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UB Community Development Announces Partnered Funding for Abbeville Fiber Sawmill Creating 115 Full Time Jobs

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced partnered funding for the new fiber sawmill in Abbeville, Alabama.

The mill is a state-of-the-art sawmill, featuring the latest technology in the industry and is located in the former West Point Stevens textile plant off U.S. Highway 431 and Alabama Highway 27. The mill is operated by Abbeville Fiber, a part of Great Southern Wood Preserving, Inc. It has the capacity to produce 200,000 feet a day of finished wood and will purchase an estimated $14 to $15 million of yellow pine timber annually from suppliers within a 50-mile radius of the plant.

The mill represents a $40 million investment, the largest ever in Henry County, and will employ up to 115 people at full production, which will include truck drivers. It will initially consume 40-45 truckloads of logs per day but can increase production by adding additional shifts. The first load of logs was received in early July from Charles Money Logging.

An additional $850,000 Community Development Block Grant awarded to the Henry County Commission will provide transportation construction assistance to ship lumber, timbers, and posts at the Abbeville Fiber plant. The mill is also expected to expand the need for timber in southeast Alabama resulting in additional jobs in the forest industry.

The Henry County Commission and the city of Abbeville also contributed $160,000 to the project.

“As we have seen during my administration, Alabama’s timber industry is at full throttle,” said Alabama Governor Kay Ivey. “It has been my experience that a big demand for wood is an indication of confidence in the economy, and that confidence leads to growth in housing and business in general. I am pleased to support this project to provide timber- industry jobs in Abbeville and Henry County.”

Great Southern Wood Preserving, Inc., based in Abbeville, Alabama, is a manufacturer of lumber products and distributor of building products servicing Do-It-Yourself retail home centers, pro dealers, and other retail building-related and industrial segments. Founded in 1970, Great Southern Wood has 14 plants located in Alabama, Arkansas, Florida, Georgia, Mississippi, Missouri, Louisiana, Maryland, Virginia, Pennsylvania, and Texas. The company, best known for its YellaWood® brand pressure treated pine, services a coverage area that stretches from the Florida Keys to Texas to Canada, an area that includes all or parts of 28 states and the District of Columbia.

For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.

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About United Bank
United Bank is a $713,000,000 financial institution that has enjoyed 115 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, Silver Hill, Spanish Fort, 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 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, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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United Bank and UB Community Development provide funds for the construction of Village at Bridge Creek Apartments.

Atmore, AL – United Bank and UB Community Development have provided $175,000 in secondary financing to the Community Action Partnership of North Alabama (“CAPNA”) for the construction of Village at Bridge Creek Apartments, a 56-unit affordable seniors multi-family project to be built in Cullman, Alabama. Funding for this loan was made possible due to the bank’s 2018 Capital Magnet Fund award. United Bank also is providing $3 million in additional funding, as a participant in Bank Independent’s construction facility.

“We are very excited to be part of the development of Village at Bridge Creek Apartments,” said Joe Raines of UB Community Development. “Providing quality affordable housing is just one of the many ways that CAPNA serves North Alabama well, and Village at Bridge Creek will bring much-needed affordable housing to senior adults in Cullman,” said Raines.

“This will be our second project with UBCD and United Bank, and once again, their funding provides a vital piece of our overall financing structure for Village at Bridge Creek,” said Aron Boldog, Director of Real Estate Development for CAPNA.

The Capital Magnet Fund 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.

In 2018, United Bank was 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 Alabama and Florida.

For more information about UB Community Development, or for help with planning and funding your next Community Housing Capital project, contact Joe Raines, Senior Vice President of United Bank and UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.

