April 4, 2011
San Angelo, TX: Deep in the heart of Texas, the Tom Green County Libraryofficially opened today, adding a community resource that will enrich the lives of County and City residents for generations. The project is a recipient of a $13.0 million New Markets Tax Credit (NMTC) allocation through NDC’s HEDC New Markets, Inc.
Tom Green County Library
San Angelo, TX
Qualified Equity Investment: $13.0 million
Total project cost: $14 million
NMTC Investor: Wells Fargo CDC
Construction jobs created: 90
Full-time equivalent jobs created: 32
Full-time equivalent jobs maintained: 3-5
Before undertaking this project, the 24,000 square-foot public library in San Angelo, Texas (population: 90,000) was so undersized that its children’s reading hours were held in a converted storage closet. In weighing options for expansion, the City looked to a long-vacant, 85,000 square foot former department store in the heart of the downtown, and pursued financing options.
NDC’s NMTC investment facilitated the adaptive reuse of the department store into a state-of-the-art library which provides 14,000 square feet of space dedicated to children’s collections and services, and more than doubles the number of computers available to the public. The new space also provides the community with large meeting rooms and wireless internet that the City hopes will attract patrons who might not otherwise visit the library. The library also offers the new Patrons of the Library Store and Coffee Shop that is expected to generate significant monthly sales that will aid the library’s revenue stream.
The renovation created 90 full-time equivalent (FTE) construction jobs, and the new library resulted in the retention of 32 FTE jobs while adding 3-5 new FTE positions.
“Congratulations to all the residents of the City of San Angelo and Tom Green County on this great civic accomplishment. NDC is proud to have been part of the team that made the new home for the Tom Green Library possible.” said Robert W. Davenport, President, NDC and NDC HEDC New Markets, Inc. “This is exactly the kind of project that Congress had in mind when they created the NMTC program – attracting private investment to the nation’s low-income communities”
NDC, through NDC HEDC New Markets, Inc., has been a participant in the NMTC program since its inception. NDC used a portion of its NMTC allocation to attract Wells Fargo CDC as an investor to the Tom Green Library project.
NDC’s New Markets Tax Credit allocations of nearly $500 million, deployed quickly, in communities large and small, rural and urban, have made a crucial difference in communities throughout the country, bringing new investment, jobs, goods and services to our nation’s low income areas. These investments in neighborhood and downtown revitalization, new and expanded industrial enterprises, space for young businesses and relocation for mature businesses, cultural, recreational, social service and health care facilities – all share the same purpose: developing the economies of economically distressed communities.