“SteelStacks” in Bethlehem, PA:
SteelStacks is a project implemented by 2 nonprofit corporations who have “partnered” to raise Federal, State and local government and private funding to produce 3 project components: a Performing Arts Center and Festival Center owned by ArtsQuest and a Public Broadcasting Center owned by PBS 39. SteelStacks will be constructed on the South end of the old Bethlehem Steel Brownfield site and has tremendous potential to impact a severely distressed census tract. This project will access New Markets Tax Credits based upon its potential economic impact both to the census tract and the surrounding community. The project components are anticipated to total over $55 Million in total project spending with potential New Markets Equity infusion of over $15 Million. The City of Bethlehem is supplementing this with another $15MM investment in a Visitor’s Center and surrounding plazas and “Town Square.” Plymouth Soundings is acting as the Financial Coordinator, guiding the respective owners through the New Markets Tax Credit Equity financing process. To date, a Project Financing Team of nationally recognized legal and accounting firms has been assembled. The project has been marketed to multiple CDEs with New Markets Tax Credit allocations and interest has been expressed by several. Work continues with the Client on refining the sources and uses for each of the 3 project components, coordinating information between the two entities and the prospective CDE allocatees, banks and potential investors. This promises to be a landmark project for the region and all who come together to make this wonderful vision a reality.

Click here to visit this theater's website.