Over the last 10 years, a Georgia based greenhouse produce company has struggled to provide customers with a year round supply of vegetables. In an effort to keep up with steadily rising demand, the company decided to expand their business strategy to operate and own their production facilities, rather than source all products from greenhouse growers across North America.
The company was seeking to bridge their financing gap with New Markets Tax Credits (NMTC) to support expansion of production capacity with the development of a 25 acre greenhouse. Expansion would not only reduce the company’s ecological impact but also create up to 90 jobs in a community that struggles to provide accessible jobs to residents.
The Baker Tilly Capital team worked with multiple community development entities to secure New Markets Tax Credit allocations for the expansion. The team specifically highlighted job creation and the catalytic development bringing a new industry to this rural low-income community.
With our team’s assistance, the expansion project successfully secured $27 million in New Markets Tax Credits allocation to fill the project’s financing gap. In addition, the development will provide fresh food, environmental sustainability and create new living wage jobs accessible to residents without sacrificing their regional identity.
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.