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About United Bank
United Bank is a $677,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, Spanish Fort, 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 strong history as an experienced leverage lender in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for rural economic and community development. Through our NMTC projects, Community Facilities Lending Program and Capital Magnet Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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Project Address

22454 U.S. 72
Athens, AL 35611

Project Name

  • Athens-Limestone Hospital, Athens, Alabama

Amount of NMTC Allocation

  • $5 Million

Community Profile

  • Population: 26,247
  • Poverty Rate: 16.8%
  • Unemployment Rate: 2.9%
  • Household Median Income: $47,741.00

Job Creation

  • 121 Direct Full-Time Jobs
  • 170 Permanent Full-Time Jobs

Project Highlights

  • The total amount for the project is $20MM and will include a surgery center, pharmacy and internal medicine space.
  • The hospital focuses its attention on the health needs of the Tennessee Valley Region of Alabama. The hospital provides most services needed to treat the needs of the fast-growing community, including general medical and surgical care for inpatient, outpatient, and emergency room patients.
  • Additionally, the hospital provides charitable care to patients without regard to their ability to remit payment for services. Athens-Limestone Hospital expects to provide subsidized care to 3,120 individuals annually, 300 low income persons, and 25,000 low income community residents.

Athens-Limestone Hospital Project: A UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC, a community development partner of United Bank, has provided $5MM in New Markets Tax Credit funding (NMTC) for the Athens-Limestone Hospital Project. The total amount for the project is $20MM and will include a surgery center, pharmacy and internal medicine space.

The project includes 80,340 square feet of medical surgery and office building space. The new surgical center and medical office space is expected to attract additional medical practices to the community with ancillary services expected to increase and include pharmacies, durable medical equipment and imaging services. The project will create 121 direct, full-time jobs and post-construction there will be 170 permanent, full-time jobs.

Athens-Limestone Hospital provides medical surgery, orthopedic, and healthcare services to 23,150 individuals annually. The hospital focuses its attention on the health needs of the Tennessee Valley Region of Alabama. The hospital provides most services needed to treat the needs of the fast-growing community, including general medical and surgical care for inpatient, outpatient, and emergency room patients.

Athens-Limestone Hospital maintains strong collaborations with local community colleges, including Calhoun Community College and Wallace State Community College, to fill nursing and imaging and radiology positions. The hospital offers internships and other opportunities for students, including tuition reimbursement when they become employees. Additionally, the hospital provides charitable care to patients without regard to their ability to remit payment for services. Athens-Limestone Hospital expects to provide subsidized care to 3,120 individuals annually, 300 low income persons and 25,000 low income community residents.

Athens-Limestone also participates in several community service programs including the Alabama Breast and Cervical Cancer Early Detection Program (ABCCEDP) and OrthoSports Athens, LLC. The ABCCEDP offers screening and testing to those who cannot afford to pay for the services. Sponsors conduct health fairs, diabetes training, prenatal training, and other educational programs to individuals of low to moderate income. OrthoSports Athens, LLC provides athletic training programs and health screening services to certain organizations in the community at no charge.

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, and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural areas. Finally, UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank. The CMF award requires UBCD, in conjunction with United Bank, to inject at least $40 million in capital to facilitate accessible, affordable and quality housing communities. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based entity to receive and administer these programs.

Download the success story here.

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Project Address

570 Devall Dr #101
Auburn, AL 36832

Project Name

  • Auburn Research Park, Auburn, Alabama

Amount of NMTC Allocation

  • $6.8 million

Community Profile

  • Population: 63,793
  • Poverty Rate: 29.4%
  • Unemployment Rate: 3.2%
  • Household Median Income: $42,600.00

Job Creation

  • 101 Full Time Jobs Created
  • 314 Jobs Retained

Community Impact

  • The focus of the Auburn Research Park and Innovation Center will be to connect the community with research-based capabilities and assets to help support entrepreneurial efforts as well as the growth of business of all sizes.

Project Highlights

  • The more than 100,000 square-foot center will house the Harbert College of Business Tiger Cage Accelerator, the Auburn Business Incubator, a café/restaurant, and numerous commercial clients. Auburn University’s Vice President of Research and Economic Development will also be located in the new center.
  • Tenants in the Research and Innovation Center will expand professional economic development support services to the city, state and region.
  • Auburn Research and Technology Foundation Executive Director, Larry Fillmer said, “The work being done in the park is critical to Auburn’s commitment to excellence and to leading, influencing, engaging and developing partnerships that deliver real-world solutions. We want to utilize university expertise to help communities thrive and citizens prosper, and that starts with the concepts and mindsets right here at Auburn.”

