darw100

For those interested in 4K views of Greenville from the air, you might want to check out a new you tube channel called Greenville Webworks. There are several recent videos showing current and recently completed projects from some interesting angles. Sorry that I don't know how to insert a link.

I'm sure it has been discussed and I'm late to the party, but the second tower's bands of alternating concrete and brick appear to be woven as a tribute to Greenville's textile heritage. It's an interesting touch with a nod to our history.

What about Cleveland Park Downs?

Not at all. Many significant projects will have complex financing structures, especially in today's credit markets where banks want even less exposure (i.e., greater syndication of loans among many banks). It is possible (perhaps even likely) that this project may include new market tax credit financing from several CDEs, not just GNMO. Keep in mind that CDEs are allocated tax credits by the US Treasury and they seldom get as much as they want due to the overall demand around the country. I suspect that GNMO's contribution to the project is part of the financing package, but likely not all of it. Stated differently, if the overall project is $75 million (I'm guessing at that amount), GNMO may be financing $18 million with other CDEs, bond issuance or banks kicking in the remaining (on top of the equity investment).

Don't want to be a kill joy, but the structure of New Market Tax Credit is very complicated and some of the numbers can be deceiving. As with almost any government program, the numbers are not what they seem. Although a CDE is granted a certain dollar of tax credits to invest in the community, the actual credits sold to investors amount to 25%-30% of the granted total. As an example, if a CDE was granted $100 million in credits to invest and they used it all for one project, they would only get to sell roughly $30 million in credits while the remaining $70 million of the project comes from more traditional financing sources (bank loans, etc.). In typical government speak, the CDE used $100 million worth of tax credits (i.e., the total financed amount, not the actual credits sold). Therefore, the project would only have to pay back $70 million (plus interest) and the roughly $30 million would be forgiven essentially in the future (at least 7 years). Its still a great deal to the borrower to have $100 million in financing but only have to pay back $70 million in principal (plus interest). The Main @ Washington project, however, may have many sources of financing of which the $18 million from GNMO may only be one. But to extrapolate the size of the project as done earlier is incorrect (but totally logical for anyone not familiar with governmental math). I hope it is a $100 million project, however.

Unfortunately, 75 Beattie is the office location for a registered agent company. State law requires all companies (other than sole proprietorships) to have a registered agent. This way, there is a "permanent" address on file for official communications for lawsuits, etc. The registered agent will then forward the correspondence to the company where they are physically located. If you look in the paper every day, you will notice that most new businesses are listing this address.