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December 7, 2016
Novogradac Journal of Tax Credits Volume 7 Issue 5
Friday, May 6, 2016
The National New Markets Fund LLC announced March 21 the closing of a $21 million NMTC allocation for the Commercial Metals Company (CMC). The allocation will allow the company to build an environmentally sustainable steel manufacturing facility in Durant, Okla. Additional funding include came from Rural Enterprises of Oklahoma, Inc., Midwest Renewable Capital and U.S. Bank. U.S. Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S. Bank, served as tax credit investor. The new mill will support 300 jobs in a severely distressed census tract and the site is located within a multicounty area designated as a federal Promise Zone for the Choctaw Nation. CMC anticipates that the new micro mill facility will reduce carbon dioxide emissions by at least 58 percent compared to a traditional iron ore based steel plant. Completion is slated for late 2017.
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