New Markets Tax Credit Provides Financing Supporting Workforce Development in Indianapolis, IN
Cinnaire joined Ivy Tech Community College, PNC Community Partners Inc., Indianapolis Redevelopment CDE and community leaders this week to celebrate the grand opening of the Ivy Tech Automotive Technology Center. The $14 million project is one of the $176 million in new developments in the thriving International Marketplace District in Indianapolis.
Cinnaire provided a $9 million New Markets Tax Credit (NMTC) investment to support the project. Additional NMTC financing was provided by PNC Community Partners, Inc. and the Indianapolis Redevelopment CDC. Keith Broadnax, Senior Vice President at Cinnaire, also serves on the Board of the City of Indianapolis’ Redevelopment CDE.
“New Markets Tax Credits help to fill the capital gap to advance impactful community projects, creating jobs and opportunities to build wealth in underserved communities,” said Peter Giles, Cinnaire Vice President, Business Development. “This new facility will deliver first-class educational opportunities that are not only affordable but also provide outstanding job placement rates for Ivy Tech students, bringing a vital skilled workforce to Indiana communities. It is our goal at Cinnaire to create economic opportunity in communities that the mainstream market doesn’t serve, and we are proud to be an investor in this project.”
Cinnaire leverages the NMTC program to focus investment on transformative projects in underserved communities throughout the organizations 10-state footprint. Since 2009, Cinnaire has invested more than $610 million in NMTC and supported projects ranging from education and healthcare facilities to recovery and community centers.
Slated to open for the 2021 fall semester, the 60,000-square-foot state-of-the-art Automotive Technology Training Center will provide space for classrooms, training labs and student commons for up to 600 students as well faculty offices and corporate labs for Ivy Tech’s manufacturing partners. The facility will also have an admissions professional on-site to assist program participants in enrollment in Ivy Tech’s programs. The programs include a paid cooperative education opportunity with 100% job placement for those who meet eligibility with corporate partners Toyota and General Motors.
Photo credits: Ivy Tech Community College