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Quick Facts

Project Name
Americana YMCA
CDE
East Baton Rouge Community Development Entity
Total Development Cost
$11,389,407
EBRCDE Allocation
$11,300,000
Location
401 Liberty Way
Zachary, LA
NMTC Consultant
taxadvantagegroup, llc
QALICB
Americana YMCA
Leveraged Lender
YMCA of the Capital Area
NMTC Investor
U.S. Bank
Permanent Jobs
17 Direct
Construction Jobs
150 Direct
Low-Income Community
Targeted Population
DRA Distressed Area
TIF Area
Financing Complete
May 2012

Americana YMCA


Zachary, LA

The Project

The Americana YMCA project was the construction of a 26,000 square foot community facility, with expansion capability of another 18,000 square feet, by the YMCA in Zachary, Louisiana. As a targeted population transaction, the project has created jobs, with at least 40% filled by residents of low-income households. The facility includes fitness space, a nursery, an outdoor pool and tennis court area and a 4,000 square foot community center. In addition to jobs, the project also provided needed community services through programs such as: the Black Achievers program, Healthy Kids Day program, childcare programs, before and after school care, youth sports, free health and wellness seminars, community health fairs, free meals to school-age children, the Homeless Outreach program and financial scholarships to people in need through the Changing Lives Campaign. The facility capacity is 650 average daily users.

The project is part of the Americana development plan, which has been approved by local governments, and is further supported by the Americana Economic Development District (the “District”), which has a Cooperative Endeavor Agreement with the City of Zachary. Infrastructure is funded by the District through TIF funds. It also received funding from the City of Zachary and Zachary Public School System to provide Council on Aging activities and athletic facilities. As the first project implemented as part of the Americana plan, the YMCA now serves as a catalyst for additional investment, which is expected to include 129 homes, 205 live/work spaces and 11 condo and apartment units, as well as a 10-screen movie theater and over 172,000 square feet of retail and office space. The total anticipated investment for the Americana master development is $500 million.

THE FINANCING

With total project costs just over $11.3 million, EBRCDE fully funded the project. Project sources were primarily self-leveraged through cash donations, donated land, and a bridge loan provided by IberiaBank. At the time, conventional financing did not exist for projects that planned to service debt using membership fees and donated pledges. Additional funding would have to be raised through private contributions, which would delay, if not halt, the project timeline. Therefore, EBRCDE’s NMTC funding bridged the gap providing over $2.2 million of additional project equity.

Mark Goodson, executive vice president of the East Baton Rouge Redevelopment Authority, said, “We see it as a real benefit in terms of what it’s offering the community that before didn’t exist.” Attorney Charles Landry went on to say, “This is going to be a game changer for Zachary.”

taxadvantagegroup (tag) is one of the country’s most successful consulting firms specializing in New Markets Tax Credits, a powerful financing tool for community development projects in the United States.

Since 2004 tag has helped revitalize low-income communities across the U.S. by securing low-cost, flexible financing for high impact projects and providing a full suite of NMTC management services.

For more information contact:

Tammy C. Propst | 864.271.2737 | tpropst@taxadvantagegroup.com