Newark, New Jersey (PRWEB) October 24, 2012
Brick City Development Corporation (BCDC) is pleased to announce that is has received the Gold Excellence Award for Public Private Partnerships by the International Economic Development Council (IEDC), in Washington DC. This is the highest level of achievement awarded by IEDC to an economic development organization for Public Private Partnerships. The Award was presented to BCDC’s Chief Executive Officer, Lyneir Richardson, for structuring
a financing that resulted in the development of the Food Depot grocery store In Newark.
Public private partnerships are commonly used by cities to finance urban development deals.
“Urgent but patient deal making with committed partners combined with common sense financial structuring results in the first full service new grocery store in this part of the city in 22 years,” said Lyneir Richardson, CEO of Brick City Development Corporation.
“Public private partnerships allow us to deploy our resources, leverage City, State and Federal economic incentive programs and get deals done. Often, both public and private sector investment are essential to growing the local economy,” said Richardson
Many of Newark’s neighborhood are classified as "food deserts," which mean they lack access to fresh food for sale at an affordable price within walking distance of their homes. Many neighborhood are also “food swamps” where there is an abundance of fast food and junk food. To combat these problems, BCDC brought together an entrepreneur who had local grocery store experience, a local community bank, grant funding from a local foundation, loan funding from a state program and a local real estate tax abatement. Food Depot, a 31,000-square foot new supermarket is now open on a commercial corner where a flea market once operated. The new supermarket provides Newark’s residents healthy prepared food options, fresh fruits, vegetables, organic eggs and a full-service meat counter.
BCDC facilitated a $2 million subordinate loan, though our BCDC/UEZ Loan Fund to pay certain acquisition and development costs incurred by the retail developer. Crown Bank provided the balance of the debt financing to build the new store, the City provided a tax abatement, and the owners, 75 1st Street Associates, LLC, invested equity to complete the deal. BCDC also secured a grant from the Victoria Foundation and worked with The Newark Workforce Invest Board and the Urban League of Essex County to provide Newark residents with contract and career opportunities at the $8 million store.
"We recognize Brick City Development Corporation (BCDC) for creating innovative and successful strategies to promote economic development in this period of global recovery,” said Jay Moon, IEDC chair. “Our awards honor organizations and individuals for their efforts in creating positive change in communities. Brick City Development Corporation (BCDC) demonstrates that they are at the forefront of the economic development profession and are using cutting-edge, effective practices that can be replicated in other communities."
IEDC's Excellence in Economic Development Awards recognize the world’s best economic development programs and partnerships, marketing materials, and the year’s most influential leaders. These awards honor organizations and individuals for their efforts in creating positive change in urban, suburban, and rural communities.