FlexDigital, Author at UB Community Development

UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $13.5 Million in New Markets Tax Credit Funds to Globe Metallurgical, Inc.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that it provided $13.5 million in New Markets Tax Credit (NMTC) allocations toward the silicon metal manufacturing facility in Selma, Alabama, owned by Globe Metallurgical Inc. (GMI).

GMI is a subsidiary of Ferroglobe PLC, a leading global producer of silicon metal, silicon-based and manganese-based specialty alloys. The NMTC allocation has enabled GMI to acquire and upgrade equipment. The NMTC will be used to assist the refurbishment of two older silicon furnaces and update existing infrastructure, including foundations, material handling equipment, on-site power facilities, utilities, and rail access. The two-furnace operation in Selma has a total annual capacity of 22,000 tons of silicon metal.

Congresswoman Terri Sewell, of Alabama’s 7th Congressional District, whose home is in Selma, added, “I am delighted to see the increased investment in the GMI Selma operation. The New Markets Tax Credit enhances the economic opportunity for many families and businesses in the area. The product from GMI also supports U.S.-based manufacturing for critical strategic materials which feed our nation’s supply chain for semi-conductors, solar energy products, military energy storage, as well as steel, aluminum and chemical.”

The 170,000-square-foot manufacturing facility was shuttered in 2018 due to low prices caused by a flood of imported silicon metal. The facility employs roughly 100 skilled workers and will contribute to the local community directly through good-paying jobs, and to surrounding businesses supporting the operation.

Alex Jones, President of UB Community Development, LLC, stated, “Being able to assist GMI in returning the Selma facility to production and employing 100 workers from the Selma community is exactly why NMTCs exist. Furthermore, supporting job creation in Alabama’s communities is our mission and this project was 100% in our wheelhouse.”

GMI provides on-site job training in partnership with the Alabama Workforce Training Center (AIDT) for electricians, welders, millwrights, and mechanical and maintenance engineers. The allocation from the NMTC program will help make the plant more competitive in the global marketplace.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

DOWNLOAD PDF

Project Address

147 Eutaw Street
Marion, AL 36756
Perry County, Alabama

Preservation of Affordable Housing

The development received an allocation of Low Income Housing Tax Credits from the Alabama Housing Finance Authority in 2020 which allowed the property to be rehabilitated and preserve the units as affordable housing in the community.

Amount of Construction Financing and Lending, made possible, in part, by United Bank’s Capital Magnet Fund Award

$3,300,000

Project Highlights

Building Type: Renovation & Upgrade
Residents: Families
Number of Units:
- 32 2-bedroom units
- 10 3-bedroom units

Community Amenities

Additional room to the Community Center, new concrete patios, a camera security system, resurfacing of parking lot, replacement of existing sidewalk for ADA accessibility.
New gazebo, picnic pavilion, and covered bus stop

Interior Details

Kitchens updated with new sinks, cabinets, countertops and appliances.
Bathrooms upgraded with new fixtures, sinks, faucets and wire shelving.
Added new energy efficient windows and doors, flooring, HVAC units, roofs and gutters.

Jackson Village Apartments Success Story

United Bank and UB Community Development provided $3,300,000 in construction financing to The Bennett Group for the renovation of Jackson Johnson Townhomes, a 42-unit affordable multifamily project in Marion, Alabama. United Bank also provided a $350,000 permanent loan to the development upon construction completion. Funding for this loan was made possible due to the bank’s Capital Magnet Fund award.

Jackson Johnson Townhomes were built in 1997. Now that renovations are complete, Jackson Johnson Townhomes is known as Jackson Village. The development received an allocation of Low Income Housing Tax Credits from the Alabama Housing Finance Authority in 2020 which allowed the property to be rehabilitated and preserve the units as affordable housing in the community.

The property has been named in honor of Jimmie Lee Jackson, an African American civil rights activist who was beaten and fatally shot by state troopers while participating in a voting rights march in Marion on February 18, 1965 with his mother and grandfather. Eulogized by Dr. Martin Luther King, Jr., Mr. Jackson’s death helped inspire the Selma to Montgomery marches in March 1965, a major event in the civil rights movement that helped gain congressional passage of the Voting Rights Act of 1965.