Auburn Research Park, Auburn, Alabama, a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $6.8 million in New Markets Tax Credit funds to the Auburn Research and Technology Foundation to build and develop the Research and Innovation Center.

The more than 100,000-square-foot center will be home to Auburn University’s Vice President for Research and Economic Development, Harbert College of Business Tiger Cage Accelerator, the Auburn Business Incubator, a café/restaurant, and a range of commercial clients. The specific focus of the Research and Innovation Center is to connect community members with research-based resources that serve to grow business – from student entrepreneurs to global corporations.

Tenants in the Research and Innovation Center will expand professional economic development support services to the city, state and region. The café will provide food services for Auburn Research Park and nearby Auburn University Campus and will offer an array of items from locally owned businesses who use a farm-to-table model to offer healthy, locally grown food. Full-service incubators aid commercialization of university and community-derived technologies and services by providing a network of support and programming tailored to the needs of start-up and early stage companies. Services will include cost-effective space and flexible leases, networking opportunities, shared business services and equipment, assistance in accessing investment and grant funds, and connectivity to technical and entrepreneurial expertise at Auburn University and its network of alumni and partners.

Auburn Research and Technology Foundation Executive Director, Larry Fillmer said “The work being done in the park is critical to Auburn’s commitment to excellence and to leading, influencing, engaging and developing partnerships that deliver real-world solutions. We want to utilize university expertise to help communities thrive and citizens prosper, and that starts with the concepts and mindsets right here at Auburn.”

UB Community Development Chairman and President and CEO of United Bank Robert Jones stated, “The center embodies entrepreneurship and job creation combined with the leverage of a research university. In addition, the alignment with locally-sourced food is a perfect fit for a land-grant university and an AG bank, which is active in this space. As an alumni, I’m proud to partner with Auburn in this project to benefit our state and its entrepreneurial spirit.”

The City of Auburn is the home of Auburn University, a nationally ranked institution and land-grant university recognized for its commitment to world-class scholarship. Located within the campus is the Donald E. Davis Arboretum, which has a collection of native plants; the Jonathan Bell Lovelace Museum which documents the university’s athletics history; and the Jule Collins Smith Museum of Fine Art which showcases art from the 18th through 21st centuries.

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, and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credits Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to undeserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural areas. Finally, UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank. The CMF award requires UBCD, in conjunction with United Bank, to inject at least $40 million in capital to facilitate accessible, affordable and quality housing communities. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based entity to receive and administer these programs.

Download the success story here.

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UB Community Development announces $6.8 million in New Markets Tax Credit funding for Auburn Research Park, Auburn, Alabama.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $6.8 million in New Markets Tax Credit funds to the Auburn Research and Technology Foundation to build and develop the Research and Innovation Center. Community Bank Lender David Stewart helped secure financing for the project.

The more than 100,000-square-foot center will be home to Auburn University’s Vice President for Research and Economic Development, Harbert College of Business Tiger Cage Accelerator, the Auburn Business Incubator, a café/restaurant, and a range of commercial clients. The specific focus of the Research and Innovation Center is to connect community members with research-based resources that serve to grow business – from student entrepreneurs to global corporations.

Tenants in the Research and Innovation Center will expand professional economic development support services to the city, state and region. The café will provide food services for Auburn Research Park and nearby Auburn University Campus, and will offer an array of items from locally-owned businesses who use a farm-to-table model to offer healthy, locally-grown food. Full-service incubators aid commercialization of university and community-derived technologies and services by providing a network of support and programming tailored to the needs of start-up and early stage companies. Services will include cost-effective space and flexible leases, networking opportunities, shared business services and equipment, assistance in accessing investment and grant funds, and connectivity to technical and entrepreneurial expertise at Auburn University and its network of alumni and partners.

