Since 2016, Hope has been working with the South Wood County YMCA to support the development of a collaborative 90,000 SF community facility in the heart of downtown Wisconsin Rapids. The project will transform a functionally obsolete and mostly vacant downtown mall and adjacent parcels into a vibrant, accessible facility convenient to several nearby Low Income Communities (LICs). Designed to collaboratively accommodate the program needs of the Y, Boys and Girls Club and the VA Community Based Outreach Clinic, planned uses for the center include: teen center, computer labs, learning center and study lounge, gathering and social areas, music / drama room, arts classroom, aquatics center, 7,500 SF health and wellness center, (2) group exercise studios, teaching kitchen, community gardens, indoor walking/running track, full-day child care center for 60 children (most of which are eligible for childcare subsidies), gymnasium, and adult, family/special needs and youth locker rooms.
In November of 2018, Hope assisted with the closing of $18 million in New Markets Tax Credits for this project. The project investor is Chase Bank and two CDEs offered allocation: Cinnaire and Mid-City. Construction is underway!
Hope is now assisting with Phase 2, which will include the development of the estimated $5 million VA clinic project. The VA Clinic will be located between the YMCA and Senior Center spaces with a special entry into the YMCA for aquatic and land physical therapy as well as other programmatic opportunities. The project is seeking an additional $15 million in NMTC allocation to complete this second phase.
Hope’s work with the Y includes structuring the $33 million New Market Tax Credit (NMTC) transaction, developing offering memoranda and impact studies, reviewing and revising the operating projections, and lining up NMTC allocation and investors. Hope is working with the Y’s diverse supporters to structure the financing to leverage private and foundation contributions.