax credit generated by the transaction.
NYC Economic Development Corp. to award Sandy CDBG Grants
Duane Morris New York City partner Richard Dyer reports that the New York City economic Development Corp. is requesting proposals from qualified firms or individuals to establish programs to “catalyze significant long-term economic growth” in five areas impacted by Hurricane Sandy. See here.
The RFP process is described by the EDC as:
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