Auburn Research and Technology Foundation Executive Director, Larry Fillmer said “The work being done in the park is critical to Auburn’s commitment to excellence and to leading, influencing, engaging and developing partnerships that deliver real-world solutions. We want to utilize university expertise to help communities thrive and citizens prosper, and that starts with the concepts and mindsets right here at Auburn.”

UB Community Development Chairman and President and CEO of United Bank Robert Jones stated, “The center embodies entrepreneurship and job creation combined with the leverage of a research university. In addition, the alignment with locally-sourced food is a perfect fit for a land-grant university and an AG bank, which is active in this space. As an alumni, I’m proud to partner with Auburn in this project to benefit our state and its entrepreneurial spirit.”

The City of Auburn is the home of Auburn University, a nationally ranked institution and land-grant university recognized for its commitment to world-class scholarship. Located within the campus is the Donald E. Davis Arboretum, which has a collection of native plants; the Jonathan Bell Lovelace Museum which documents the university’s athletics history; and the Jule Collins Smith Museum of Fine Art which showcases art from the 18th through 21st centuries.

For more information about UB Community Development, or for help with planning your next funding project, contact David Stewart, SVP Commercial Lender, United Bank at (251) 943-2026 or email David.Stewart@unitedbank.com.

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United Bank and UB Community Development provide funds for the construction of Graceway Apartments

Fairhope, AL – United Bank has provided $550,000 in secondary financing to The Morrow Companies for the construction of Graceway Apartments, a 48-unit affordable, multi-family project for seniors to be built in Fairhope, Alabama. A substantial portion of the funding is from United Bank’s 2018 Capital Magnet Fund Award managed by UB Community Development, a community development partner of United Bank. United Bank is also providing $3.3 million in additional funding, as a participant in BBVA Compass Bank’s construction facility.

“We are thrilled to provide capital to The Morrow Companies for Graceway Apartments,” said Joe Raines of UB Community Development. “Graceway is an exciting new project for the Eastern Shore that will provide much needed affordable housing to senior adults in Baldwin County,” said Raines.
“We appreciate the new relationship with UBCD and United Bank in partnering with us on the Graceway project,” said David Morrow, President of The Morrow Companies. “The expertise of the United team was invaluable in helping us craft a creative structure that recognized the unique aspects of the transaction, and will ensure the project’s success,” added Morrow.

The Capital Magnet Fund (CMF) Program is administered by the Community Development Financial Institutions Fund within the U.S. 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. In 2018, United Bank was 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 Alabama and Florida.

For more information about UB Community Development, or for help with planning your next funding project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email alex.jones@unitedbank.com.

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About United Bank

United Bank is a $670,000,000 financial institution that has enjoyed 115 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, Spanish Fort, 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 strong history as an experienced leverage lender 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, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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Project Address

3680 AL-81 N
Tuskegee, AL 36083

Project Name

  • The Skegee Travel Center in Tuskegee, Alabama

Community Profile

  • Poverty Rate: 32.8%
  • Unemployment Rate: 5%
  • Household Median Income: $21,180

Community Impact

  • The 10,000 square foot travel center will help create an estimated 38 full-time and nine part-time jobs as well as six direct construction jobs. It is expected that a majority of these positions will be filled from the local community. The project is expected to be completed in 2020.

Project Highlights

  • The travel center will be located at 3680 Highway 81 North in Tuskegee and when completed, will include a Huddle House Restaurant, Little Caesars Pizza, Krispy Krunchy Chicken, a convenience store, fueling center, gift shop, and Greyhound Bus Station.
  • The project is being completed in conjunction with a master plan targeted at spurring developments within the 100-acre Tuskegee commerce park.
  • Currently, it’s estimated the investment for these future additions to the site will be $15,000,000.
  • The project has tremendous local support and Macon County Economic Development Authority Director Joe Turnham said, “We estimate at full operation about 300,000 people will come to the travel center each year.”

