OVERVIEW

Project: TK Gregg Community Center
Credits Allocated: $5,000,000
Location: Spartanburg, SC
Project Type: Community Facility

SITUATION

The Northside Initiative is a cross-sector collaboration working to completely revitalize Spartanburg’s Northside neighborhood. South Carolina Community Loan Fund first supported the Initiative in 2013 with a $350,000 loan to the Northside Development Group to construct the Hub City Farmers Market. Since that initial project, subsequent investments in the community have topped $70M. However, the neighborhood still lacked a central space for community members to gather, work, and play, so NDG sought to develop a community facility that could fill that void.

SOLUTION

Developers created plans for of the TK Gregg Community Center, a brand new 42,000 square foot facility. They knew that an infusion of New Markets Tax Credits would be necessary to fully fund the construction and a  critical component of NMTC transactions is the “but for” clause, meaning that a project’s eligibility for tax credit allocations hinges on the fact that a project could not be adequately financed without them. As a longtime partner in the Northside Initiative and a 2018 New Markets Tax Credit allocatee, SCCLF saw an opportunity to meet a critical need for financing while also supporting NDG’s efforts to bring essential services and facilities to the Northside.

IMPACT

The TK Gregg Community Center, slated to open in Spring of 2020, will provide a host of services that will contribute to the wellbeing of Northside residents. The facility will house two pools, a track, rooms for fitness classes, and classroom space to host community programs and events. Additionally, there will be free WiFi as well as desktop computers and tablets for community use, greatly expanding the community’s internet connectivity. The Center also hopes to one day offer swim lessons to District 7 schoolchildren. The TK Gregg Community Center will provide access to athletic facilities, gathering space, and technology, making the facility a cornerstone of the Northside revitalization efforts.