Irving Forest Products to Double Ashland Sawmill Capacity with $112.9 Million Tax Credit Boost

GlobeNewswire··US·Read original
2▲1 ▼0Impact / 5
Summary · why it matters

Irving Forest Products, Inc., a subsidiary of J.D. Irving, Limited, is undertaking a modernization project to expand its Ashland Sawmill in Nashville Plantation, Maine, that will double the facility's annual lumber production capacity from 130 million to 250 million board feet. The project is expected to create and retain the equivalent of 220 permanent, full-time jobs while supporting upstream foresters and loggers throughout the region. The expansion is supported by the Federal New Markets Tax Credit program and the Maine New Markets Capital Investment Program, which together bring a combined total of $112.9 million of tax credit allocations to the project, with the state portion previously announced by the Finance Authority of Maine in June. That funding has been allocated to seven Community Development Entities, including TD Community Development Corporation, Mascoma Community Development, CEI Capital Management, Evernorth Rural Ventures, MHIC, CityScape Capital Group and Stonehenge Capital, and those investments generate approximately $44 million in federal and state tax credits. TD Community Development Corporation provided $10 million in a New Markets Tax Credit allocation and supported $49 million in NMTC investments, while CityScape affiliate CCG Community Partners LLC provided $10.4 million of Maine State NMCIP allocation. Irving Forest Products rebuilt the Ashland sawmill in 2014 and has continued to invest in the mill since then.

Impact on assets 3

Financials▲
Toronto Dominion Bank
TD
▲ PositiveCapitalrelevance

TD Community Development Corporation provided a $10 million New Markets Tax Credit allocation and supported $49 million in NMTC investments for the Ashland sawmill expansion.

Consumer Discretionary▲
Others▲

Off-coverage companies 6

Evernorth Rural Venturesi
Private▲ PositiveCapitalrelevance

Evernorth Rural Ventures is one of seven Community Development Entities receiving part of the $112.9M tax credit allocation for the Ashland Sawmill expansion.

Mascoma Community Developmenti
Private▲ PositiveCapitalrelevance

Mascoma Community Development is one of seven Community Development Entities allocated part of the $112.9M in New Markets Tax Credit funding for the project.

CEI Capital Managementi
Private▲ PositiveCapitalrelevance

CEI Capital Management is one of the seven Community Development Entities receiving allocations for the project.

CityScape Capital Groupi
Private▲ PositiveCapitalrelevance

CityScape Capital Group's affiliate CCG Community Partners LLC provided $10.4 million of Maine State NMCIP allocation for the expansion.

Massachusetts Housing Investment Corporation (MHIC)i
Private▲ PositiveCapitalrelevance

MHIC is among the Community Development Entities allocated funding for the Ashland Sawmill modernization project.

Stonehenge Capitali
Private▲ PositiveCapitalrelevance

Stonehenge Capital is one of the seven Community Development Entities receiving allocations for the $112.9 million tax credit-funded sawmill project.