Skegee Travel Center in Tuskegee, Alabama, a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $7,000,000.00 in New Markets Tax Credit funds allocated to Skegee Travel Center Holdings, LLC, for the development of the Tuskegee Travel Center.

The 10,000 square foot travel center will be located at 3680 Highway 81 North in Tuskegee, Alabama, and when completed, will include a Huddle House Restaurant, Little Caesars Pizza, Krispy Krunchy Chicken, a convenience store, fueling center, gift shop, and Greyhound Bus Station. It will help create an estimated 38 full-time and 9 part-time jobs as well as six direct construction jobs. It is expected that a majority of these positions will be filled from the local community. The project is expected to be completed in 2020.

The project is being completed in conjunction with a master plan targeted at spurring developments within the 100-acre Tuskegee commerce park. The plan calls for the construction of an 85-room branded inn and suites hotel, a welcome center, and four full-service restaurants – all of which will be developed adjacent to the project site post-completion. In addition, the commerce park features several “shovel ready” sites that have been identified for light industrial and commercial use. At this time, it is estimated that the additional developments will be approximately $15,000,000.

Local support for this project is tremendous as this is the first development at the interstate. Owner and developer of the property, Jeffrey Potter, is honored to be part of the destination exit for travelers. “I see truckers stopping in. I see cars parking. I see visitors visiting our historical sites. We consider this plan A to the development of Tuskegee.”

Joe Turnham, Macon County Economic Development Authority Director, said, “We estimate at full operation about 300,000 people will come to the travel center each year.”

Tuskegee is located in central Alabama, 40 miles east of Montgomery, and is the county seat of Macon County. It was founded in 1833 and incorporated ten years later. Tuskegee has been an important site in African-American history and highly influential in United States history since the 19th century. In addition to Tuskegee University and Tuskegee Veterans Administration Medical Center, it is also home to the Tuskegee Human and Civil Rights Multicultural Center and Tuskegee Airmen National Historic Site, both major attractions to this historical city.

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, and more.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credits Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Markets Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a NMTC allocation from Treasury in the last decade. This success was made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to undeserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural areas. Finally, UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank. The CMF award requires UBCD, in conjunction with United Bank, to inject at least $40 million in capital to facilitate accessible, affordable and quality housing communities. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based entity to receive and administer these programs.

Download the success story here.

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United Bank and UB Community Development provide funds for the construction of Nathan Ridge Apartments in Wetumpka, Alabama.

July 2, 2019 – Atmore, AL –United Bank and UB Community Development have provided $275,000 in secondary financing to DSI Real Estate Partners for the construction of Nathan Ridge Apartments, a 56-unit affordable seniors multi-family project to be built in Wetumpka, Alabama. Funding for this loan was made possible due to the bank’s 2018 Capital Magnet Fund award. United Bank is also providing $3.6 million in additional funding, as a participant in Bank Independent’s construction facility.

“We are thrilled to be part of the financing for Nathan Ridge Apartments,” said Joe Raines of UB Community Development. “Terry and his team have an impressive track record in developing safe and affordable properties for senior adults and families across Alabama, and Nathan Ridge will be a tremendous addition to Wetumpka and Elmore County,” said Raines.

“The funds provided by UBCD and United Bank are a crucial piece of our overall financing structure for Nathan Ridge, allowing us to ensure a successful project,” said Terry Mount, Founder and Principal of DSI Real Estate Partners.

The Capital Magnet Fund 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. In 2018, United Bank was 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 Alabama and Florida.

For more information about UB Community Development, or for help with planning your next funding project, contact Joe Raines, Senior Vice President of United Bank and UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.

# # #

About United Bank
United Bank is a $670,000,000 financial institution that has enjoyed 115 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, Silver Hill, Spanish Fort, 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 strong history and experience in New Market Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD the Southeast premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Capital Magnet Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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UB Community Development announces $7 million dollars of New Markets Tax Credit funds for the Skegee Travel Center in Tuskegee, Alabama.

