$10M New Markets Transaction
TOTAL PROJECT COST
PROJECT UPDATE: At the end of 2017, the New Markets Tax Credits and other financing closed and construction to renovate the Garver Feed Mill into a next-generation food hub has begun!
The mill will be transformed into a platform for local food businesses to grow to continue to enhance Madison’s reputation as the Midwest’s center for high-quality, locally made food and drink. Visitors will be able to taste the best of Madison, tour the historic building and connect with the producers themselves.
The building was originally the U.S. Sugar Beet Factory in 1905 and renovated into the Garver Feed Mill in 1929. The City of Madison purchased the property in 1997, but it has stood vacant since then.
For two years, Hope Community Capital worked with the developer, Baum Revision, to support the rehabilitation and redevelopment of this historic space into a local hub for food businesses in Madison, WI.
Hope’s work with this project has included working with a diverse group of stakeholders to obtain $14 million in New Market and Historic Tax Credits. This work involved structuring the transaction, reviewing operating projections, and developing a financial package for potential investors and lenders. Hope’s support has been especially crucial in assembling diverse sources of leveraged debt into this complex and high impact project. Hope’s services for this project also included developing the community and economic impact projections important to the Project’s financial success.
This truly multipurpose space will be a locus for local food producers and city providing economic development, sustainable development and community revitalization.