Quick Facts

Project Name
Turnstone Center for Children and Adults with Disabilities, Inc.
CDE
Fort Wayne New Markets Revitalization Fund
  (FWNMRF)
Total Development Cost
$17,700,000
FWNMRF Allocation
$8,000,000
Location
3320 N Clinton Street
Fort Wayne, IN
NMTC Consultant
taxadvantagegroup, llc
Project Sponsor
Turnstone Center
Square Footage
125,000
Leveraged Lender
Turnstone Leverage Lender, LLC
NMTC Investor
PNC New Markets Investment Partners, LLC
Permanent Jobs
27 direct
Construction Jobs
50 direct
Low-Income Community
MFI: 69.8%
State EZ
Financing Complete
April 2015

Turnstone Center for Children and Adults with Disabilities, Inc.


Fort Wayne, IN

Project

Turnstone Center for Children and Adults with Disabilities, Inc. (Turnstone Center) is northeast Indiana’s only not-for-profit organization that provides a full range of rehabilitative, wellness, athletic and recreational programs and facilities to persons with disabilities and their families. Since 1943, Turnstone Center has continually evolved and expanded to respond to the needs and desires of the people it serves — a population whose needs are underserved and often neglected. Each year, Turnstone Center serves approximately 2,100 children and adults through childcare, preschool, adult day services, and speech, fitness, physical, occupational, and aquatics therapy (over 78,000 hours annually). They also loan equipment, such as walkers and wheelchairs, at no charge and over 95 percent of all clients receive services at a reduced rate. Turnstone Center is the only organization in northeast Indiana that provides therapeutic services on a sliding fee scale to persons with physical disabilities.

This NMTC project, called “Turnstone of Tomorrow,” includes a 125,000 sq. ft. addition named the Plassman Athletic Center for expanded sports, recreation, and wellness programming. At the heart of the addition is a new 65,000-sq.-ft. field house complete with four collegiate-sized basketball courts; a 230-meter six-lane track; a fitness center that doubles its current capacity; a warm water therapy pool with zero-depth entry, chair lift, transfer wall and stairs; fully accessible bathrooms, locker rooms and showers; and administrative offices. Once complete, Turnstone of Tomorrow will enable Turnstone Center to serve 2,750 total people per year, a 30 percent increase. Not only does this provide countless more opportunities for people with disabilities, it makes significant strides in positioning Turnstone Center as the nation’s gold standard for empowering individuals with disabilities.

The Financing

Turnstone of Tomorrow is a five-year dream come true that was initiated when Turnstone Center’s Chairman of the Board challenged his team to dream about what they would do with one million dollars. What transpired was 18 million dollars worth of “projects that would allow more accessibility, more services for people with disabilities, and make us a premier location in the nation for people with disabilities,” says Cindy Geisman, Turnstone’s chief operating officer. Through extraordinary donor and partner support, that dream is coming true. With total project costs of $17.7 million, FWNMRF’s $8 million of NMTC Allocation was co-invested with $2 million of NMTC Allocation from PNC Community Partners, Inc. In addition to the tax credit equity, the project was leveraged with over $5.3 million of PNC Bank debt, philanthropic grants, and Project Sponsor funds. “Some people describe this as the happiest place on earth for people with disabilities,” says Geisman. “Every employee believes it could be any one of us or a family member needing our services. We never lose sight of the vision.”

“The City of Fort Wayne’s CDE considers Tax Advantage Group an important partner in managing our NMTC projects. From closing consultation to the day to day compliance activities, we value the support received from the professionals at TAG.”

– Sharon Feasel, Executive Director, Fort Wayne New Markets Revitalization Fund (FWNMRF)

For more information contact:

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