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Cities, towns, and jurisdictions are in constant competition to attract more businesses to their communities and promote job growth. However, real estate development projects often rely on federal, state, and local government incentives for financing. Dickinson Wright works with all parties involved in economic development to successfully implement plans that maximize available incentives, including real estate developers, private developers, manufacturing businesses, energy companies, institutional lenders, government entities, and quasi-governmental organizations.
From the beginning stages of conceptualization and strategizing to incentive procurement to land use and construction to closing and post-closing restructuring, our economic development team provides comprehensive legal services while vigorously advocating to achieve our clients’ objectives. Our services include:
Implementing economic development strategies
Drafting state and federal incentive legislation
Facilitating alliances between businesses and local governments
Procuring local, state, and federal incentive packages
Advising on participation in grant programs
Securing tax credit and tax-exempt bond financing
Serving as bond counsel
Structuring public-private partnerships
Negotiating construction contracts
Assisting with green development and brownfield redevelopment projects
Additionally, our economic development lawyers work closely with other practice areas within the firm to ensure that we address and mitigate every potential point of concern that may emerge, including:
–Helped numerous private developers identify and obtain incentives while working closely with administrative agencies throughout the approval process.
–Assisted government entities with the conceptualization and administration of economic development strategies.
–Represented institutional lenders, syndicates, and borrowers/developers in tax credit and other economic incentive financings under national, federal, state, and local programs, including New Market Tax Credits, SmartZones, Renaissance Zones, brownfield credits, redevelopment and rehabilitation credits.
–Served as bond counsel to state and local units of government, lenders, underwriters, and developers/borrowers in connection with economic development projects.
–Served as general counsel to a major mixed-use, community transforming real estate development, which faced challenges involving all aspects of law.
–Represented developers on opportunity zone investment capital raises, including counsel on related construction financing and structuring, ranging from $10 million to $200 million.
–Counsel to a financial services company regarding the issuance of financial recovery bonds by the city. The financing represented an innovative approach to solving the financing problems of an economically distressed community and was awarded the 2011 Deal of the Year by The Bond Buyer in its small issue category.
–Represented investors (qualified opportunity funds) on formation and opportunity zone investments, as well as on related compliance matters.
–Represented insurance companies and large commercial bank community development corporation subsidiaries in originations of new markets tax credit (NMTC), rehabilitation tax credit (also known as historic tax credit (HTC)), and low-income housing tax credit (LIHTC) investments, as well as related asset management and investment dispositions/exits.
–Represented lenders in construction loan facilities for the development of new hotels utilizing federal and state historic tax credits and new market tax credits.
–Assisted with a brownfield development for a Midwest Corporation, including construction, permits, financial incentives, and environmental impact assessments, evaluation, and implementation of alternatives and mitigation plans.
–Represented a closely held real estate development company in the development of several tax-credit incentivized properties as well as general corporate matters.