Two investors in the project to revamp the former Studebaker Corp. assembly plant in South Bend have been chosen for a national award. National Trust Community Investment Corp. and Urban Research Park CDE LLC are being recognized for their investment by San Francisco-based accounting firm Novogradac & Co. LLP.
The two companies will receive the Novogradac Journal of Tax Credits 2016 Community Development QLICIs of the Year Award. The award is given to community development entities "for making exceptional qualified low-income community investments (QLICIs) in the past year."
NTCIC and Urban Research Park provided $18.6 million in New Markets Tax Credit allocation for the Studebaker project, which broke ground in May. At that time, officials said they expected the first phase of the project to be complete by the end of this year.
The project will transform the former Studebaker plant into a mixed-use innovation center as part of the city’s Renaissance District. It is expected to create more than 400 permanent jobs.
The companies will receive the award at the Novogradac New Markets Tax Conference in New Orleans on October 20.