June 27, 2019 – Atmore, AL –UB Community Development, LLC (UBCD), a community development partner of United Bank, has announced $7,000,000.00 in New Markets Tax Credit funds allocated to Skegee Travel Center Holdings, LLC, for the development of the Tuskegee Travel Center. Community Bank Lender David Stewart helped secure financing for the project.

The 10,000 square foot travel center will be located at 3680 Highway 81 North in Tuskegee, Alabama, and when completed, will include a Huddle House Restaurant, Little Caesars Pizza, Krispy Krunchy Chicken, a convenience store, fueling center, gift shop, and Greyhound Bus Station. It will help create an estimated 38 full-time and 9 part-time jobs as well as six direct construction jobs. It is expected that a majority of these positions will be filled from the local community. The project is expected to be completed in 2020.

The project is being completed in conjunction with a master plan targeted at spurring developments within the 100-acre Tuskegee commerce park. The plan calls for the construction of an 85-room branded inn and suites hotel, a welcome center, and four full service restaurants – all of which will be developed adjacent to the project site post-completion. In addition, the commerce park features several “shovel ready” sites that have been identified for light industrial and commercial use. At this time, it is estimated that the additional developments will be approximately $15,000,000.

Local support for this project is tremendous as this is the first development at the interstate. Owner and developer of the property, Jeffrey Potter, is honored to be part of the destination exit for travelers. “I see truckers stopping in. I see cars parking. I see visitors visiting our historical sites. We consider this plan A to the development of Tuskegee.”

Joe Turnham, Macon County Economic Development Authority Director, said, “We estimate at full operation about 300,000 people will come to the travel center each year.”

Tuskegee is located in central Alabama, 40 miles east of Montgomery, and is the county seat of Macon County. It was founded in 1833 and incorporated ten years later. Tuskegee has been an important site in African-American history and highly influential in United States history since the 19th century. In addition to Tuskegee University and Tuskegee Veterans Administration Medical Center, it is also home to the Tuskegee Human and Civil Rights Multicultural Center and Tuskegee Airmen National Historic Site, both major attractions to this historical city.

For more information about UB Community Development, or for help with planning your next funding project, David Stewart, SVP, Commercial Lender United Bank at (251) 943-2026 or email david.stewart@unitedbank.com.

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About United Bank
United Bank is a $670,000,000 financial institution that has enjoyed 115 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, Silver Hill, Spanish Fort, 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 strong history and experience in New Market Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD the Southeast premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Capital Magnet Fund, UBCD is working with community development partners in the fields of healthcare, education, manufacturing, public works, and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

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Project Name

  • ALDI

Community Profile

  • Poverty Rate: 29.5%
  • Unemployment Rate: 4%
  • Household Median Income: $33,013

Job Creation

  • The construction associated with the development of the project is expected to create up to 250 direct, full-time equivalent jobs. Upon
    completion, the company anticipates creating 120 FTE jobs based on expected operations of the facility.

Project Highlights

  • Providing NMTC allocation to ALDI helps the center achieve internal approval and enhances the possibility of the distribution center undergoing a 200,000 square foot expansion. Following the project completion, the total facility will encompass 690,000 square feet of distribution center space.
  • ALDI is nationally recognized for its commitment to employees. Named to Forbes’ list of America’s Best Large Employers for four consecutive years, ALDI offers wages and benefits that are higher than those of other retailers in the market. The company cited access to
    market as a primary reason for increasing employment specifically in North Flordia.

Expansion of Aldi Distribution Center in Haines, City, Florida, a UB Community Development (UBCD) New Market Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, announced New Market Tax Credit funding to ALDI. This funding will aid in the highly anticipated distribution center expansion in Haines City, Florida.

ALDI is a leader in the grocery retailing industry and operates more than 1,800 stores in 35 states. More than 40 million customers each month benefit from the simple, streamlined approach ALDI brings to retailing. ALDI sells frequently purchased grocery and household items, primarily under its exclusive brands, which meet or exceed national name brands on taste and quality.

