Quick Facts

Project Name
Commonwealth Centre for Advanced Training
CDE
People Incorporated Financial Services (PIFS)
SunTrust Community Capital
Total Development Cost
$14,300,000
NMTC ALLOCATION
$13,000,000
  $10,000,000 PIFS
  $3,000,000 SunTrust Community Capital
Location
870 Commonwealth Crossing Parkway
Ridgeway, Virginia 24148
Project Sponsor
Henry County
Martinsville-Henry County EDC
Square Footage
25,590
Leveraged Lender
CCAT Leveraged Lender, LLC
NMTC Investor
SunTrust Bank
Permanent Jobs
3 Direct
Construction Jobs
46 Direct
Low-Income Community
MFI: 71.61%
Non-Metro Census Tract
Local Financing District
Financing Complete
December 2017

Commonwealth Centre for Advanced Training


Ridgeway, Virginia

Project

Commonwealth Crossing Business Centre (CCBC) is a modern business and technology park designed to attract major manufacturers with the potential to add value to the local economy and create thousands of new jobs. A key component of securing business investment is ensuring that the Henry County region has an ample supply of skilled labor. Target industries such as food processing operate in highly sterile environments with stringent procedures that employees must know and follow. Likewise, other target industries, such as pulp and paper, plastics and rubber, need workers to manage advanced supply chain logistics and understand how to program and troubleshoot automated assembly lines. Local officials knew that no matter how robust CCBC’s infrastructure and other assets may be, unless they could guarantee a skilled workforce, their efforts to attract major manufacturing investment would fall short.

The Financing

To fill the demand for a highly skilled workforce, Henry County, in partnership with the Martinsville-Henry County Economic Development Corporation (EDC), was able to take advantage of a New Market Tax Credit (NMTC) and close $13 million in funding to break ground on a new advanced manufacturing training facility in the CCBC. A $5 million grant from the Harvest Foundation, as well as funding from the Virginia Tobacco Commission and the Virginia Economic Development Partnership, was leveraged to generate an additional $2.71 million in NMTC equity to construct the Commonwealth Centre for Advanced Training (CCAT), and to complete critical infrastructure, including a water tank and sewer lift station for the CCBC.

The CCAT project will enhance the marketability of the CCBC, and provide new and innovative training to a workforce eager to join the future of manufacturing. Not only will the facility provide custom advanced training programs for businesses operating at CCBC, it can also function as a modern, high-tech training and office space during the company’s construction phase. Through curriculum established by Patrick Henry Community College, employees will have a seamless path from training to employment without leaving the Centre. These improved efficiencies will reduce time to profitability for companies investing hundreds of millions of dollars on facilities and equipment.  A training facility like CCAT is especially meaningful during the site selection process, as it sets Martinsville-Henry County apart from the competition.

The project is expected to support 46 direct construction jobs at an average hourly wage of $18.82. Once complete, CCAT will have the capacity to train 1,500 individuals per year.

“We think the CCAT project is a game-changer for the Martinsville-Henry County area.  Working with the TAG team, and using the New Markets process to enhance the final product makes us even more competitive.”

– Tim Hall, Henry County Administrator

For more information contact:

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