New Market Tax Credits

New Market Tax Credits

The New Markets Tax Credits (NMTC) program attracts private investment to community development projects in low-income communities by offering tax credits to investors in return for qualified equity investments. People Incorporated is a qualified Community Development Entity (CDE) and uses the investment funds to make loans to high-impact businesses that create jobs, finance facilities and build opportunities and economic growth in low-income communities in Virginia, Tennessee, Kentucky, North Carolina, South Carolina, West Virginia, Alabama, Georgia, and Mississippi. You can find more details on NMTC at cdfifund.gov.

For more information email info@peopleinc.net or call (276) 623-9000.

People Incorporated has facilitated several major NMTC projects that have made a substantial economic impact in their local communities, including:

Continental Tire

Community Impact: Continental Tire constructed a new state-of-the-art manufacturing facility in Sumter, South Carolina. The one-million-square-foot facility is Continental Tire’s second tire production facility in the United States.

Investment: $7,000,000
Total Development Cost: $106,225,975

300
Jobs Created

Grundy Town Center

Community Impact: The Grundy Town Center project was the centerpiece of a comprehensive downtown revitalization strategy to return the Town of Grundy to its former prominence as a regional hub for commercial activity after years of environmental and economic decline. The development of 140,000 square feet of new commercial retail space continues to produce significant community economic development outcomes. 

Investment: $9,000,000
Total Development Cost: $40,944,740

0
Jobs Created

Southern Kentucky Performing Arts Centers (SKyPAC)

Community Impact: The Southern Kentucky Performing Arts Center (SKyPAC) opened in March 2012 and is a multi-use, premier performance center located in downtown Bowling Green, Kentucky. The state-of-the-art, LEED-certified facility offers arts and education opportunities for all South-Central Kentucky. The SKyPAC facility is comprised of an 1,800-seat state-of-the-art Performance Hall that serves as the home of Orchestra Kentucky; a 200-seat flexible Studio Theater for intimate theatrical productions and gatherings; several multi-functional rehearsal halls that also serve as meeting space for business and community organizations; an Amphitheater for “theater under the stars”; and two indoor art gallery spaces to exhibit the works of regional artists.

Investment: $5,575,000
Total Development Cost: $29,536,451

0
New Jobs

Bristol Hotel

Community Impact:  Long considered key to furthering downtown revitalization efforts, the City of Bristol approached People Inc. in 2011 for assistance in transforming a condemned historic landmark to a boutique hotel. The hotel would provide overnight lodging and and accessible job opportunities. Seven years later, the completely renovated Bristol Hotel opened with great fanfare.

Investment: $11,600,000
Total Development Cost: $29,079,405

0
New Jobs

Polycap LLC

Community Impact: In response to growing demand for plastic caps and enclosures, Polycap expanded their manufacturing operations and moved their headquarters from Toronto, Canada to Lebanon, Virginia in 2019. People Inc.’s investment allowed Polycap to purchase equipment necessary to compete in the U.S. market. 

Investment: $10,000,000
Total Development Cost: $10,906,497

300
Jobs Created

Emory & Henry College School of Health Sciences

Community Impact: People Inc.’s 2019 investment expanded learning facilities for the School of Health Science’s students, doubled the patient capacity at the free clinic and expanded healthcare services. The investment funded three additional classes, a supportive service spaces and expansion of the skills lab that will allow the free clinic to serve an estimated 2,000+ annual patient visits spanning four disciplines. The free clinic previously served 300 annual patients with one discipline. 

Investment: $5,400,000
Total Development Costs: $10,393,102

1
Jobs Created

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