SECDE Ventures and MuniStrategies Win Community Development Award for Resinall
Resinall Corp's new Hydrogenated Hydrocarbon Resin facility has been named the overall winner in the Operating Business category on October 18, 2012 at the New Markets Tax Credit Investors Conference in New Orleans, La. The Novogradac Community Development Foundation honored special achievements in the field of community development. The awards recognized and celebrated excellence in individuals, as well as community development entities (CDEs) that made exceptional qualified low-income community investments.
Two Mississippi based CDEs, SECDE Ventures, LLC ($12 million) and MuniStrategies ($6 million) provided federal and state New Markets Tax Credits to facilitate $18 million in financing for the Resinall expansion. Trustmark National Bank was the equity tax credit investor for both the federal and state New Markets Tax Credits. Resinall's expanded facility is scheduled to start producing the new clear adhesive before year-end.
“Using these incentives to make our business more competitive and fuel needed growth and new jobs in our community is a win-win for everyone,” says Lee Godina, President of Resinall.
Fourth District Congressman Steven Palazzo stated, “We are proud of both Resinall and our Mississippi-based CDEs to have used this incentive to create new jobs in south Mississippi.”
By shifting into this new product line, Resinall preserved 125 manufacturing jobs and create 10-20 new positions. The project has created and maintained hundreds of temporary and supplemental jobs pertaining to the construction of the water white resin facility.
Resinall Corp is a manufacturer of thermoplastic resins and polymers used as binders or elastomer modifiers in a wide range of industrial applications including hot melt adhesives, mastic adhesives, inks, coatings, and rubber compounding. These resins are made from both natural and synthetic raw materials using numerous chemical reactions and varied process equipment.
About New Market Tax Credits
The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to spur new or increased investments into operating businesses and real estate projects located in low-income communities. Since the NMTC Program's inception, the CDFI Fund has made 664 awards allocating a total of $33 billion in tax credit authority to CDEs through a competitive application process.