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

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 • Tenants • Project HOME • YMCA • 2

NMTC Structure 3

Project Location Locus Map 4

Neighborhood Overview  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. 5

Wellness Center Overview 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. 6

Federally Qualified Health Center (FQHC) Services  Primary Care (15 exam rooms)  Behavioral Health (4 consult rooms)  Dental (9 operatories)  Pharmacy  Fitness – YMCA  Physical Therapy  Healthy nutrition (teaching kitchen) 7

Project Site / Location Neighborhood Plan 8

Site Plan 9

Design / Programming 10

Project Budget 11

Project Schedule 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 12

Pre-development Block was comprised of 48 individually addressed parcels. • Lot consolidation required. • Condemnation required. • 13

Pre-development Existing land was underutilized, with a few • vacant, blighted buildings and one business that required relocation. Demolition and environmental remediation • required. 14

Construction Earthwork Perimeter Footing 15

Construction Steel Erection Slab Foundation 16

Construction Roof Assembly Framing & Insulation 17

Stephen Klein Wellness Center Interior Concourse/Lobby Main Entrance 18

Wellness Center Pharmacy Living Room / Waiting Area 19

YMCA YMCA Entrance YMCA Gym 20

Project Impacts Business Utilization Goals Minority Business Enterprises 18% Women Business Enterprises 7% Employment Total # of Jobs created in 89 Philadelphia as a result of construction Total # of Jobs created in 295 PA as a result of construction Total # of Construction 102 Jobs created in PA 21

NMTC Structure 22