The extensive rehab and upgrade for property residents included updating kitchens with new cabinets, sinks, countertops and appliances. Bathrooms have been upgraded with new fixtures, sinks and faucets as well as wire shelving. Interior and exterior upgrades include energy efficient windows as well as doors, new flooring throughout each unit, HVAC units as well as roofs and gutters. Additionally, there is a new gazebo, picnic pavilion, and covered bus stop.

The renovations also included the expansion of existing amenities with the addition of a room to the Community Center, new concrete patios, a camera security system, resurfacing of parking lot as well as replacement of existing sidewalk for ADA accessibility.

“United Bank and UB Community Development are committed to serving rural communities in Alabama. The extensive rehab and upgrade of Jackson Village will ensure that residents of the town of Marion and Perry County have access to quality affordable housing now and in the future,” said Joe Raines, Managing Director of Community Housing Capital for UB Community Development.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the US Treasury Department. The CMF program offers competitively awarded grants to qualified institutions and non-profits, for the purpose of providing affordable housing solutions and community revitalization efforts to low income people nationwide. UBCD offers Community Housing Capital (CHC) investments as part of its commitment to strong inclusive neighborhoods and diverse housing opportunities. CHC investments are partly funded by CMF awards.

Since 2017, United Bank has been the recipient of three CMF awards totaling $18 million. United is the only Alabama-based bank to receive a Capital Magnet Fund award and is further validation of United’s strong commitment to providing unique and meaningful capital solutions to community development projects across the Southeast.

About United Bank
United Bank is a $1.0 billion financial institution that has enjoyed 118 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort, Daphne, Semmes, and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton, and Pace. For more information about United Bank, please visit our website at www.unitedbank.com. Member FDIC.

About UB Community Development
UB Community Development’s (UBCD) strong funding history coupled with our passion for improving the communities around us, makes UBCD Alabama’s premier funding partner for economic and community development. Through our New Markets Tax Credits projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

Download the success story here.

DOWNLOAD PDF

Project Address

2407 Dutch Bend Street
Autaugaville, AL 36003

Project Name

Autaugaville Senior Center
Autaugaville, Alabama

Amount of Construction & Permanent Financing Funds

$419,000

Community Profile

Population: 779
Poverty Rate: 16.7%
Unemployment Rate: 2.7%
Household Median Income: $35,500

Community Impact

The new facility will replace the existing Senior Center, which was built in the 1920s and serves between 50 and 70 seniors a week.

Project Highlights

United Bank and UB Community Development provided construction/permanent financing for the project through the Community Facilities Lending Program, which make access to capital more affordable in rural areas.
The new center will be located across the street from the existing Senior Center, which will remain partially open as a food pantry after the new Senior Center opens. Plans are for construction to be completed late fall, weather permitting.

Autaugaville Senior Center Success Story

United Bank and its partner, UB Community Development, are pleased to announce they have provided construction/permanent financing for a new $419,000 senior Center in Autaugaville. The funding was provided through the Community Facilities Lending Program, which makes access to capital in rural areas more affordable.

“United Bank and its partner, UB Community Development are pleased to be a part of this worthy project,” said Alex Jones, President of UB Community Development. “Congratulations to the Town of Autaugaville for a successful start to this project. The new Senior Center will be a wonderful addition to your community.”

In late June, the Prattville Area Chamber of Commerce and the Town of Autaugaville joined local officials, community members, and representatives from the ADECA Alabama Department of Economic And Community Affairs, the Alabama Department of Senior Services (ADSS), and the Central Alabama Regional Planning & Development Commission (CARPDC) for a groundbreaking in celebration of the new senior center.

The facility will be located at 2407 Dutch Bend Street in Autaugaville, across the street from the current senior center. The current Senior Center, which was built in 1920s, serves between 50 and 70 seniors a week, providing meals, arts and crafts, and other programs and activities.

“We’ve worked on this project since 2017, but we’ve been needing a new senior center much longer than that,” said Mayor Curtis Stoudemire. “People need fellowship, and the center has always been very popular.” Plans are for construction to be completed late fall, weather permitting, Stoudemire said.

Download the success story here.

