Roeder & Company, LLC announces the closing of a federal New Markets Tax Credits (NMTCs) financing for the Performing Arts and Event Center (“PAEC”) in Federal Way, Washington. Roeder & Company sourced $9.5 million in Federal NMTC allocation from Clearinghouse CDFI for the new construction of the PAEC facility, and Capital One provided the tax credit equity. The City leveraged a combination of sources to fund the $32.7 million project, including state grants, CDBG funding, New Markets Tax Credits, private donations, and City funds. The net benefit from the NMTC financing was a vital component of the capital stack.
The City of Federal Way is developing the 46,000 sq. ft. PAEC community facility as the focal point of a nearly 20-acre Transit-Oriented Development. The PAEC will be a multipurpose venue intended to accommodate theatrical, musical, dance, artistic and spoken-word performances in its 700-seat, two-tiered auditorium. Conferences, seminars, meetings, and other assembly events will also occur in both the auditorium and the building’s 8,000 sq. ft. of event space.
“The City of Federal Way had a vision to transform an abandoned big box shopping center into an attractive centerpiece for a community rebirth. The Performing Arts and Entertainment Center will house several local organization performances and provide a venue for community events and education,” said Reynold Roeder, CEO of Roeder & Company, LLC.
“The Performing Arts & Event Center is so much more than just a building. It is an investment in our future that will provide new and exciting opportunities—making Federal Way the best place to live, work, and play,” said Federal Way Mayor Jim Ferrell.
Construction began on the PAEC building in the fourth quarter of 2015, and is expected to be complete by August 2017. For more information on the PAEC facility, please visit http://www.cityoffederalway.com/page/performing-arts-event-center-1.
The City of Federal Way is developing the 46,000 sq. ft. PAEC community facility as the focal point of a nearly 20-acre Transit-Oriented Development. The PAEC will be a multipurpose venue intended to accommodate theatrical, musical, dance, artistic and spoken-word performances in its 700-seat, two-tiered auditorium. Conferences, seminars, meetings, and other assembly events will also occur in both the auditorium and the building’s 8,000 sq. ft. of event space.
“The City of Federal Way had a vision to transform an abandoned big box shopping center into an attractive centerpiece for a community rebirth. The Performing Arts and Entertainment Center will house several local organization performances and provide a venue for community events and education,” said Reynold Roeder, CEO of Roeder & Company, LLC.
“The Performing Arts & Event Center is so much more than just a building. It is an investment in our future that will provide new and exciting opportunities—making Federal Way the best place to live, work, and play,” said Federal Way Mayor Jim Ferrell.
Construction began on the PAEC building in the fourth quarter of 2015, and is expected to be complete by August 2017. For more information on the PAEC facility, please visit http://www.cityoffederalway.com/page/performing-arts-event-center-1.
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