In May 2009, CDF provided $6 million in New Markets Tax Credit allocation to Imperial Zinc, a zinc processing company that has been a member of the Pullman Community for over 50 years. Imperial Zinc was the first borrower to participate in CDF’s Industrial Expansion Loan (IEL) program, which aims to create and retain jobs in low-income communities by providing enhanced financing for industrial projects.
In March 2008, a fire destroyed Imperial Zinc’s primary production facility, forcing it to reduce production and staff. The new 80,000 square foot production facility replaced the damaged structure and includes free-standing kilns and built-in furnaces for production. With the assistance of NMTC financing, Imperial Zinc was able to maintain its production in Chicago and increase its current employment to pre-fire levels. The new facility has also been used to add new product lines, which have further increased employment. Overall, Imperial Zinc retained 40 jobs, and created an additional 50 full-time positions.
The facility was completed in May 2010.
CDF’s NMTC financing is now unwound and closed out.