Business briefs: SWFL Community Foundation secures $10M tax credit projectBusiness briefs: SWFL Community Foundation secures $10M tax credit project

In brief

Foundation secures $10M tax credit project

The Southwest Florida Community Foundation recently closed on a $10 million New Markets Tax Credit deal to be used to restore the historic Atlantic Coast Line railroad station and build a technology hub and headquarters in the Midtown historic neighborhood of Fort Myers.

The New Markets Tax Credit, or NMTC, program encourages economic development in distressed neighborhoods.

As part of the public-private partnership with the City of Fort Myers, the Southwest Florida Community Foundation will sign a long-term lease with the city to move its regional headquarters to the train depot on Jackson Street. The New Markets Tax Credit provided $3 million of equity-like financing to the $10 million project, which after seven years will be available to be converted to true equity.

Work on the site is anticipated to begin February 2017.

For more information, call 239-274-5900 or visit floridacommunity.com.

Lee BIA installs 2017 Board

The Lee Building Industry Association recently inducted its 2017 Officers and Board of Directors.

Richard Durling of Marvin Development Corporation will serve as the Lee BIAas 2017 President.