ALDI is also nationally recognized for its commitment to employees. Named to Forbes’ list of America’s Best Large Employers for four consecutive years, ALDI offers wages and benefits that are higher than those of other retailers in the market. The company cited access to market as a primary reason for increasing employment specifically in North Florida. The additional Haines City employment opportunities are part of the company’s aggressive growth plan to expand to 2,500 stores by the end of 2022, and add 25,000 new jobs in stores, warehouses and offices.

“As ALDI continues to grow, we’re excited to expand employment opportunities at our Haines City distribution center, and we’re proud to be an employer of choice in the state of Florida and across the U.S.,” said Matt Thon, Haines City Division Vice President for ALDI. “We’re committed to job growth across the country and look forward to continuing to serve our local Florida communities in the years to come.”

The construction associated with the development of the project is expected to create up to 250 direct, full-time equivalent jobs.

About UB Community Development
UB Community Development, a community development partner of United Bank, is dedicated to meeting the needs of our community. UB Community Development serves communities throughout Alabama and beyond by providing funding solutions designed to increase economic development, create jobs and promote better access to goods and services. UBCD is currently using NMTC, Capital Market Funds and the Community Facilities Lending Program to fund businesses and finance projects related to education, healthcare, manufacturing, hospitality, non-profits, community centers and more.

Since 2016, the U.S. Department of Treasury, through its New Market Tax Credits Program, has awarded United Bancorporation of Alabama (OTC: UBAB), the parent corporation of United Bank and UBCD, $120 million in New Market Tax Credit allocations. UBA, and subsequently UBCD, are the only community development entities (CDE) headquartered in Alabama to receive a New Market allocation from Treasury in the last decade. This success was
made possible largely because of United Bank’s designation as a Community Development Financial Institution (CDFI) and the organization’s unwavering commitment to its CDFI mission to bring positive and sustainable economic and quality-of-life improvements to underserved communities, not only in its traditional banking footprint, but throughout the entire states of Alabama and Florida.

Additionally, UBCD, as the community development management entity for UBA, manages a $40 million Community Facilities Lending Program, which provides accessible, low-cost capital to local government and non-profits in rural areas. Finally, UBCD also manages the $4 million Capital Magnet Fund Award that Treasury recently provided to United Bank. The CMF award requires UBCD, in conjunction with United Bank, to inject at least $40 million in capital to facilitate accessible, affordable and quality housing communities. Like the New Market Tax Credit awards, UBCD is the
only Alabama-based entity to receive and administer these programs.

UB Community Development’s strong history as an experienced leverage lender in New Market Tax Credit transactions, coupled with our passion for improving the communities we serve, have earned UBCD the reputation as Alabama’s premier financial partner for economic and community development.

Download the success story here.

WHO WE ARE

UB Community Development is dedicated to meeting the needs of communities. UB Community Development LLC (UBCD), a community development partner of United Bank, serves communities throughout the Southeast and beyond by providing funding solutions designed to increase economic development, affordable housing, create jobs and promote better access to goods and services. Our New Markets Tax Credit, Community Housing Capital, and Community Facilities Lending Programs are being used to help finance projects related to education, affordable housing, healthcare, manufacturing, public works and more.

CONTACT US

UB COMMUNITY DEVELOPMENT
  • 109 W. Nashville AveAtmore, AL 36502
  • (251) 446-6017
  • 3109 Blue Lake Drive Ste. 115Birmingham, AL 35243
  • (205) 637-2921

WHAT WE DO

UB Community Development LLC (UBCD), a community development partner of United Bank, is dedicated to continuing United Bank’s strong history of serving communities across the Southeast for nearly twelve decades. Whether your goals include funding a community development project, affordable housing, improving essential community facilities, expanding your business or accessing increased capital, UBCD offers a variety of solutions to help you meet your goals.
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