Press Release Archives - UB Community Development

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UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $10 Million in New Markets Tax Credit for ECORE International, Inc.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced it provided a $10 million Federal New Markets Tax Credit (NMTC) for ECORE International, Inc. to finance the rehabilitation and equipping of a 225,000-square-foot manufacturing facility located in Ozark, Alabama.

“We appreciate UBCD’s mission to invest in their communities. We believe when our people and our communities prosper, we prosper,” said Art Dodge, ECORE CEO. “We are pleased to establish this world-class facility in Ozark, Alabama.”

ECORE International is the leader in the collection of scrap tire rubber and the upcycling of that rubber into high-performance surfaces such as fitness, sports, recreation and commercial flooring, playgrounds, athletic fields, and insulation products. ECORE serves customers in construction, commercial, industrial, leisure and sports products industries. The Ozark location will source used truck tires and then process them through the facility as raw material. The recycled rubber will be used to manufacture high quality components. It will also serve as the distribution point for manufactured material for customers in the Southern United States.

“In 2018, Jeld Wen Windows and Doors closed their Ozark plant laying off 80 employees. Five years later ECORE is hiring 75 employees to repurpose the shuttered facility. During our site visit, we met employees who worked at the prior facility. Reopening that facility and bringing members of the community back to work is core to our mission!” stated Alex Jones, President of UBCD.

ECORE’s commitment to sustainability for the environment means their manufacturing process has virtually no waste. Scrap used tire material is collected and recycled multiple times without degrading. ECORE International, Inc. is headquartered in Lancaster, Pennsylvania. Once complete, the project is expected to create 75 local jobs.

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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.

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September 8, 2023

For Immediate Release

UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $4.4 Million in New Markets Tax Credit Funds to McNeely Plastic Products, Inc.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that it provided a $4.5 million Federal New Markets Tax Credit (NMTC) allocation and $4.38 million in Mississippi State NMTC allocations to McNeely Plastic Products, Inc. to go toward construction of a new warehouse and the rehabilitation, expansion and equipping of its existing plastic product manufacturing facility in Clinton, Mississippi. United Bank provided a $17 million source loan while the project received additional NMTC allocations from PB Community Impact Fund, LLC and Cadence Community Capital, LLC.

McNeely Plastic Products is a single source supplier to over 100 companies across a multitude of markets and industries. They manufacture a diverse range of films and bags for food and non-food use. The project will expand the existing facility by 30,000 square feet and add an additional 57,000-square-foot warehouse and distribution facility. The project is anticipated to create approximately 50 direct qualified jobs over the next four years and 84 indirect supplier jobs.

McNeely Plastics promotes sustainability in their products by minimizing production energy, water and air usage. Originally founded in 1983 as a distributor of plastic packaging products, they invested in their own manufacturing facilities in 1996. McNeely has the most advanced blown film extrusion and bag making machinery in the world.

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About UB Community Development

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UB Community Development LLC Announces Funding for Northwest Florida Healthcare in Chipley, Florida

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has closed a $9 million New Markets Tax Credit transaction with Northwest Florida Healthcare, Inc. for the construction of a new surgical center on their existing campus in Chipley, Florida. The project will add an additional 14,000-square-foot facility and offer inpatient and outpatient surgical services.

“By, Through and With is a common phrase we use in the military to describe how we carry out our mission in concert with our allies,” stated Alex Jones, President of UBCD. “Assisting Northwest Florida Healthcare in the funding of their new surgery center is a case study of working with partners to achieve a desired outcome. With Community Health and Hospitality Services providing the $9 million NMTC allocation, Dudley Ventures serving as the investor, United Bank providing a $6.5 million source loan and UBCD assisting the hospital in navigating the closing process, the goal was reached: funding a new surgery center in this rural community.”

Northwest Florida Community Hospital is a 59-bed facility that houses a 25-bed critical access hospital, a 34-bed long term care facility and health care clinics. They also have an Express Care Clinic, Family Health Care Clinic in Chipley and clinics in Graceville, Bonifay, Marianna and Vernon, Florida. The current surgical facilities are at capacity, limiting the number of patients served. With the new surgical center, patients will have better access to surgical care in Washington County and surrounding counties. The new facility will employee approximately 29 employees.

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.

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.

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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.

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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.

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.

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

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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.

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UB Community Development LLC Announces Funding for Dadeville Pole Company in Dadeville, Alabama

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has closed a $7.5 million New Markets Tax Credit transaction with 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, Alabama, 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 we do every single day…executing our mission,” stated Alex Jones, President and Chairman of UBCD. “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 Northeast 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 as well as housing options, and improving access to healthcare across the region.

