AUSTIN, Texas (May 17, 2018) – Baker Tilly Capital, LLC, a boutique investment bank, successfully sourced a $12 million New Markets Tax Credits (NMTC) allocation for the Boys & Girls Clubs of the Austin Area (BGCAA) to help finance the design, construction and building of a $14 million facility in Austin. The 32,000-square-foot project is located near the intersection of Ed Bluestein Boulevard and Manor Lane.
Today, the BGCAA is Austin’s leading youth development agency serving more than 12,000 kids at 29 different locations. The two story development aims to positively impact the lives of many low income children in the North Austin area and will be the BGCAA’s first standalone club. The new facility will provide a healthy, nurturing, home-like community and other services for over 8,000 underprivileged youth in one location.
“We enjoy working with projects that impact the community as BGCAA has, especially where our new Baker Tilly office calls home,” Mike Ross, president of Baker Tilly Capital and NMTC Austin leader, said. “This project will provide the necessary space to affect the lives of thousands of underprivileged children.”
Texas Mezzanine Fund, a community development entity certified to provide NMTC to qualifying projects, provided the allocation.
“We have a clear purpose to promote, stimulate and develop distressed and under-served communities in the state of Texas by providing financing to impactful projects,” Victor Elmore, president and CEO of Texas Mezzanine Fund, said. “The Boys & Girls Club project was an ideal fit for investment given the positive effect it will have on the communities in and around Austin.”
BGCAA’s new facility will be a two story, 32,000 square foot structure that will house the club’s daily collaborative activities. The facility will include a state of the art learning center focused in the area of STEM (science, technology, engineering and math) based programming, as well as a fabrication lab allowing for tailored, hands-on learning opportunities. The learning center will further comprise a music and recording studio, performing arts studio, fine arts studio and a library. Additionally, the facility will include a high school size gym, serving kitchen, outdoor eating area, game room and teen center.
About Baker Tilly Virchow Krause, LLP (bakertilly.com)
Baker Tilly Virchow Krause, LLP (Baker Tilly) is a nationally recognized, full-service accounting and advisory firm whose specialized professionals connect with clients and their businesses through refreshing candor and clear industry insight. With approximately 2,700 employees across the United States, Baker Tilly is ranked as one of the 15 largest accounting and advisory firms in the country. Headquartered in Chicago, Baker Tilly is an independent member of Baker Tilly International, a worldwide network of independent accounting and business advisory firms in 147 territories, with 33,600 professionals. The combined worldwide revenue of independent member firms is $3.4 billion.