Rural Development Partners Helps Crown Equipment Bring Jobs to America
FOREST CITY, Iowa, March 15, 2023 /PRNewswire/ -- Rural Development Partners allocated $17.5 million in New Markets Tax Credits to help Crown Equipment finance the timely acquisition, modernization, and equipping of a vacated 255,295 SF building adjacent to its current facility in Kinston (NC). The shuttered plant left 159 employees without a job and little economic opportunity. The expansion is expected to create 192 jobs and retain 340 in the region, some of which will be re-shored from the Company's overseas operations.
New Markets Tax Credits Help Expand Job Opportunities in America
"RDP is thrilled to partner with Crown on their expansion in Kinston, NC. The expansion will bring even more high-quality jobs to the region in addition to the onshoring of jobs currently held overseas. Crown's continued commitment to the Kinston area will go a longways in helping to support economic stability in the region." – Dan Helgeson, CEO of Rural Development Partners
The new facility will feature environmentally sustainable improvements, exemplifying the company's commitment to redevelop lan and reuse buildings that will help preserve and revitalize the community. The project will improve Crown's manufacturing capacity and allow them to produce more than 75% recyclable lift trucks while providing for future expansion of manufacturing services.
"We are excited about the expansion of Crown's footprint in Kinston, North Carolina. This expansion would not have been possible in the scope and expedited time frames we are planning without the availability of the New Markets Tax Credits provided in conjunction with our partners at Rural Development Partners, Five Points Community Capital, and US Bank Community Development Corporation. This expansion will allow Crown to significantly expand our production capabilities, onshore and/or dual source component manufacturing from other global regions of the world and create nearly 200 additional employment opportunities for the residents of the city of Kinston and Lenoir County." – Craig Seitz, Senior VP & CFO of Crown Equipment
Rural Development Partners
Rural Development Partners utilizes the NMTC Program to help organizations throughout the nation relocate and expand their operations in distressed rural communities. RDP investments help create jobs, economic growth, training opportunities, and food security for Rural America by partnering with organizations that take action to invest in and support their local communities. From 2004 through 2022, RDP has won eleven NMTC awards from the U.S. Treasury totaling $701.7 million. To learn more about RDP and the NMTC program, visit our website or social media platforms.
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SOURCE Rural Development Partners