Rural Development Partners secured New Markets Tax Credits to help AriensCo expand to Fayetteville, Tenn.

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Apr 21, 2023, 12:55 ET

FOREST CITY, Iowa, April 21, 2023 /PRNewswire/ -- Rural Development Partners invested $15 million of the $55.5 million in New Markets Tax Credits (NMTC) invested to help AriensCo revitalize an abandoned facility, bringing 350 new jobs to the Fayetteville, Tennessee community along with catalytic economic and workforce development opportunities.

"We were excited from day one to be involved in this project. The large number of jobs created will provide opportunities for many. AriensCo has an impressive track-record of giving back to the community and I look forward to what that means for Fayetteville and the surrounding area," said Dan Helgeson Rural Development Partners CEO

AriensCo's expansion is in response to a sharp increase in demand that has outpaced the company's current production capacity. The project entails revitalization of an outdated building into a 600,000 SF state-of-the-art manufacturing facility, serving as AriensCo's hub for its Gravely brand of commercial outdoor power equipment. This project will position the company geographically closer to its customers, dealer partners, and material suppliers in the Southeast, producing positive catalytic impacts for Fayetteville and the surrounding region. NMTCs will help offset the increased costs of construction and equipment, allowing AriensCo to accelerate plans for future capital investments in the community.

"This was a win-win-win partnership for the Fayetteville community, for Rural Development Partners and for AriensCo," said AriensCo Chief Financial Officer James Young. "We are proud to have a longstanding tradition of supporting rural America. We have been in Brillion, Wisconsin, a farming community of about 3,300 people, for nearly 90 years. We're a privately owned, family company that has grown up in small town America and we're proud to partner with another small town by providing a great place to build a career."

Rural Development Partners

Rura l Development Partners utilizes the NMTC Program to help organizations throughout the nation relocate and expand their operations in distressed rural communities. RDP investments help create jobs, economic growth, training opportunities, and food security for Rural America by partnering with organizations that take action to invest in and support their local communities. From 2004 through 2022, RDP has won eleven NMTC awards from the U.S. Treasury totaling $701.7 million. To learn more about RDP or the NMTC program, visit our website or social media platforms at FaceBook, LinkedIn, or YouTube. See how RDP and NMTCs are revitalizing rural communities nationwide.

CONTACT: [email protected]

SOURCE Rural Development Partners