A public-private partnership that received $56 million in flexible NMTC-based financing from three CDEs, this project will serve as a catalyst for a larger initiative by the city of Pensacola, FL to redevelop a severely distressed area of its downtown waterfront. CTA CDE was the first-in with $30 million of allocation and played a key role in attracting additional NMTCs and financing from outside CDEs. The 28-acre park will feature a 5,500 seat mixed-use stadium with substantial infrastructure improvements to support private development of a multi-use project which includes commercial office, retail, and residential.
CTA CDE succeeded in leveraging its allocation by providing the initial $30 million and attracting two other CDEs; CDF Development, LLC provided $16 million and USBCDE, LLC $10 million. Notable with the project was CTA CDE's success in being the first CDE to receive tax credits under Florida's New Markets Development Program that further provided capital for this worthwhile redevelopment of downtown Pensacola. CTA CDE successfully placed the state tax credits with the investor, making for a simultaneous financing of all sources. All of this was done by structuring the NMTCs (federal and state) with long term bonds issued backed by tax increment revenues of the downtown area.