by Debra deNoyelles, Director of Development
Have you seen the earth movers and other heavy machinery at the Capri? We’re in the construction phase now, working to get as much done as possible before the inevitable weather pushes us into winter construction.
These are thrilling times! In addition to the daily construction progress, we’ve scheduled our ceremonial groundbreaking for October 17, and we’re also in the process of finalizing a New Markets Tax Credits (NMTC) partnership that will ultimately provide about $2.3M in equity.
NMTC is a program of the U.S. Department of the Treasury that encourages investment in low-income communities. The Treasury allocates tax authority to intermediaries, who then pick from proposed projects. Investors get a tax credit they can use against federal income tax obligations. PCYC was selected by three investors, and is working toward a planned closing date on the tax credits in mid-October.
The generosity of friends has us within striking distance of reaching our target – we’re now at 93% of our goal for contributions to the Capri Capital Campaign. We are working hard to close the gap, and we want to extend to you an invitation to make a first-time gift or add to your gift to help us cross the finish line!
Donate today, either online at our website, by check mailed to Capri Capital Campaign, 2210 Oliver Ave N, Minneapolis, MN 55411 or by calling Debra deNoyelles at 612 643-2042. Every dollar counts as we move forward with this magnificent project that will open in 2020!
“The generosity of friends has us within striking distance of reaching our target.”Share