national comedy center

overview

Location: Jamestown, NY

Rise’s Role: Financial Advisor

Size: 30,000 SF

Sources:

• Historic Tax Credits

• New Markets Tax Credits

• Bridge Debt

• Empire State Development Grants and other philanthropic sources

Project summary

Home to Lucille Ball, a comedy icon and once a thriving center for furniture manufacturing and sheet metal fabrication, Jamestown and the surrounding area has been severely economically distressed for decades. To address this economic decline and capitalize on the fame of Lucille Ball, a nonprofit originally started by Lucille Ball created the concept of a 35,000 square foot National Comedy Center that is expected to draw over 114,000 visitors annually and add over $23MM annually to the local economy by catalyzing other significant redevelopment. The project consists of the fit-out of the Historic Jamestown Train Station, which was redeveloped a few years ago with Historic Tax Credits, the rehabilitation of an adjacent building and the new construction of an addition.

rise’s Strategy and solutions

Rise was engaged in 2015 to provide financial advice, structure the transaction and raise capital for this transformative project. In addition to raising capital, a key requirement was to ensure that each of the financial tools could seamlessly work together. Rise structured the transaction that required marrying the already closed Historic Tax Credit transaction with the new transaction that included New Markets Tax Credits, bridge debt and grants to finance the project.