NMTC Case Study for Boys & Girls Club of Cabarrus County
February 26, 2021
Throughout the seventy-year history of the Boys & Girls Club of Cabarrus County, they have expanded services and facilities to meet the needs of children in the County. In 2018, they found themselves at capacity, turning away hundreds of children annually from valuable services, and empowerment—an unacceptable position for the staff and Board.
They embarked on an aggressive $7.5 million capital campaign to expand their facility by 29,112 SF to provide:
A new teen center for high school students and expanded space for middle school youth
A performing arts room and stage that opens into a new multi-purpose area
Seven additional activity rooms – doubling academics and youth development programming
A cafeteria to expand food service and provide a hot meal year-round for all members in this USDA Food Desert
With the new space, the Club will be able to provide services to 750 members daily and over 2,200 annually, almost doubling their capacity. They will also be able to expand their network of Title I Schools they support from 17 currently to all 22 in Cabarrus County. All, in a low-income community that has a poverty rate of 34.90%, median family income of only 51.56% and unemployment of 16.10%.
Importantly, the new facility will allow the B&G Club to expand their elementary 21st Century Community Learning Center Program into middle school as well. The 21st Century Community Learning Center Program is administered through the North Carolina Department of Public Instruction and provides federal funding for organizations like B&G Clubs to better serve the children, families and schools in their community.
The approximately $10.3 million dollar project was financed utilizing a bridge loan from Reinvestment Fund to advance proceeds of their $7.5 million capital campaign through a self-leveraged structure, NMTC equity from Wells Fargo, and $9.5 million of New Markets Tax Credit Allocation provided by CAHEC New Markets, LLC.
TOTAL PROJECT COST:
Boys & Girls Club of Cabarrus County
CAHEC New Markets, LLC
Boys and Girls Club of Cabarrus County
247 Spring Street NW
Concord, NC 28026
118 Direct Jobs
750 LIC students served daily
5,000+ LIC students served annually
Poverty Rate: 34.90%
Median Family Income: 51.56%
Unemployment Rate: 16.10%
Unemployment Ratio: 1.94x
USDA Food Desert