DOWNLOAD PDF

Project Address

2595 Ensley-Pleasant Grove Road
Fairfield, AL 35064

Project Name

HarbisonWalker International Plant
Fairfield, Alabama

Amount of New Markets Tax Credit Funds

$8 Million

Community Profile

Population: 9,776
Poverty Rate: 23.7%
Unemployment Rate: 2.4%
Household Median Income: $45,002

Project Highlights

The modernized facility will become one of HWI’s most efficient manufacturing facilities, creating 50 highly skilled jobs for the residents of the community and surrounding area.
HarbinsonWalker’s revitalized Alabama operation will produce world-class magnesia-carbon refractories specifically engineered to optimize efficiency and performance in steel-making applications like steel ladles and low-emission electric arc furnaces.
The Fairfield facility has been owned by HarbisonWalker International since 1951. The plant was idled in 2019 due to a global lack of demand for carbon bake refractory products used in the aluminum market.

HarbisonWalker International Plant, a UB Community Development (UBCD) Community Facilities Lending Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, has provided a New Markets Tax Credit (NMTC) allocation of nearly $8 million to support the modernization and restarting of the HarbisonWalker International plant in Fairfield, Alabama. United Bank also made a loan of $2.9 million to support the project.

HarbisonWalker is the largest refractory products and services supplier in the United States. The company’s international network spans North America, Europe, and Asia with 21 manufacturing facilities, 20 global sourcing centers, and technology centers in the U. S. and China. Its revitalized Alabama operation will produce world-class magnesia-carbon refractories specifically engineered to optimize efficiency and performance in steel-making applications like steel ladles and low-emission electric arc furnaces.

“We are so pleased to be an active member of the Fairfield-Birmingham business community in Jefferson County again and bring jobs to the region. The location is ideal for delivering quality refractory products and high-value services to our customers’ growing steel operations in the southern U.S.,” said Michael Werner, Senior Vice President, Commercial, HarbisonWalker International.

The Fairfield facility has been owned by HarbisonWalker International since 1951. The plant was idled in 2019 due to a global lack of demand for carbon bake refractory products used in the aluminum market. The company is now expanding its U. S. manufacturing capabilities of magnesia-carbon refractories in response to the increasing needs of its steel customers in the southern United States. The modernized facility will become one of HWI’s most efficient manufacturing facilities, creating 50 highly skilled jobs for the residents of the community and surrounding area.

Download the success story here.

DOWNLOAD PDF

Project Address

Port of Epes Highway
Epes, AL 35460

Project Name

Enviva Pellets Plant
Epes, Alabama

Amount of New Markets Tax Credit Funds

$42.5 Million

Community Profile

Population: 275
Poverty Rate: 17.54%
Unemployment Rate: 3.4%
Household Median Income: $26,265

Project Highlights

The construction and development of the project is expected to create 400 plus direct construction jobs. After completion, the wood pellet plant will employee up to 100 full-time positions.
The plant will also create an economic ecosystem that will support logging crews, truck drivers, equipment and truck dealers, convenience stores serving the loggers and truckers, and local landowners.
Enviva is the largest producer of industrial wood pellets, a renewable energy alternative to fossil fuels. Enviva’s sustainable wood pellets are designed to provide consistent, reliable results for a wide range of heat- and power-generating customers.
The new facility will be located at the former Mannington Mills wood flooring plant in Epes which was shuttered, laying off 150 employees. This site location will allow the use of barges to carry the pellets approximately 200 miles down the Tombigbee River to Enviva’s newly opened terminal at the Port of Pascagoula, Mississippi, which then will be shipped overseas.

Enviva Pellets Plant, a UB Community Development (UBCD) Community Facilities Lending Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, has provided a $42.5 million New Markets Tax Credit (NMTC) allocation to support the building of the world’s largest wood pellet plant in Epes, Alabama. The new project will be located on the Tennessee-Tombigbee Waterway in Sumter County, Alabama. United Bank also made a $31.5 million loan to support the project.

Enviva is the largest producer of industrial wood pellets, a renewable energy alternative to fossil fuels. Enviva’s sustainable wood pellets are designed to provide consistent, reliable results for a wide range of heat- and power-generating customers. Countries in Europe, Asia, and the Caribbean already use wood pellets on an industrial scale as a direct replacement for coal in some electric and Combined Heat and Power (CHP) plants. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, in addition to the new plant under construction in Epes.

