Emily M. Chad

New Market Tax Credits

• Represented a CDE affiliated with a local government to finance (i) a hotel using targeted populations qualification and (ii) an office building construction project sponsored by a local hospital district.
• Served as CDE counsel for a bonding agency created by state statute in multiple transactions, including a public park and coastal redevelopment project, and a large-scale environmental project with Army Corps of Engineers support.
• Counseled multiple public school districts on pairing New Markets financing with various public finance mechanisms.
• Joint venture between two nonprofit sponsors to rehabilitate abandoned brownfield property into construction training center for low-income entrepreneurs; $1.9M New Markets allocation through a small loan pool.
• Represented nonprofit developing new headquarters and small business incubator in mixed-use development; $13M allocation with allocation from two CDEs, complicated capital stack including more than a dozen grants and forgivable loans.
• Joint venture between affordable housing nonprofit and faith-based nonprofit to acquire NMTC-financed building from receivership after foreclosure by direct lender; $8M NMTC allocation from two CDEs and $6M in direct loans, plus various subsidies in capital stack.
• $35M NMTC allocation for acquisition of pork processing equipment by agricultural cooperative from three CDEs, plus state NMTC allocation.
• $7M allocation for equipment acquisition by grain processing facility, combined with state interest buydown for local businesses on the source loan.
• $6M allocation for rehabilitation of historic building to establish restaurant business with emphasis on developing chefs and restaurant managers of color.
• Served as developer's counsel for acquisition of distressed New Market Tax Credit-financed office building on behalf of two local nonprofits in North Minneapolis.
• Advised nonprofit New Markets sponsor partnering with for-profit low-income housing developer for transaction with complex capital stack, condominium and shared development agreement, and roll up of more than seven land parcels.
• Assisted for-profit company in New Market Tax Credit-financed acquisition of new paint line; advise acquiror in assumption of loan facility.
• Developed structure for CDE to use Opportunity Zone Fund dollars for bridge loans in New Market Tax Credit transactions.

State and Local Tax Credits

• Structured package of local tax incentives and Opportunity Zone benefits for client relocating a call center to low-income community, including working with local economic development authorities and private investors.
• Advised private equity clients on acquisitions of target companies with New Market Tax Credit financing facilities and various state incentives.
• Assisted local bank in perfecting security interests in state historic tax credit proceeds.
• Served as legal counsel for three Opportunity Zone investments with local real estate developer, including analysis of 31-month safe harbor after complete destruction of building during construction.

Other Experience

• Structured complex partnership economics, including high tech startups, angel and venture funds, real estate ventures and other capital finance transactions.
• Negotiated purchase agreements and diligence schedules as deal counsel for buy and sell side sales transactions, including tax-free spin-offs and reorganizations.
• Advised numerous venture capital businesses in qualified small business stock treatment under Section 1202 of the Code.