An effort to transform the former Mall of Memphis site in Tennessee recently moved forward with the announcement that Stonehenge Capital will help to finance a new TAG Truck Center facility on the property.
Stonehenge partnered with Atlanta-based SunTrust Banks and McCormack Baron Salazar of St. Louis to provide a major allocation of New Markets Tax Credits to the project, which includes a 164,000-square- foot commercial truck center and technician training facility.
The center will create 205 full-time jobs in the area.
“Redeveloping this long-vacant property marks a major step forward for our community, and we are thrilled to play a role in providing new jobs and economic opportunities for hundreds of Tennesseans,” said TAG co-founder and CFO Gary Dodson, as reported by the Memphis Daily News.
New Markets Tax Credits were created in 2000 to give economically distressed urban and rural communities greater access to capital for growth of businesses, jobs and economics. From 2003 to 2015, $42 billion in credits generated a return of $80 million in project financing, according to an article about the TAG project in The Commercial Appeal.
“TAG Truck Center is a great example of a community-transforming investment made through New Markets Tax Credits, providing needed jobs in a low-income area and positioning the business for future growth,” said L’Quentus Thomas, Stonehenge’s Director of Community Development. “We’re pleased to help make a positive community impact and look forward to seeing the company’s ongoing success in Memphis.”
To read a full news release about the project, please click here.