Talmer Bank and Trust Subsidiary allocated $11 million in New Market Tax Credits to the Redevelopment of the Thomas Edison Inn.

PORT HURON, Mich., Sept. 12, 2012 /PRNewswire/ -- Port Huron CDE LLC, a subsidiary of Talmer Bank and Trust, announced today the allocation of $11 million in New Market Tax Credits to J.B. Development Company in its redevelopment of the Thomas Edison Inn, located in Port Huron.

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The New Markets Tax Credit Program (NMTC) was established by Congress in 2000 to spur new or increased investments into real estate projects and new operating businesses that are located in low-income communities. The NMTC Program attracts investment capital to targeted communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return. 

The credit totals 39 percent of the original investment amount and is claimed over a period of seven years (five percent for each of the first three years, and six percent for each of the remaining four years).  The investment in the Community Development Entity ("CDE") cannot be redeemed before the end of the seven-year period.

"This is great news for Port Huron and St. Clair County," said William Oldford, Regional President for Talmer Bank and Trust.  "This investment will allow St. Clair County to leverage the millions of dollars committed by this public/private partnership to create jobs and promote growth in our community."

Jeff Bohm, chairman of the St. Clair County Board of Commissioners, said, "As St. Clair County recovers from the economic downturn, providing these kinds of incentives for community revitalization and business development is essential.  With this decision by Talmer Bank, a key component for this project to move forward has been satisfied."

John Wheeler and Robert Schermer, Jr. of J.B. Real Estate Development Group and developers of the Thomas Edison Inn project said, "The allocation of the New Market Tax Credits to this project is a critical and significant step toward the realization of the completion of the Thomas Edison Inn.  The credits provide real equity into the project and we appreciate Talmer's commitment to the project and the community."

The New Market Tax Credits were allocated to the Port Huron CDE LLC in 2007 and expire in 2013.

For further information contact:  

Angela Spencer Ford   
MultiConnect  
248.331-1147 Office  
[email protected]

SOURCE Talmer Bank and Trust