“The impact of this project will be felt far beyond the employees at the plant and into the surrounding region,” said UBCD President Alex Jones. “The logging crews, truck drivers, equipment and truck dealers, convenience stores serving the loggers and truckers, and local landowners will all benefit from this plant. To truly comprehend the economic ecosystem a plant like this supports one only needs to visit or talk with a resident of Courtland, Alabama that lost over 1,000 direct jobs when their paper mill closed. As an Alabama based company focused on community development, supporting this project is our raison d’etre!”

The new facility will be located at the former Mannington Mills wood flooring plant in Epes which was shuttered, laying off 150 employees. This site location will allow the use of barges to carry the pellets approximately 200 miles down the Tombigbee River to Enviva’s newly opened terminal at the Port of Pascagoula, Mississippi, which then will be shipped overseas. The construction and development of the project is expected to create 400 plus direct construction jobs. After completion, the wood pellet plant will employee up to 100 full-time positions.

Download the success story here.

DOWNLOAD PDF

Project Address

1524 3rd Ave North
Birmingham, AL 35203

Project Name

Historic Edwards Motor Company Building Renovation
Birmingham, Alabama

Amount of New Markets Tax Credit Funds

$5.5 Million

Community Profile

Population: 210,928
Poverty Rate: 24.7%
Unemployment Rate: 3.2%
Household Median Income: $38,842

Project Highlights

The building is owned by NEXTEC, LLC, which will lease space to small business startups and non-profit organizations, including a healthcare clinic serving the local community. A locally owned and operated coffee shop will also open a new location and offer coffee, food, and a community gathering space.
Renovations will include a full remodel of the interior, preservation of the building’s historic façade, replacement of windows and spandrels, repair and repaint the brickwork, and repair or replace the roof.
The building is located a block from Innovation Depot, a tech accelerator and business incubator which is home to approximately 110 startup companies. The new facility will serve as a base for the small businesses and non-profits that have ‘graduated’ from the business incubation space.

Historic Edwards Motor Company Building Renovation, a UB Community Development (UBCD) Community Facilities Lending Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, has provided a $5.5 million New Markets Tax Credit (NMTC) allocation for the renovation of the historic 90-year-old Edwards Motor Company building in downtown Birmingham, Alabama.

The building is owned by NEXTEC, LLC, which will lease space to small business startups and non-profit organizations, including a healthcare clinic serving the local community. A locally owned and operated coffee shop will also open a new location and offer coffee, food, and a community gathering space.

“Saving a historic building and seeing it help revitalize a community is the purpose of the NMTC program,” stated UBCD President Alex Jones. “UBCD looks forward to seeing the new business and non-profits expand the impact of this project across Birmingham.”

Capstone Real Estate Investments (CREI), the project sponsor, is headquartered in Birmingham with more than fifty professionals plus 186 professionals who operate the 22 properties owned and managed by the company. CREI repositions existing properties to become attractive, modern student housing facilities in more than seventeen university markets from Texas to Florida, as well as Illinois, Indiana, and Ohio. CREI is currently restoring the Greyhound Bus terminal in downtown Birmingham and renovated the historic Federal Reserve Building in Birmingham in 2017.

The Edwards Motor Building is a two-story commercial building located on the corner of 16th Street and 3rd Avenue North in the Fountain Heights area of Birmingham. Construction of the building began in 1927 and it served as an auto dealership until 1944. The 64,000-square-foot building has also been the location of two furniture companies.

Renovations will include a full remodel of the interior, preservation of the building’s historic façade, replacement of windows and spandrels, repair and repaint the brickwork, and repair or replace the roof. The building is located a block from Innovation Depot, a tech accelerator and business incubator which is home to approximately 110 startup companies. The new facility will serve as a base for the small businesses and non-profits that have ‘graduated’ from the business incubation space.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare,
education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

Download the success story here.

DOWNLOAD PDF

Project Address

U.S. 280 and Thweatt Industrial Blvd.
Dadeville, AL 36853

Project Name

Dadeville Pole Company, New Utility Pole
Manufacturing Facility
Dadeville, Alabama

Amount of New Markets Tax Credit Funds

$7.5 Million
UBCD is managing the NMTC investment on behalf of United Bancorporation of Alabama and another community bank.

