January 24, 2011
El Paso, Texas – Large-scale projects in El Paso have another financing model available, following the awarding of federal tax credits for the renovation of the historic Anson Mills Building, the largest private development project in Downtown El Paso. Project plans are built around the creation of the Mills Plaza District, which joins business, restaurant and retail in the three buildings: the Mills Building, the Centre Building and the historic Plaza Hotel. Mills Plaza Properties, headed by Brent Harris and Paul Foster, plans for a pedestrian-only public plaza between the buildings to allow for several options, including outdoor dining, and create new public open space.
In 2009, the City of El Paso brought in NDC’s Development Assistance team to assist in obtaining New Markets Tax Credits (NMTCs) locally. NDC helped Mills Plaza Properties obtain both NMTCs and Historic Rehabilitation Tax Credits (RTCs) and will remain on board to work with other El Paso companies. The City has also applied for an allocation of NMTCs through the El Paso Development Fund, which would be available exclusively for El Paso projects.