Buffet Breakfast: 7:30 ~ Program: 8:00 - 9:00 AM
The federal new markets tax credit program has been utilized by developers over the past 12 years to finance a variety of projects being built or rehabbed in certain “low-income communities” throughout the country. In 2012, Maine created its own new markets tax credit program to piggyback on the federal program and drive additional capital into high unemployment or low-income areas of the State. These programs are complex, but they are capable of bringing low-cost capital to projects that can make the difference between getting your project built or not.
Kris Eimicke from Pierce Atwood LLP and Charlie Spies from CEI Capital Management LLC will explain the basics of new markets tax credit financing, including how to determine if your project qualifies and what benefits your project can expect to receive if it does. Jim Brady recently completed a state new markets tax credit financing for his Press Hotel Project, and will join the panel to give a developer’s perspective on these tax credit programs.
Make plans to join MEREDA for breakfast on February 4 at the DoubleTree by Hilton, 363 Maine Mall Road, South Portland as our panel of experts explain the basics of new markets tax credit financing and what to expect if your project qualifies.
About the Panelists:
Kris Eimicke joined Pierce Atwood in 2009 and concentrates his practice on tax issues involving state and federal new markets tax credit programs, renewable energy tax credits, and historic rehabilitation tax credits. He has worked extensively with the federal new markets tax credit and Maine's new markets capital investment program since its inception in 2011. He has been involved in nearly all of the transactions to successfully close under Maine's new markets program to date, either as counsel to the developer/borrower or the community development entity that provided the financing Prior to joining Pierce Atwood, Kris clerked for Judge Harry Haines of the United States Tax Court.
Charlie Spies is CEO of CEI Capital Management LLC (CCML), one of the nation’s leading allocators of New Markets Tax Credits and a wholly-owned subsidiary of CEI (f.k.a. Coastal Enterprises, Inc.). In this position, Charlie oversees CCML’s capital sourcing, project sourcing, investment recommendations, organizational management and program compliance. Under his guidance, CCML has placed more than $800 million of federal New Markets Tax Credits in more than 80 projects nationally that have helped create and preserve jobs and improve quality of life in low-income communities. Over 80% of these projects are located in rural communities. Charlie was the 2004 recipient of the SBA’s Financial Services Advocate Award for Maine and currently serves on the Executive Committee of the National New Markets Tax Credit Coalition.
James H. Brady is a hotel developer with extensive experience designing, constructing and operating hotel properties. In 1998 Mr. Brady co-founded Olympia Development, a profitable, award-winning real estate development group focused on hotels, offices and mixed-use projects. He served as its president for 10 years. During that time, Olympia Development completed over US$200 million in real estate projects, including five ground-up hotels. After leaving Olympia in 2008 to live in Bologna Italy, he served as Project Director for MProject (www.mproject.it) on a €400 million redevelopment of multiple projects including an historic rehabilitation of the famed Excelsior and Des Bains Hotels working with Four Seasons Hotels & Resorts to convert to hotel and branded residences. Jim serves on the boards of Greater Portland Chamber of Commerce, Architalx as well as SailMaine and is past president of the Children's Museum of Maine.