CDFA - Best Tax Credit Financed Project

CDFA 2008 Practitioner’s Showcase May 6, 2009 National New Markets Fund LLC Second Line Stages

National New Markets Fund LLC Economic Innovation International Belden Hull Daniels, President and CEO Strategic Development Solutions Deborah J. La Franchi, President and CEO ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

New Orleans, LA August 29, 2005 Hurricane Katrina ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Costliest Hurricane Ever One Of The Five Deadliest Ever

Diversifying New Orleans’ Major Industries Big Issue : More Industries With More Jobs

New Orleans Tourism Was Job Generating ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Big Issue : Tourism Collapse

New Orleans Motion Picture Industry Helps Fill the Gap ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Louisiana Film Production ,[object Object],[object Object],[object Object],[object Object],[object Object],Big Deal : Big Diversification

[object Object],[object Object],[object Object],[object Object],[object Object],Why a Production Studio in New Orleans?

[object Object],[object Object],[object Object],[object Object],Big Impacts : Construction Second Line Stages: A Sow’s Ear Into a Silk Purse

[object Object],[object Object],[object Object],[object Object],[object Object],Big Operation Impacts Over 7-Year NMTC Life Big Impacts : Operations * Figures do not take into account the 40% State Film Infrastructure Tax Credit or the 25% State Tax Credit for Productions over $300,000. Second Line Stages: A Sow’s Ear Into a Silk Purse

Big Opportunity : Lots of Training Lots of Jobs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Second Line Stages: A Sow’s Ear Into a Silk Purse

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Big Deal : Sustainable Construction Second Line Stages: A Sow’s Ear Into a Silk Purse

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Big Deal : Sustainable Operation Second Line Stages: A Sow’s Ear Into a Silk Purse

Second Line Stages – Closing Financing $41 Million Total Funding to the Project $ 4.7 M Senior Loan to Project $ 5.1 M Master Tenant Loan A - Blend of NMTC Equity, Federal Historic Tax Credit Equity and Debt $ 1.7 M CDE Loan B - NMTC Equity $ 4.1 M Fund Loan A - NMTC Equity, Loan, and Developer Equity $ 0.7 M Fund Loan B - NMTC Equity, Loan, and Developer Equity $ 5.8 M NNMF CDE Loan - Blend of NMTC Equity, Federal Historic Equity, Developer Equity, and Debt $ 3.0 M CDE Equity - Blend of Sources $ 3.0 M Master Tenant Equity - NMTC Equity and HTC Equity $ 8.8 M SLS Developer Equity $ 3.0 M State Historic Tax Credit Equity – Direct to Project $ 1.0 M Book up/Contributed Property $ 0.1 M Interest Income on Loan $ 41.0 M

Second Line Stages – Total Gross Financing $57.2 Million Total Gross Financing Over Project Life $ 10.2 M ,[object Object],$ 8.5 M ,[object Object],$ 6.9 M ,[object Object],$ 4.7 M ,[object Object],$ 4.7 M ,[object Object],$ 9.8 M ,[object Object],$ 2.9 M ,[object Object],$ 9.5 M ,[object Object],$ 57.2 M

Second Line Stages: A Very Complicated Transaction Non-Member Manager Investment Fund SLS Lender LLC National Bank 1 National Bank CDC NNMF CDE 2 CDE 3 CDE 1 Master Tenant LLC Developer SLS LLC Second Line Stages National Bank 1 State Historic Tax Credit LLC CREDITS EQUITY DEBT SERVICE DEBT SERVICE DEBT SERVICE DEBT SERVICE LEASE PAYMENTS DEBT SERVICE, PRIORITY RETURN AND HTC CAPITAL CONTRIBUTION/ BOOK UP DEBT SERVICE, PRIORITY RETURN CREDITS QEI QEI QEI DEBT SERVICE AND PRIORITY RETURN

Second Line Stages: A Winner at Every Level ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CDFA - Best Tax Credit Financed Project

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CDFA - Best Tax Credit Financed Project