Mid River Terminal Creates New Jobs with New Market Tax Credits

Mid River Terminal Creates New Jobs with New Market Tax Credits

03/17/2015

New Markets Tax Credit investment in Mid River Terminal will bring 125 new jobs to Mississippi County, Arkansas.

Rural Development Partners has closed on an allocation of $18 million in New Market Tax Credits with Mid River Terminal in Osceola, Arkansas.  The New Market Tax Credits will allow Mid River Terminal to boost loading and unloading infrastructure on the Mississippi River, the adjacent railway and via traditional roads, benefiting all industries in the area and creating 125 new positions.  

The expansion of Mid River Terminal was spurred by the Big River Steel company’s decision to construct a new facility in Osceola. Steel City Recycling will co-locate to reclaim and recycle secondary metals from Big River Steel. In addition to the 125 positions created from Mid River Terminal, Big River Steel will create 525 jobs and Steel City Recycling will generate 110 new jobs.

Mid River Terminal will have the ability to load or offload barges on the Mississippi River, offload inbound railcars or offload rock and limestone delivered by truck.

“Mid River Terminal is crucial to the additional projects happening in Mississippi County,” said Terry Carpenter, executive director of Rural Development Partners. “This larger project brings jobs, infrastructure support and excitement to a region looking for economic development and job opportunities for residents.”

About New Markets Tax Credits
New Markets Tax Credits (NMTC) were established by Congress in 2000 to encourage the investment of private capital in designated low-income communities in order to create jobs, generate economic activity and improve the quality of services in low-income communities and to low-income persons. NMTCs attract investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making qualified equity investments in specialized financial institutions called Community Development Entities (CDEs). In turn, CDEs provide below market financing to transformative development projects in low-income communities across the country. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. For more information, visit www.cdfifund.gov.

Rural Development Partners is one of the nation’s few rural Community Development Entities with a national service territory and with a focus on agricultural, forestry, and renewable energy projects. RDP has deep roots in rural agriculture that extend across the country. It is owned predominantly by Ag Ventures Alliance, a farmer-owned business development organization with over 1100 members.

Because of the strength of the team it has organized and its dedication to rural, low-income communities, RDP has been extremely successful in securing NMTC awards from the federal government.

 

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