The Innovate Fund Provides $15 Million in New Markets Tax Credits to Arris Manufacturing in Clio, SC

CLIO, S.C., Jan. 31, 2020 /PRNewswire/ -- The Innovate Fund, a Community Development Entity (CDE) managed by taxadvantagegroup and Greenville Local Development Corporation in Greenville, S.C., has allocated $15 million in New Markets Tax Credits (NMTC) for the $20.5 million acquisition and renovation of the former 162,000 square foot Baldor Electric facility in Clio, SC into a manufacturing plant for use in the multi-family housing industry. Located in a Persistent Poverty County, the project is expected to create 140 direct jobs in a census tract that demonstrates a poverty rate of 30.90% and an unemployment rate of 24.3%, which is 2.93 times the national average.

With county-wide poverty of over 20% for each of the last 3 decades, Marlboro County has struggled with a shrinking population and high unemployment rates, ranking 4^th worst out of South Carolina's 46 counties for employment opportunities. The lack of employment was exacerbated in 2016 when Baldor Electric, one of the areas largest employers, shuttered its manufacturing facility and laid off the remaining employees at the site. Arris Manufacturing, LLC acquired the former Baldor Electric facility, and is renovating and equipping it into a state-of-the-art manufacturing facility to produce modular housing units which will be used to construct multi-family housing projects across the southeast.

Eighty-two percent of the direct jobs created by Arris Manufacturing are expected to be accessible to residents with a high school diploma or less. All jobs provide above average wages for the area, full-time working hours, and a full suite of benefits. Arris Manufacturing also offers a Skill Pay Program where employees can increase their wages by learning additional skills through on-the-job training.

"Marlboro County Government is committed to assisting Arris Manufacturing in every way possible so that the company and our workforce will prosper," said Ron Munnerlyn, County Administrator and Economic Developer for Marlboro County, "We're excited to see this innovative company get its start here with the help of the New Market Tax Credit program."

Whitney Ferguson, Program Manager for The Innovate Fund, said, "As our second investment in a Persistent Poverty County, Arris Manufacturing is the exact type of project the NMTC program was created to help – a new operating business locating in a rural area with high unemployment and bringing with it good quality, accessible jobs. We're always grateful to our legislative delegation, including U.S. Senators Lindsey Graham and Tim Scott, for their continued support of our organization and the NMTC program."

About Arris Manufacturing, LLC
Arris Manufacturing was founded in 2019 on the simple notion that technology is the solution to growing construction costs. Arris hand-picked industry leaders for its management team, developing a vertically integrated, technology driven approach to construction. Arris operates a state-of-the-art facility utilizing automation to build better, faster, and cheaper than conventional construction methods.

About The Innovate Fund
The Innovate Fund and its affiliates are designated Community Development Entities under the provisions of the Community Development Financial Institutions Fund, which since their inception, have been awarded $277 million in allocation of New Markets Tax Credits. The Innovate Fund's mission is to serve and provide investment capital for operating businesses and real estate development projects in low-income communities across Georgia, North Carolina, South Carolina, and Tennessee. The Innovate Fund's partners are the Greenville Local Development Corporation and taxadvantagegroup.

About Greenville Local Development Corporation (GLDC)
Founded in 1979, Greenville Local Development Corporation (GLDC), a 501(c)(3) non-profit, was established by a group of committed community and business leaders in Greenville, SC to address obstacles faced by businesses and community based organizations in obtaining conventional financing. Since inception, GLDC has been working to provide financial assistance, real estate development coordination, and strategic guidance for economic development projects and business expansions.

About taxadvantagegroup
Headquartered in Greenville, S.C., taxadvantagegroup (tag) is one of the country's most successful consulting firms specializing in New Markets Tax Credits, helping nonprofit and for profit organizations access capital and transform communities. Since 2004, tag has played an instrumental role in securing funding for nearly $1.7 billion for community projects across the United States. In addition, tag provides compliance and asset management services on $530 million of NMTC assets.

Media Contact:
Whitney Ferguson
828-713-8957
[email protected]

SOURCE The Innovate Fund, LLC

Related Links

http://theinnovatefund.com