- Project Sponsor: King Street Center
- Investment: $6.2 million
- Location: Burlington
- Downtown child care facility renovation and expansion
Vermont Rural Ventures provided $6.2 million of its New Markets Tax Credit authority to double the size of the King Street Center and create efficient, bright, modern office, classroom, and play space.
Gap and Investment
Although King Street Center successfully met its capital campaign goals for the project, $1.2 million in enhancements and fit up costs remained. To fill the gap King Street Center faced cutting the project short, securing costly long-term financing, or dipping into its working capital reserves. Vermont Rural Venture’s investment brought in $2 million of NMTC equity saving King Street Center from over leveraging, financially weakening and short-changing themselves.
The NMTC investment allows King Street Center to enhance its new building with solar photovoltaic panels, increased natural lighting opportunities, improvements to its gymnasium and outdoor areas – and expand its early education services through the addition of a new early pre-school program for children ages 1 ½ to 3 years of age.
View the video of opening day!
The new facility allows the King Street Center to expand and offer a fully licensed year-round Early Head Start program; create four new jobs; build a professional quality kitchen; improve adult language instruction, performing arts, computer access, art studio and gymnasium space; purchase essential equipment; and expand administrative office space.
Additionally, this transaction further aligns King Street Center and Housing Vermont by creating a $100,000 fund to financially support King Street Center families enrolled in preschool programs, scholarships for Housing Vermont residents within its Burlington properties; and playground or community room improvements at King Street Center and Burlington Housing Vermont properties.
Projects like King Street Center demonstrates Vermont Rural Venture’s commitment to bringing investment to nonprofit groups which otherwise lack access to capital.
Vermont Rural Ventures: Beth Boutin, Glenn Von Bernewitz, and Devin Fallon
Non-Profit: King Street Center
Legal: Nolan Sheehan Patten LLP, Downs Rachlin Martin PLLC, & Leveraged Law Group LLC
Accounting: CohnReznick LLP
Contractor: Engleberth Construction, Inc.
Architect: TruexCullins, Inc.
US Bancorp Community Development Corporation
Capital Campaign donors