NTCIC was honored to join Justin Dziowgo, Chief Financial Officer of Boyd Jones Construction, to accept the Historic Tax Credit Non-Residential Development that Best Exemplifies Major Community Impact Award for the Rail & Commerce project. The award was presented at the Novogradac & Company Historic Tax Credit Conference in Nashville, TN on September 27, 2018.
The Rail & Commerce Building in the Little Italy neighborhood of Omaha, Nebraska was originally built in 1925 as a sorting facility for the United States Postal Service (USPS). It was later converted into storage space until USPS vacated the premises in the 1970s. The neighborhood’s physical separation from more economically vibrant sections of the city stymied redevelopment and the property remained vacant and dilapidated for many years.
In 2013, Boyd Jones Construction envisioned a brighter future for the building and acquired the property and embarked on a plan to revitalize the surrounding neighborhood. Prioritizing the creation of high-quality, permanent jobs, the project was converted into office space, with a large portion of the building dedicated to small business incubator space. Rail & Commerce provides benefits to local small businesses, including subsidized rent and business consulting sessions and classes provided by the Service Corps of Retired Executives.
In addition to the benefits provided directly to tenants of the project, Rail & Commerce gives back to the community in a number of ways. During construction, Boyd Jones actively sought qualified minority and women-owned businesses to bid for construction contracts. Over 63% of construction costs were awarded to local business. With the renovation complete, Rail & Commerce supports the local economy with its 209 permanent positions and encourages growth of new businesses and development. The project has transformed the attractiveness of the neighborhood and created a sense of community in Little Italy. NTCIC is proud to have partnered with Boyd Jones through our financing of such an impactful project.
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