Community Profile

Population: 3,056
Poverty Rate: 23.5%
Unemployment Rate: 2.7%
Household Median Income: $26,350

Project Highlights

The project will create value for timberland owners, and new jobs for loggers, truckers and employees at the pole mill.
The new state-of-the-art mill will be located in the William T. Thweatt Industrial Park in Dadeville, Alabama, and will produce power poles and pilings for utility suppliers and other entities.
Dadeville Pole Company plans to utilize the latest technologies to meet their high standards for safety, quality and customer service.

Dadeville Pole Company, a UB Community Development (UBCD) Community Facilities Lending Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, provided $7.5 million in New Markets Tax Credit funds for Dadeville Pole Company, LLC (DPC) to construct a utility pole manufacturing facility in Tallapoosa County, Alabama. PB Community Impact Fund, LLC of Mendenhall, Mississippi provided a $7.5 million federal NMTC allocation and UBCD will also manage the investment on behalf of the federal NMTC
investors.

“Dadeville Pole Company, LLC is proud to partner with UB Community Development on this project. For the past sixteen months, DPC has worked very closely with the Lake Martin Area Economic Development Alliance, Tallapoosa County Commissioners, Mayor of City of Dadeville, Mayor’s staff and many local contractors,” stated Mark Byal, General Manager of Dadeville Pole Company. “This project is a great opportunity for our expansion in the Tallapoosa County area while providing direct and indirect jobs. We would like to thank Alex, the UBCD team and all of our partners for their tireless work in helping our team bring this new opportunity to the area.”

The new state-of-the-art mill will be located in the William T. Thweatt Industrial Park in Dadeville and will produce power poles and pilings for utility suppliers and other entities. With a lack of similar mills in the region, this facility will expand the market for the timber sellers in the region and support additional logging and trucking jobs. Dadeville Pole Company plans to utilize the latest technologies to meet their high standards for safety, quality and customer service.

“Assisting projects that create jobs and support businesses in rural Alabama is UBCD’s ‘why’! Why we do what do every single day… executing our mission,” said UBCD President Alex Jones. “This project will create value for timberland owners, and new jobs for loggers, truckers and the employees at the pole mill, creating a win-win scenario. Economic Development is not a zero sum equation and this project exemplifies it.”

UB Community Development was recently awarded a $65 million New Markets Tax Credit (NMTC) allocation by the Department of the Treasury. The award was the result of United Bank’s ongoing commitment to enhancing the economic vitality of low-income communities in Alabama and Northwest Florida and marked the fourth allocation the company has received. The NMTC Program attracts private capital into low-income communities by awarding investors tax credits against their federal income tax in exchange for making investments in qualified projects.

UBCD uses the NMTC program to help fund small businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits and community centers. The projects funded from UBCD’s NMTCs are creating jobs, providing goods and services, housing options, and improving access to healthcare across the region.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, UBCD is working with community development partners in the fields of healthcare,
education, manufacturing, public works, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

Download the success story here.

DOWNLOAD PDF

UB Community Development Announces $8 Million in New Markets Tax Credit Funds to HarbisonWalker International Inc.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the closing of a New Markets Tax Credit (NMTC) allocation of nearly $8 million to support the modernization of the HarbisonWalker International plant in Fairfield, Alabama.

HarbisonWalker is the largest refractory products and services supplier in the United States. Its international network spans North America, Europe, and Asia with 21 manufacturing facilities, 20 Global Sourcing Centers, and technology centers in the U. S. and China. Its revitalized Alabama operation will produce world-class magnesia-carbon refractories specifically engineered to optimize efficiency and performance in steel-making applications like steel ladles and low-emission electric arc furnaces.

“We are so pleased to be an active member of the Fairfield – Birmingham business community in Jefferson County again and bring jobs to the region. The location is ideal for delivering quality refractory products and high-value services to our customers’ growing steel operations in the southern U.S.,” said Michael Werner, Senior Vice President, Commercial, HarbisonWalker International.

