UBCD announces $81M NMTC allocation for American Peanut Growers Group
Published 9:45 am Friday, January 7, 2022
UB Community Development LLC (UBCD), a community development partner of United Bank, announced today the closing of an $81.5 million New Markets Tax Credit (NMTC) allocation for the expansion of American Peanut Growers Group (APGG), according to a release.
UBCD, with Baker Tilly, assisted in sourcing $81 million in New Markets Tax Credit allocations from Community Development Entities (CDEs) including Carver Financial Corporation, National New Markets Fund, Midwest Renewable Capital and National Community Fund.
“Undertaking a project of this magnitude is a team effort and will have an extensive impact on Donalsonville and the peanut growing region,” Alex Jones, president of UB Community Development, said in a release. “UBCD is proud that APGG and the farm family owners trusted us and Baker Tilly to guide them through the process of sourcing and structuring a project of this scope. We would also like to thank the CDEs for supporting this impactful project with their allocation. Without them this project would not be a reality.”
The new 140,000-square-foot facility will source peanuts from farms in Alabama, Georgia and Florida. The project will create 258 permanent jobs with training and career advancement opportunities in addition to 165 construction jobs. The project anticipates shelling 70,000 tons of peanut annually, which will then be processed further into value added peanut ingredients.
APGG has 130 regional family farms and is expected to add 32 new family farms as owner members. Current members farm approximately 210,000 acres with over 420 employees. The project is estimated to support an additional 50,000 acres of production, which is estimated to support 100 employees.
A number of partnerships made this project possible. The City of Donalsonville, through its Industrial Development Board, Seminole County and the State of Georgia all supported the project throughout the closing. Without the local and State support the project would not have come to fruition.