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Eclipse Theaters Development Group LLC $19.8 Million Entertainment Complex Project
In July, Stonehenge Community Development, LLC provided $8 million of Nevada State New Markets Tax Credit (NMTC) allocation and $4 million of Federal NMTC allocation to the $21.1 million financing of the Eclipse Theaters Development Group LLC's new 72,000 sq. ft. state‐of‐the‐art integrated entertainment center project in Las Vegas, Nevada.
The project, located in the revitalized downtown area of Las Vegas, is one of the first to be completed under Nevada’s NMTC program. This program was created by the Nevada State Legislature in 2013 to assist businesses in low-income areas obtain access to loans at below market rates, as part of the state’s goal of supporting economic development and job growth.
The 550-seat multiplex theater will offer an alternative entertainment destination to spur growth of Las Vegas, while projecting to create over 80 direct and induced jobs. Additionally, the project is expected to create between 150-200 positions during the construction phase.
Eclipse expects to serve over 100,000 patrons within low income communities and through partnerships with community and charitable organizations, supporting over 3,000 low income community residents. The project is also notable for being minority-led: Nic Steele, Developer and Managing Member of Eclipse Theaters, and the project’s architect are African American.
The Eclipse Theater has a projected opening of spring 2016.
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About the New Markets Tax Credits in Partnership with Stonehenge Capital
Stonehenge Community Development, LLC is an active participant in federal and state community development and new markets tax credit programs. Recognized as a CDE by the Community Development Financial Institutions Fund (United States Department of the Treasury) with a national service area, Stonehenge is one of the largest National Non-Real Estate CDEs having received $625 million of federal new markets tax credit allocation authority over nine allocation rounds. Thus far, $1.2 billion has been deployed and invested in 99 transactions in 25 states. These investments range in size from $3 million to $25 million.
The National Urban League (NUL) and Stonehenge Community Development, LLC (SCD) have developed a strategic alliance to deploy NMTC allocations. The NMTC Program aligns with, and advances NUL’s goal of economic empowerment.
