Page 13 - People Inc. Annual Report 2017
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GOAL 2
positive development
Communities experience
People Incorporated works in partnership with business, government, industry, and educational institutions to positively impact communities throughout our 32-county Virginia service area. Through these efforts, speci c goals for community development are achieved and sustained.
As a  ve-time New Markets Tax Credits (NMTC) Allocatee, People Incorporated innovates to  nd new and impactful ways of addressing the effects of poverty in the communities the agency serves. By using NMTCs to raise private investment capital, People Incorporated has been able to bring its community development lending to a new and dramatic scale, and signi cantly increase the volume, scope, velocity and impact of the investments that we make in predominantly rural low-income communities.
438
JOBS CREATED OR RETAINED AS A DIRECT RESULT OF PEOPLE INCORPORATED
REAL VOICES: COMMUNITIES EXPERIENCE POSITIVE DEVELOPMENT
Building community assets • Spurring business growth
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Dreams
The Bristol Hotel
The revitalization and repurposing of Bristol’s tallest, most iconic building will have immediate and long-lasting impact on downtown Bristol and the Tri-Cities region. This project will provide 86 jobs within the  rst year, not including construction, and will grow to more than 100 jobs over the following  ve years after opening. As a result, The Bristol Hotel will contribute over $2.6 million in local salaries and wages as well as over $600,000 in additional state and local revenue. As the developer said,
“The renewed activity centered around The Bristol Hotel as a destination will generate increased traf c for local businesses while elevating visibility for the Bristol community to further spawn economic growth and activity. While all of the sources of capital were vitally critical to the  nancing of the +$25 million project, including federal and historic tax credits, bank loans, and grants from Virginia Tobacco Commission and City of Bristol, Virginia, the $11.6 million in New Markets Tax Credit provided by People Incorporated was the ‘game changer’ in making The Bristol Hotel a reality.”
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