Project Impacts:
- 45 new FTEs and 58 retained entry level and mid-level FTEs (including 62 jobs available to LMI individuals with no prior experience)
- 77 new FTE construction jobs created
- Part of a greater economic development initiative ($2.35mm of government grants)
- The Project will lease commercial space at below market rents to locally owned and minority and women owned business.
PARTNERS
NCIF: $6M NMTC allocation; $750,000 loan
MOFI Partner: Wisconsin Housing and Economic Development Authority (WHEDA)
Large Bank: US Bank
Other CDE: Brownfield Revitalization
NCIF provided $6 million of New Market Tax Credit allocation and $750,000 of debt to finance the construction of Garver Feed Mill. The project includes a year-round farmer’s market (that accepts SNAP payments), manufacturing space, and commercial kitchens for food entrepreneurs to grow their businesses. Garver is located in a part of Madison, WI designated as a Food Access Improvement Area for its high average distance to a grocery store with high rates of poverty. The project is designed to promote and support local companies that contribute to the food economy, provides living wage jobs, and represents a key piece in the community’s priority of developing food-based entrepreneurs (many of which are women, immigrants, people of color and others that face barriers to getting financed).
Wisconsin Housing and Economic Development Authority (WHEDA): WHEDA was created in 1972 and is committed to improving housing quality and economic vitality in Wisconsin. WHEDA is a valued partner and a very impactful local anchor institution providing insight about the local economy and impact.