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Article: YMCA-YWCA project gets $5.9 million in cash

Article from:
Journal of Business
Article date:
March 6, 2008
Author:
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The YMCA of the Inland Northwest and the YWCA of Spokane have secured almost $5.9 million for the new facility they're constructing at 930 N. Monroe by obtaining tax credits through the federal New Markets Tax Credit program.

Because they could secure the credits, the two organizations were able to obtain a loan from U.S. Bank, in Spokane, to launch construction on the $25 million projects which their contractor, Garco Construction Inc:, of Spokane, began Nov. 15, says Rig Riggins, president and CEO of the YMCA.

In a complex set of transactions that culminated when they all closed in late December, Spokane Y Investment Fund LLC, which the YMCA and YWCA set up to take part in the tax-credit ...

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