TD Community Development Corporation Supports Expansion of Phoenix Packaging with $15 Million in New Markets Tax Credits
CHERRY HILL, N.J., Dec. 18, 2018 /PRNewswire/ -- TD Community Development Corporation (TDCDC), a wholly-owned subsidiary of TD Bank, N.A., today announced that it allocated $15 million in New Markets Tax Credits (NMTC) to assist in the approximately $50 million expansion of Phoenix Packaging Operations, LLC, a minority-owned packaging company located in Dublin, Virginia.
Leveraging the NMTC funding provided by TDCDC, Phoenix Packaging is making a long-term investment in Pulaski County and its workforce by modifying its existing manufacturing plant and building a 250,000-square-foot expansion. The company also will invest in machinery, equipment, and training and development programs.
TDCDC's NMTC allocation also will allow Phoenix Packaging to participate further in environmentally sustainable initiatives and practices, including more environmentally friendly production methods of polypropylene K-Cup® Pods used in Keurig® coffee brewers that employs a more recyclable and eco-friendly class #7 plastic than the current class #5 plastic. The project allows Keurig® to decrease greenhouse gas emissions attributed to K-Cup® Pod production by 27 percent.
Dublin, Virginia, once a booming location for the coal mining industry, now suffers from high unemployment and economic distress. Phoenix Packaging has announced that its expansion will result in the creation of 145 new jobs and the retention of approximately 400 local positions that pay double the area's living wage. The company will also offer apprenticeships and job training programs.
"As a family- and minority-owned business, we recognize the Dublin community as a key stakeholder in our company," said Alberto Peisach, CEO for Phoenix Packaging. "The NMTC allocation from TDCDC allows us to continue growing our employee base in Dublin while investing in their training, development and overall health and well-being."
"TD is deeply committed to the communities it serves, and we're proud to support socially and environmentally responsible companies like Phoenix Packaging," said Michael Cooper, Deployment Director, New Markets Tax Credit Program, TDCDC. "We are honored to help this company make a long-term investment in the people of Dublin, while also developing sustainable products that will positively impact our planet for decades to come."
About Phoenix Packaging Operations, LLC
Phoenix Packaging Operations, LLC (Grupo Phoenix) is a leading manufacturer and distributor of innovative consumer and foodservice packaging products across the Americas. Grupo Phoenix has production plants in Colombia, United States, Mexico, Uruguay, and Venezuela; and the Company currently serves clients in over 30 countries. Grupo Phoenix is the strategic packaging partner for leaders across multiple categories and segments such as dairy, desserts, coffee, beverages, ice cream, soups, spreads, cosmetics and household cleaning areas, among more than other 20 vertical markets.
About TD Community Development Corporation
TD Community Development Corporation (TDCDC) is a certified Community Development Entity and wholly-owned subsidiary of TD Bank, N.A. Since 2007, TDCDC has been a five time Allocation Award winner under the NMTC Program, investing in the revitalization of low-income, urban and rural neighborhoods across TD's Maine to Florida footprint. To date, TDCDC has deployed $340 million in NMTC allocation authority and leveraged over $500 million in project financing to support 37 projects. TDCDC's bifurcated deployment strategy helps commercial and industrial businesses create and retain high-quality jobs and helps community-based organizations improve and expand local services, resources and facilities.
In February of this year, the U.S. Treasury's CDFI Fund awarded 73 Community Development Entities (CDEs) a total of $3.5 billion in New Markets Tax Credits. Since 2003, the federal program has created or retained approximately 1,000,000 jobs and financed more than 5,400 businesses around the nation.
For more information on working with the TD Community Development Corporation, contact Michael Cooper at [email protected].
SOURCE TD Bank
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