Warsaw YMCA Project Receives BoostPosted: Updated:
A community development finance institution is investing $9 million in a new YMCA facility in Warsaw. The $16 million project will include a health and wellness center, group exercise studios, multiple pools and greenway space for outdoor activities and youth sports.
December 21, 2014
Warsaw, Ind. -- CapFund New Markets has closed and financed a $9 million allocation of federal New Markets Tax Credits to support a new, leading edge, facility, with more than 72,000 square feet, to meet the growing needs of the Warsaw, Indiana community.
Kosciusko County YMCA partnered with Great Lakes Capital Fund-family company, CapFund New Markets LLC, to combine with funds the nonprofit raised through a record-setting capital campaign. Tax Credits and capital campaign combined, the new YMCA represents a $16.1 million investment to Kosciusko County.
The federal New Markets Tax Credits enable the Kosciusko County YMCA to construct the highly-anticipated facility more quickly, and begin serving Warsaw-area residents earlier than if they relied on a capital campaign entirely.
The new facility replaces a smaller, obsolete center, and will include an 8,500 square foot health and wellness center, two group exercise studios, a group cycling room, a teaching kitchen, a six-lane lap pool, a pool for warm water therapy, gathering and program space for all ages, a youth and teen center, a double gymnasium, locker rooms for adults, families, youths, and individuals with special needs, a mile of greenway for biking, running, and walking, and outdoor fields for day camps and youth sports.
The project will create 15 full-time positions. In total, the Parkview Warsaw YMCA will create or retain 67 full-time positions. The Parkview Warsaw YMCA has based these projections on surveys of other YMCA facilities that have undertaken similar expansions. Additionally, the project will support 89 construction jobs.
The Parkview Warsaw YMCA will serve as a one-stop destination for families and provide a safe and positive after-school environment for children and teens in the community. The center will offer programs and services that promote health and exercise, helping to prevent chronic diseases caused by unhealthy lifestyles.
The facility is expected to accommodate 4,000 more members than the previous site, bringing the total membership to 18,000 people.
About Kosciusko County YMCA
Founded in 1962, the Kosciusko County YMCA is a nonprofit organization that serves more than 14,000 youth, adults, families, and seniors through programs for youth development, healthy living, and social responsibility. The association runs summer camps, supports youth gymnastics and swim teams, and offers before- and after-school programs to 255 students in seven elementary schools. For the past 50 years, the Kosciusko County YMCA has expanded its services, facilities, and membership and remained an important community asset in the Warsaw area.
About Cap Fund New Markets, LLC
Cap Fund New Markets, LLC is a Community Development Entity (CDE) and an affiliate of Great Lakes Capital Fund, a Community Development Finance Institution, as designated by the U.S. Treasury. CFNM deploys its New Markets Tax Credits (NMTC) allocations in the states of Michigan, Illinois, Indiana and Wisconsin. It has received more than $109 million of NMTC allocation and manages another $250 million of NMTC in collaboration with other Michigan-based organizations including Michigan Magnet Fund and a National Bank. CFNM targets projects located in highly distressed census tracts and delivers projects that revitalize neighborhoods and are directly responsive to the needs of low-income communities in the Great Lakes region, including access to high-quality jobs, affordable childcare, education, healthcare and supportive services for families in crisis.
Source: Cap Fund New Markets LLC