DVCI Investments
Agro-Farma
New Berlin, New York - $11,700,000 Qualified Equity Investment
Agro-Farma is one of New York State’s largest dairy product manufacturers. The company produces high quality products made with only natural ingredients. Agro-Farma is the parent company of Chobani Greek Yogurt. This Project involves renovating and equipping a 70,000 square foot facility in New Berlin, New York. This facility will stand to increase production capacity by 50% from 2010. The manufacturing facility will be powered by an environmentally sustainable anaerobic waste digester which will convert waste from production into energy. The site had 386 full-time employees, plus temporaries as of April 2011.
In addition to retaining the current employment for 450 employees at the manufacturing facility, this $190 million project will initially create an additional 200 direct full-time jobs and then an additional 250 full-time jobs once Agro-Farma reaches its full production capacity (for a total of 900 direct jobs). Employees working at the new manufacturing facility will be eligible for benefits including health insurance, vacations, holidays, bonuses, and 401k. It is estimated that the project will create approximately 60 construction jobs and 3,200 indirect jobs in the dairy industry. The Agro-Farma facility is strongly supported by the state, county and town and will serve to be a dynamic channel for future development in this rural area.
Goldman Sachs acquired the New Markets Tax Credits for this innovative project.
Historic Apollo Theater
Oberlin, Ohio - $8,000,000 Qualified Equity Investment
The Historic Apollo Theatre is an iconic landmark single screen movie house in downtown Oberlin, Ohio. Sponsored by Oberlin College, the rehabilitation and historic renovation is made possible, in part, by a $8,000,000 allocation of NMTCs by DVCI. Historic Tax Credits will also be used to finance this project. When fully restored, the public will have access to first run commercial movies at half the price of nearby multiplexes.
The College will move its Cinema school to the site with a storefront entrance to the Apollo Outreach Initiative Center. This Center will include a post-production lab, screening space for student films, and an audio recording and mixing studio. The Cinema and Media Studies Department not only provides education at the college level, but also founded the Apollo Outreach Initiative which brings film education to students in all grades in the Oberlin Public School system.
Aside from the educational opportunities, the Historic Apollo Theatre's renovation will be a catalyst for future improvement in this distressed area.Its location was a key factor in the development of the East College Street Project - a green mixed-use complex featuring retail businesses, college offices and galleries, and 33 mixed-income residences, providing Oberlin with 49 new jobs. Half of the theater's space will be leased to non-profit tenants serving local residents.
The project will create 20 full-time construction jobs for ten months and 19 new jobs, including the Cleveland Cinema’s local staff of ten. The theater will be LEED certified, and is located in the Green Arts District - a facet of the larger Oberlin Project, which is one of 18 projects around the world chosen to be a partner in the Clinton Foundation's Climate Positive Development Program working with the U.S. Green Building Council and Clinton Climate Initiative. Oberlin College was also recently voted the 10th most eco-enlightened college in the U.S. by the Sierra Club.
Wells Fargo acquired the New Markets and Historic Tax Credits.
Mt. Poso Green Energy Power Plant Conversion
Bakersfield, California - $9,000,000 Qualified Equity Investment
This innovative renewable energy project in the highly distressed area of Bakersfield, California, involves the conversion of a coal fired power plant to biomass fuel derived from waste wood. Mt. Poso’s primary biomass fuel sources will include agricultural waste in the form of orchard removals, orchard prunings, shells, and pits; and urban wood waste including tree trimmings, woody construction waste, pallets, and clean demolition wood from county and municipalities’ recycling programs. After conversion, the plant will sell the power to the local utility, Pacific Gas & Electric, under a long term contract.
Converting Mt. Poso from coal will allow it to continue to operate, preserving 30 existing jobs and creating 8 additional direct jobs due to the increased material handling requirements. Water, needed to produce steam for power production, is supplied by wells in this oil field; oil is a byproduct of the water. Steam from the power plant is used in the oil production process. If Mt. Poso did not use this water the oil field operations would likely be shut down due to diminishing oil recovery. A vital community service provided by Mt. Poso is water for cattle herds to the local ranches. The system currently provides up to 10 gallons per minute to the local community, but this could potentially be expanded using NMTC funding.
The conversion of the facility will create 90 jobs during construction. Approximately 100 indirect jobs will be created in the local community to support the procurement and delivery of waste wood material to Mt. Poso for biomass fuel, continuing plant maintenance, and other related activities.
JP Morgan Chase acquired the New Markets Tax Credits for this Project.
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