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City Parkway 5 agrees to serve as leverage lender for Las Vegas NMTC deal; authorizes up to $300,000 short-term loan
Summary
On April 7, the City Parkway 5, Inc. board approved a resolution authorizing allocation of new markets tax credits to Las Vegas Community Investment Corporation and related entities for a project at 320 South Ninth Street, and separately authorized up to $300,000 in short-term gap financing to be reimbursed by the City of Las Vegas upon closing.
City Parkway 5, Inc. approved a resolution on April 7 authorizing the company to participate as the leverage lender in a new markets tax credit transaction for a project at 320 South Ninth Street (APN 13934701010) and separately authorized short-term gap financing of up to $300,000 to be reimbursed by the City of Las Vegas upon closing.
The action covers an allocation of new markets tax credits to Las Vegas Community Investment Corporation and the subsequent allocation of a portion of those credits to LVCIC sub CDE 12, LLC for construction and operation of the property, and includes…
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