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Board authorizes chair to close New Markets Tax Credit exit for East Topeka Learning Center
Summary
JADA authorized its chair to take actions needed to complete the exit from a seven-year New Markets Tax Credit compliance period for the East Topeka Learning Center (Washburn Tech East), allowing local ownership of the project once investor interests are unwound. Staff said exit costs are expected to be about $35,000.
The JADA board voted May 14 to authorize the board chair to take the actions necessary to close a New Markets Tax Credit (NMTC) transaction tied to the East Topeka Learning Center, the project that renovated the former armory into Washburn Tech East.
Jeff White of Columbia Capital, joining by Zoom, gave a summary of the transaction and the steps required to unwind the NMTC structure as the seven-year compliance period ends in July.…
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