Brown Announces Extension of Critical New Markets Tax Credit (NMTC) which Helped Fund Construction of the Kent State University Conference Center & Hotel Passed as Part of the Fiscal Cliff Deal
KENT, OH – U.S. Sen. Sherrod Brown (D-OH) joined community officials to tour the new projects and development in downtown Kent today. Following a briefing at AMETEK, Brown joined Kent Mayor Jerry Fiala and business and community leaders in a visit to the Portage Area Regional Transit Authority (PARTA) Central Gateway Transit facility, the Kent State University Hotel & Conference Center, and Acorn Alley I & II projects.
“Kent exemplifies the progress our state can make when we work together,” Brown said. “Through private investment, federal resources, and local leadership, we’re seeing record growth and development that will help create jobs and support existing businesses—and maintain Kent’s reputation as a great place in which to grow up, go to school, and raise a family.”
Brown also announced the extension of a critical tax credit that provided $8 million in funding to create jobs and construct the new Kent State University Hotel & Conference Center. The agreement reached to avert the so-called “fiscal cliff” also included an extension of the New Markets Tax Credit (NMTC) through 2013. This critical credit helps encourage investment and economic development in the communities that need it the most.
Brown has been a longtime advocate for Kent. He helped secure $20 million for construction of the Central Gateway Transit facility, a multi-modal building fitted with solar panels to include commercial space, a parking garage, bus bays, and bicycle storage that improves transit accessibility in Kent and links the area to Cleveland and Akron.