SunTrust Community Capital, a subsidiary of SunTrust Banks, Inc., announced today that it provided $3.2 million in New Market Tax Credits (NMTC) to help construct a Research and Innovation Center in the Auburn Research Park at Auburn University. The project is a 105,000 square foot office building, and part of a University-affiliated master-planned research and development campus. The project will create 125 temporary full-time construction jobs and 101 permanent full-time jobs.
“The Research and Innovation Center is an incredibly exciting project that will help incubate companies and create jobs throughout the state of Alabama. These New Market Tax Credits are a critical component of the financing for the project and are emblematic of the positive impact of the NMTC program,” said Chris Leutzinger, first vice president and NMTC relationship manager at SunTrust Community Capital.
Construction of the center will begin in the second quarter of 2019 and is scheduled to be completed in the third quarter of 2020. The building is being constructed by the Auburn Research and Technology Foundation, a non-profit affiliated with Auburn University with a mission of supporting research and economic development. Among the groups that will be housed in the building are: the Vice President for Research and Economic Development, the Auburn Business Incubator, a small business incubator with mission of assisting entrepreneurs, startups, and early stage companies across the state with a full suite of business consulting services; and the Tiger Cage Accelerator, which helps current student entrepreneurs develop businesses from idea generation through plan and production. Additional space in the building will be used to attract private technology companies and research institutions in the areas of cyber security, health sciences, and additive manufacturing.
“The Auburn metropolitan area is one of the fastest-growing regions in the state of Alabama,” said Larry Fillmer, executive director for the Auburn Research and Technology Foundation. “This expansion of the Auburn Research Park and its capabilities is part of a larger strategy to meet the needs of our community and to contribute to the region’s vibrant economy.”
The NMTC’s were provided through a partnership with UB Community Development, a certified community development entity of United Bancorpration of Alabama. Additional debt was provided by United Bank, as well as a construction loan from River Bank and Trust.
SunTrust Community Capital is a national leader in the NMTC program, having closed on approximately $1.4 billion in Qualified Equity Investments. SunTrust Community Development Enterprises, LLC has received nine awards of NMTC allocation, totaling $578 million.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
