Barton Academy

Barton Academy, a UB Community Development (UBCD) New Markets Tax Credit Success Story

UB Community Development, LLC (UBCD), a community development partner of United Bank, announced $3.5 million in New Markets Tax Credit (NMTC) funds, in conjunction with $7.8 million in financing provided by United Bank, as part of a $17 million project to renovate the historic Barton Academy Building into an internationally focused, public school within the Mobile County Public School System. In a show of support and commitment to this project, the Mobile County Board of School Commissioners earlier invested $4 million in exterior renovations to the historic building.

“The foundational mission of both UB Community Development and United Bank is building strong communities; this is our second project funded with New Markets Tax Credits in Mobile’s Downtown Historic District this year,” said Alex Jones, President of UB Community Development.

The project will create 50 direct construction jobs and 28 permanent full-time jobs, 18 of which are expected to be full-time teaching personnel. In addition to receiving NMTC funds, the project received funds from a private capital campaign as well as Federal and Alabama State Historic Tax Credits.

“The citizens of Mobile are excited to see Barton Academy return to its original use as a school, and I think they will be proud of the high-quality teaching and learning that is going to take place in this world-class school,” said Mobile County Public Schools Superintendent Chresal D. Threadgill.

Constructed in 1836, Barton Academy was the first public school in Alabama and is listed on the National Registry of Historic Places. The building has been vacant since 2007. In 2012, the Barton Academy Foundation was incorporated as a 501(c)(3) nonprofit organization to work with Mobile
County Public Schools to raise funds to restore the historic downtown school.

Elizabeth P. Stevens, President, Barton Academy Foundation said, “There are so many positive benefits to come from the school’s reopening. These include a grand learning environment, preparing students for a lifetime of work and service in a global environment, and revitalization of a state landmark and the downtown neighborhood in which it sits.”

The rehabilitated 59,540-square-foot facility will serve up to 300 middle school students annually, providing a full curriculum in all core subjects including science, technology, engineering, math (STEM), English and social studies with an emphasis on foreign languages, world geography and global economics.

Barton Academy for Advanced World Studies will provide a quality education for students in sixth to ninth grades while also accelerating the revitalization of the surrounding area and spurring economic growth in downtown Mobile. The school will engage with the community on an ongoing basis, establishing partnerships with international community organizations in addition to Mobile businesses and area arts organizations.

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.

Since 2016, the U.S. Department of Treasury, through its New Markets Tax Credit Program, has awarded United Bancorporation of Alabama (OTCQX: 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 nonprofits in rural areas. Finally, 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 Capital Magnet Fund (CMF) awards allocated through the US Department of Treasury. Since 2018, United Bank has been the recipient of two CMF awards totaling $10 million. Like the New Markets Tax Credit awards, UBCD is the only Alabama-based bank to receive and administer these programs.

Download the success story here.