About HarbisonWalker International
With more than 150 years of industry leadership and global recognition, HarbisonWalker International is the largest refractory products and services supplier in the United States. Headquartered in Pittsburgh, Pennsylvania, the company’s international network spans North America, Europe, and Asia, with 21 manufacturing facilities, 20 Global Sourcing Centers, and technology facilities in both the United States and China. Serving virtually every major industry that requires refractory solutions to enhance production and protect assets, HWI is consistently recognized for its talented experts, industry firsts, and intensely driven excellence. Visit http://thinkhwi.com

DOWNLOAD PDF

UB Community Development Announces $42.5 Million in New Markets Tax Credit Funds to Enviva Pellets Epes Finance Company, LLC

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the closing of a $42.5 million New Markets Tax Credit (NMTC) allocation to support the building of the world’s largest wood pellet plant in Epes, Alabama. The new project will be located on the Tennessee-Tombigbee Waterway in Sumter County, Alabama. Enviva is the largest producer of industrial wood pellets, a renewable energy alternative to fossil fuels.

Enviva’s sustainable wood pellets are designed to provide consistent, reliable results for a wide range of heat- and power-generating customers. Countries in Europe, Asia and the Caribbean already use wood pellets on an industrial scale as a direct replacement for coal in some electric and Combined Heat and Power (CHP) plants. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, in addition to the new plant under construction in Epes, Alabama.

“The impact of this project will be felt far beyond the employees at the plant and into the surrounding region,” said Alex Jones, president of UB Community Development. “The logging crews, truck drivers, equipment and truck dealers, convenience stores serving the loggers and truckers, and local landowners will all benefit from this plant. To truly comprehend the economic ecosystem a plant like this supports, one only needs to visit or talk with a resident of Courtland, Alabama that lost over 1,000 direct jobs when their paper mill closed. As an Alabama-based company focused on community development, supporting this project is our raison d’etre!”

The new facility will be located at the former Mannington Mills wood flooring plant in Epes, Alabama, which was shuttered, laying off 150 employees. This site location will allow the use of barges to carry the pellets approximately 200 miles down the Tombigbee River to Enviva’s newly opened terminal at the Port of Pascagoula, Mississippi, which then will be shipped overseas. The construction and development of the project is expected to create 400 plus direct construction jobs. After completion, the wood pellet plant will employee up to 100 full-time positions.

DOWNLOAD PDF

UB Community Development Announces $5.5 Million in New Markets Tax Credit Funds to NEXTEC, LLC

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today the closing of a $5.5 million New Markets Tax Credit (NMTC) allocation for the renovation of the historic 90-year-old Edward’s Motor Company building in downtown Birmingham, Alabama. The building is owned by NEXTEC, LLC, which will lease space to small business startups and non-profit organizations, including a health care clinic serving the local community. A locally owned and operated coffee shop will open a new location offering coffee, food, and a community gathering space.

“Saving a historic building and seeing it help revitalize a community is the purpose of the NMTC program,” stated Alex Jones, President of UB Community Development. “UBCD looks forward to seeing the new businesses and non-profits expand the impact of this project across Birmingham.”

Michael Mouron of Capstone Real Estate Investments is the project sponsor and has headquarters in Birmingham. CREI employs over fifty professionals in Birmingham plus 186 professionals who operate its twenty-two owned and managed properties. CREI repositions existing properties to become attractive, modern student housing facilities in more than seventeen university markets from Texas to Florida, as well as Illinois, Indiana, and Ohio. Mr. Mouron is currently restoring the Greyhound Bus terminal in downtown Birmingham after preserving the historic Federal Reserve Building in Birmingham, completing that restoration in 2017.

The Edwards Motor Building is a 2-story commercial building located on the corner of 16th Street and 3rd Avenue North in the Fountain Heights area of Birmingham. Construction of the building began in 1927and it served as an auto dealership until 1944. The 64,000-square-foot building has also been the location of two furniture companies. Renovations will include a full remodel of the interior and preservation of the historic façade of the facility, replacement of windows and spandrels, repair and repoint the brickwork and repair or replace the roof.

The building is located a block from Innovation Depot, a tech accelerator and business incubator which is home to approximately 110 startup companies. The new facility will serve as a base for the small businesses and non-profits that have ‘graduated’ from the business incubation space.