Since 2016, Hope Community Capital (“HCC”) 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, HCC 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 and is on time / on budget!
HCC’s work with the Y included structuring the $18 million New Market Tax Credit (NMTC) transaction, developing offering memoranda and impact studies, reviewing and revising the operating projections, lining up NMTC allocation and investors, and advising the organization from idea to ground breaking….to ribbon cutting in 2020!