May 2015 1 Project HOME and MPower Roles in New Market Tax Credit - - PowerPoint PPT Presentation

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may 2015 1 project home and mpower roles in new market
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May 2015 1 Project HOME and MPower Roles in New Market Tax Credit - - PowerPoint PPT Presentation

Jul 05, 2023 428 likes •666 views

Stephen Klein Wellness Center Philadelphia, PA May 2015 1 Project HOME and MPower Roles in New Market Tax Credit (NMTC) project MPower Owner (501c2) Project HOME Developer Leverage Lender Property Mgr

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Stephen Klein Wellness Center Philadelphia, PA

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May 2015

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Project HOME and MPower Roles in New Market Tax Credit (NMTC) project

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  • MPower
  • Owner (501c2)
  • Project HOME
  • Developer
  • Leverage Lender
  • Property Mgr
  • Tenants
  • Project HOME
  • YMCA
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NMTC Structure

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Project Location

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Locus Map

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Neighborhood Overview

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 St. Elizabeth’s Center, with Jefferson Family

Medicine, serving zip codes 19121/19132 for 18 yrs.

 Patients served: 30% uninsured; 34% homeless or

formerly homeless; 67% on medicaid or medicare.

 Demographics show approximately 95% African

American (compared with 41% citywide).

 Nearly twice as likely to live in extreme poverty.  Unemployment rate twice city average.  Higher incidences of domestic violence, child

neglect, and safety concerns.

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Wellness Center Overview

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Wellness Center: a dynamic place that integrates person-centered primary medical care, behavioral health care, physical fitness, nutrition education, rehabilitative services, pharmacy, dental care, case management, and peer-led health promotion.

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Federally Qualified Health Center (FQHC) Services

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 Primary Care (15 exam rooms)  Behavioral Health (4 consult rooms)  Dental (9 operatories)  Pharmacy  Fitness – YMCA  Physical Therapy  Healthy nutrition (teaching kitchen)

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Project Site / Location

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Neighborhood Plan

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Site Plan

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Design / Programming

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Project Budget

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Project Schedule

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DUE DILIGENCE/FEASIBILITY 105 days

  • Geotech/Environmental, Title & Survey, Civil

Engineering. PREDEVELOPMENT 622 days

  • Site Control/Condemnation, Design, RCO &

Community Meetings, Zoning. FINANCING 225 days

  • NMTC & RACP Applications, Closing

CONSTRUCTION 371 days OVERALL PROJECT SCHEDULE

  • Start 1/7/13 thru Finish 12/22/15

714 days

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Pre-development

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  • Block was comprised of 48 individually addressed parcels.
  • Lot consolidation required.
  • Condemnation required.
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Pre-development

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  • Existing land was underutilized, with a few

vacant, blighted buildings and one business that required relocation.

  • Demolition and environmental remediation

required.

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Construction

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Earthwork Perimeter Footing

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Construction

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Slab Foundation Steel Erection

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Construction

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Framing & Insulation Roof Assembly

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Stephen Klein Wellness Center

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Interior Concourse/Lobby Main Entrance

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Wellness Center

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Living Room / Waiting Area Pharmacy

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YMCA

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YMCA Gym YMCA Entrance

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Project Impacts

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Employment Total # of Jobs created in Philadelphia as a result

  • f construction

89 Total # of Jobs created in PA as a result of construction 295 Total # of Construction Jobs created in PA 102 Business Utilization Goals Minority Business Enterprises 18% Women Business Enterprises 7%

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NMTC Structure

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