MoFi is excited to announce its first NMTC project in Wyoming, a new $6.8 million Cobblestone Hotel & Suites in downtown Torrington that will bring an economic boost and much-needed lodging capacity when it opens in early 2019.
Sixteen local investors and two banks came together in a true community effort to finance the Cobblestone Hotel & Suites, led by First State Bank Wyoming (a division of Glacier Bancorp).
Project sponsor Paul “Cactus” Covello Jr. sees the hotel as a catalyst for future development along the south end of Torrington.
“The help from the New Markets Tax Credit Program, facilitated by MoFi, provided the critical missing piece in our financing stack, which allowed us to move the project forward,” Covello said. “We fully expect other things to spring up around it in the corridor south of the railroad tracks. It’s the perfect place for a convenience store and we imagine it will revitalize restaurants in the area as well.”
The New Markets Tax Credit Program helps finance economic development projects in low-income areas around the country. MoFi works with investors to turn the credits into cash, and then uses that cash to fund catalytic development projects in Wyoming, Montana and Idaho.
“Since 2009, we’ve used New Markets Tax Credit financing to catalyze nearly $450 million in investment across the Northern Rockies,” said Dave Glaser, MoFi President. “We are thrilled to be bringing this tool to the people and communities of Wyoming.”
“As the state works to diversify its economy through the ENDOW (Economically Needed Diversity Options for Wyoming) initiative, we have recognized how important the tourism industry is for leisure and business travelers alike,” said Wyoming Gov. Matt Mead. “Having tourism infrastructure like hotels helps to grow local tourism economies and adds to Wyoming’s available services provided to visitors. The Cobblestone Hotel & Suites is a welcome addition to Torrington and Wyoming.”
“We know that tourism is the second-largest industry in Wyoming, but Goshen County hasn’t fully capitalized on its potential economic impacts,” said Ashley Harpstreith, CEO of the Goshen County Economic Development Corporation (GCEDC). “We knew we were missing out and adding more hotel rooms was a piece of that puzzle.”
The hotel will provide 10 new jobs to the community and feature 54 rooms, a pool and meeting space.
For-profit and nonprofit businesses with projects greater than $4 million in size may qualify for the federal program. To learn more and find out if your project qualifies, contact Dave Glaser, at 844-728-9234 or firstname.lastname@example.org.
Financing Provided: New Markets Tax Credits.
Photo courtesy of Ashley Harpstreith, Goshen County Economic Development Corporation.