About United Bank
United Bank is a $1,000,000,000 financial institution that has enjoyed 117 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.

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UB Community Development LLC Announces Funding for Buc-ee’s Store in Auburn, Alabama

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today that it has closed a $7 million New Markets Tax Credit transaction with Buc-ee’s, Ltd., a Texas-based chain of convenience stores and gas stations with locations in Texas, Georgia, Florida and Alabama.

The 53,250-square-foot Buc-ee’s Auburn will be located on approximately 35 acres at the northeast quadrant of Interstate 85 near Exit 50. It will have 144 retail fuel pumps, electric charging stations and more than 437 parking spaces. This will be the fourth Buc-ee’s convenience store in Alabama and will create over 175 jobs in the Auburn community. The popular gas station and travel center is known for its unique food offerings, merchandise and large clean restrooms. Other features will include a bakery, deli, coffee bar and an expanded retail area.

“Having the opportunity to assist in bringing another Buc-ee’s to Alabama and knowing that it will create over 175 well-paying jobs for our fellow Alabamians is very gratifying. Buc-ee’s will be an excellent corporate citizen and we look forward to watching this transformative project come to fruition,” said Alex Jones, President of UB Community Development.

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, services, and housing options, and improving access to healthcare across the region.

For more information about UB Community Development, or for help 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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United Bank and UB Community Development provide funds for the renovation of Jackson Johnson Townhomes in Marion, Alabama

Atmore, AL – United Bank and UB Community Development have provided $3,300,000 in construction financing to The Bennett Group for the renovation of Jackson Johnson Townhomes, a 42-unit affordable multi-family project in Marion, Alabama. United Bank will also provide 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 was built in 1997. Once renovations are complete, Jackson Johnson Townhomes will be known as Jackson Village. Total renovation costs of $2.5 million are budgeted for the project. The development received an allocation of Low-Income Housing Tax Credits from the Alabama Housing Finance Authority in 2020 which will allow the property to be rehabilitated and will 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 includes updating kitchens with new cabinets, sinks, countertops and appliances. Bathrooms will be upgraded with new fixtures, sinks and faucets as well as wire shelving. Interior and exterior upgrades include energy efficient windows and doors, new flooring throughout each unit, HVAC units and roofs and gutters. Additionally, there will be a new gazebo, picnic pavilion, and covered bus stop.

The renovations also include the expansion of existing amenities with the addition of a room to the Community Center, new concrete patios, a camera security system, resurfacing of the parking lot and replacement of the 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 it is further validation of United’s strong commitment to providing unique and meaningful capital solutions to community development projects across Alabama and Florida.

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United Bank and UB Community Development provide funds for the construction of Country Ridge Estates in Opelousas, Louisiana

Atmore, AL – United Bank and UB Community Development have provided $4,000,000 in construction financing to Gulf Coast Housing Partnership (GCHP) for the new construction of Country Ridge Estates, a 32-unit multifamily affordable-rental housing subdivision in Opelousas, Louisiana. United Bank was also the Member Institution for the development’s $500,000 AHP award from the Federal Home Loan Bank of Atlanta. The project received a 9% allocation of Low-Income Housing Tax Credits from the Louisiana Housing Corporation in 2019.

Country Ridge Estates will include eight residential buildings each comprised of four apartments in a townhome style layout. There will be a mix of one, two and three-bedroom units all designated for low to moderate income individuals and families. A portion of the development’s 32 units will also be set aside for single parent families and persons with disabilities. On-site amenities include a playground, community building, exercise and picnic area, walking trail, and community garden. The development is also conveniently located within 2 miles of a grocery store, hospital, school, public library and fire station.

The Country Ridge Estates development team includes New Orleans-based developer GCHP and Acadiana-based developer, Le Centre Evangeline.

“We are grateful for the funding support by United Bank and UB Community Development,” said Kathy Laborde, GCHP President and CEO. “Together with our partner, Le Centre Evangeline, we are excited to bring residents of Opelousas a new affordable housing development that will be conveniently located to retail outlets, healthcare providers and employment opportunities.”

“United Bank and UB Community Development are pleased to close our first affordable housing loan in Louisiana with Gulf Coast Housing Partnership,” said Joe Raines, Managing Director of Community Housing Capital for UB Community Development. “We are excited about establishing this new relationship with GCHP, who is a leader in providing quality affordable housing to individuals and families across the Southeast.”