Redevelopment of the iconic Argonaut Building in Detroit, Michigan at a project cost in excess of $150,000,000 through a multi-layered tax credit transaction involving State and Federal Historic Tax Credits, New Market Tax
Economic Development Services
Leaders
Regulatory Advice & Counsel
Working within the complicated and intricate framework of governmental regulations is a necessary aspect of any economic development project. Having a partner who understands this labyrinthine and everchanging network is essential. Clark Hill has decades of experience working with, and in, every level of the government, making us the ideal partner for businesses or individuals looking for guidance in regulatory matters.
Clark Hill has done extensive work on behalf of our clients in this arena. Regulatory issues impact every facet of development projects, from obtaining financing to labor relations to LEED certification to tax issues.
Because of our front-row position in governmental relations, our professionals are always prepared to use this knowledge to each client’s advantage. We know when regulations that will affect our clients are about to change. We understand how the laws and regulations will impact different projects. We can work with legislators to help affect changes that will be beneficial to our clients. And we are always able to explain the impact that various regulatory issues will have on our clients’ projects and businesses.
Clark Hill has existing, long-standing relationships with governmental officials at all levels. We are experts at guiding our clients through the increasingly complex and technical maze of federal and state laws, rules and regulations related to economic development activities.
Experience
Represented a local municipality and economic development group in obtaining the first State of Illinois single community Redevelopment Authority with bonding authority of $200 million dollars
Represented investment group structure in the investment and assisted in raising $3,000,000 in capital to facilitate the acquisition of a community based financial institution
Represented commercial development client in the development of over 200,000 square feet of commercial retail strip centers located in the Chicago metropolitan area. Responsible for land acquisition, site planning/design; government entitlements; (zoning/incentives); analysis and procurement of project financing, and construction management. Utilized various economic development tools to improve profitability such as real estate tax rebates (class 8) and tax increment financing
Represented local municipality in the creation of a not for profit development entity to facilitate the development of a $500 million dollar comprehensive redevelopment plan to accommodate the acquisition and development of land for a multi carrier cargo development plan
Represented and counseled a not for profit developer in the establishment of a development joint venture in the construction of a 96 unit Section 42 federal tax credit low income senior housing facility
Represented development joint venture consisting of private equity firm and real estate developer for the development and construction of quick service restaurants throughout the United States
Acquisition and Development of Urban Office Building. Representation of a national developer in connection with (i) negotiating and drafting of documentation with respect to site acquisition, formation of single-asset limited partnership (the entity that owns and operates the project), development, construction contracting, and construction and permanent financing including multiple governmental loans and grants; (ii) assisting developer in obtaining zoning/permitting/approvals needed to develop project; and (iii) providing counsel in connection with environmental issues involving the site which was a "brownfield" site.
Acquisition and Development of Large Urban Housing Project. Representation of a national developer in connection with (i) negotiating and drafting documentation in connection with site acquisition, formation of single-asset limited partnership, project development, project development financing, construction management and contracting, construction and permanent financing including financing from government lenders, and property management; (ii) assisting developer in obtaining zoning/permitting/approvals needed to develop the project; (iii) providing counsel in connection with environmental issues; (iv) assisting developer in obtaining historic tax credits and a conservation easement; and (v) assisting developer in obtaining bridge financing for such easement and credits.
