$75 Million in NMTC
Shown left to right: Ed Gray III, Executive Director of CTA-CDE; Craig Stanley, CBO CEO; and Alex Bell from CTA-CDE.
Capital Trust Agency Community Development Entity, LLC (CTA-CDE) is a CDE with the primary mission of revitalizing disadvantaged communities. This is achieved by offering nontraditional loans and investments toward redevelopment programs located throughout Florida’s severely distressed, previously underserved neighborhoods.
CBO Financial provided the CTA-CDE with CDE start-up services and assisted the organization in writing and submitting two successful NMTC applications, one resulting in a $75 million federal NMTC award, and the second a $10 million state of Florida NMTC award. CTA-CDE is the first CDE to secure a Florida State NMTC allocation.
The CTA-CDE spent $30 million of their NMTC allocation on the Vince Whibbs Sr. Community Maritime Park, a $46 million project in Pensacola, Florida. Our NMTC placement services then helped the CTA-CDE successfully raise $16 million from other CDEs to complete financing for the project.
Our governing board retained CBO Financial to ensure our CDE would perform as desired. We have found their support and expertise throughout the NMTC process to be quite valuable, and that their fee structure is fair. We highly recommend CBO Financial for any consultative services related to the NMTC program.—Ed Gray III, Executive Director
The Maritime Park will be a focal point of the regional community and provide much-needed services and recreational opportunities while simultaneously removing blight in a severely distressed Census Tract. The NMTCs will help support private development of a multi-use project that includes residential, retail, hotel and office space, a conference center, a community multi-use facility, a maritime museum and a 3,500-seat multi-use stadium for the Pensacola Pelicans baseball team.
CBO continues to represent the CTA-CDE as its NMTC consultant and advisor by assisting the organization in locating projects, structuring financing packages by working closely with their auditing and legal advisory firms, and continuing to help them meet their mission.