NMTCs Boost Infrastructure Manufacturing in Southwest Virginia

FOREST CITY, Iowa, Feb. 6, 2025 /PRNewswire/ -- Rural Development Partners awarded $10 million in New Markets Tax Credit financing to Tate Access Floors, Inc. for the renovation of a vacated facility in rural St. Paul, Virginia. The facility had been vacant for 15 years, now a state-of-the-art manufacturing hub and cornerstone for future growth and prosperity in Russell County. The facility will bring over 170 quality FTE jobs, 81 construction jobs, and infrastructure opportunities to southwest Virginia. This investment is part of a $35 million NMTC package in collaboration with Three Roots Capital providing $25 million in NMTCs, and Investor Dudley Ventures providing tax credit equity.

The new 284,000 square foot facility enhances data center component manufacturing with office space for local engineering and operations employees. NMTCs funding will be utilized for the building purchase and upgrades, equipment, and inventory costs to establish and maintain efficient operations.

"RDP is excited to announce another NMTC closing that strongly fits into our core mission of providing high quality, accessible jobs to Rural America. We look forward to partnering with Tate to bring additional employment opportunities to an underserved region in SW Virginia". - Dan Helgeson, CEO of Rural Development Partners

Tate, Inc.

For over 60 years, Tate has been a global manufacturer of airflow management solutions providing essential data center products like structural ceilings, structural and non-structural containment solutions, and raised access flooring. Tate's product demand is on the rise as the data center industry surges. Industries are digitizing information while artificial intelligence services, telecommuting, video streaming, cloud gaming, social media interfaces, and virtual reality applications evolve and grow requiring increased capacities of data centers worldwide. The United States dominates the world's data center industry, especially the east coast, and specifically the northern Virginia and Ashburn region - home to the largest data center hubs in the world. Tate's strategic choice of location in St. Paul (VA) is ideal, enabling them to meet the demands of their industry while expanding their footprint and manufacturing capacity nationwide.

Rural Development Partners LLC

Rural Development Partners is a Community Development Entity with a national service area eligible to apply for an annual allocation of Federal New Markets Tax Credits. From 2004 through 2024, RDP has won thirteen NMTC awards from the US Treasury totaling $816.7 million. Funding has helped over 50 businesses and nonprofits expand to provide quality jobs, economic impacts, and healthy food access in underserved communities. RDP seeks to serve and partner with businesses, non-profits, communities, and government entities that share its mission to build public-private partnerships for catalytic job growth in rural America. Learn more about RDP and the NMTC program by visiting our website or social media platforms at Facebook, LinkedIn, and YouTube.

Media Contact: Rural Development Partners [email protected]

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SOURCE Rural Development Partners