Tax Credit Finance and Economic Development Incentives

New Markets Tax Credit

• Represented NMTC leverage lender group in connection with the development of a $25 million Ace Hotel to be located in East Liberty, PA. The project was financed with federal NMTCs and federal HTCs.
• Represented joint venture between a Brazilian company and a U.S. private equity firm in connection with a $42 million federal and a $10 million Mississippi state NMTC financing to develop a $200 million silicon metal production facility in Mississippi; the project received senior financing from a German financial institution and incentives from the state and local government.

Historic Tax Credit

• Represented the developer in the $120 million historic renovation of the landmark Bedford Springs Hotel in Southwestern Pennsylvania and the $150 million historic rehabilitation of the Book Cadillac Hotel in Detroit, Michigan. These historic rehabilitation projects received widespread recognition in national publications, including The Wall Street Journal.
• Represented a Cleveland, Ohio non-profit performing arts center in a number of historic tax credit redevelopment projects, including a “phased” rehabilitation of a downtown building consisting of 16 floors of office space along with a performing arts theatre. Some of these HTC projects also utilized state historic tax credits and New Markets tax credits.

Low-Income Housing Tax Credit

• Currently representing one of the top LIHTC developers in the nation who has rehabilitated thousands of apartment units over the past 10 years in eight states (including Ohio, Michigan, Indiana, and New York).
• Represented a developer in connection with the acquisition and rehabilitation of affordable housing complexes in Cleveland, Ohio and Denver, Colorado utilizing nine percent LIHTC financing.

Tax Credit Controversy

• Represented dozens of developer clients in connection with IRS TEFRA examinations, resulting in no change to historic tax credits claimed.
• Successfully settled with IRS Appeals regarding several challenges to the qualification of historic tax credits claimed in connection with the rehabilitation of a performing arts center.

State/ Local Incentives

• Successfully negotiated the most complex community reinvestment area abatement for a sporting facility in Ohio.
• Assisted a manufacturing client in qualifying for the Economic Development for a Growing Economy Tax Credit Program (EDGE) Illinois corporate income tax incentive by working with state and local officials to qualify for the incentive.