New Markets Tax Credits Finance Pullman Community Center on Chicago’s South SideNews - Press Release | September 7, 2018
Kutak Rock attorneys served as counsel to the Roseland Community Center in connection with its joint venture with the Chicago Park District and related $20 million financing, a deal which included new markets tax credits.
Closed in August 2018, the financing will allow the completion of the new Pullman Community Center in Chicago built on 12 acres of donated land. At 135,000 square feet, the Community Center will be the largest multi-sport complex in Illinois and will be able to host 1,200 teams, as well as 50,000 spectators, participants and visitors, annually. Year-round athletic tournaments will create more than 100 full and part-time jobs and generate additional revenues for local businesses. The Community Center will be co-owned by the Chicago Park District and the Roseland Youth Center.
“Kutak Rock is frequently involved with financings throughout Chicago, and has been a part of the community for more than 15 years,” says Lance Tyson, a partner in the firm’s Chicago office. “This new Community Center will provide a safe environment for people of all ages in the local community to develop the skills they will need for their entire lives. We are pleased to be part of a project that will expand recreational development, educational opportunities and community programs for the residents of Chicago.”
Kutak Rock public finance and tax credit attorneys who served as developer’s counsel in connection with the transaction included Lance Tyson and Scott Going.