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NETT LAKE, MN-The Bois Forte Community Redevelopment Corp. landed $12.8 million in financing to continue building the Community and Government Services Facility here. The project, which is currently under construction, received $3.7 million from Wells Fargo through a new markets tax credit investment, plus an additional $9.1 million in construction financing. Kansas City, MO-based Travois New Markets, an economic development consultant for American Indian tribes, helped secure the capital.

“The NMTC program financing structure provided Bois Forte a source of long-term funding to the project that is substantially cheaper and on more favorable terms that would be conventionally available,” explains Lee Winslett of Wells Fargo’s Community Lending and Investment group. “This creates a domino effect that allows Bois Forte to rent space at below-market lease rates, and tenants increase their benefits to end users: members of the Bois Forte Band of Chippewa.”

The project will replace the Tribal Government building that was destroyed in the Spring due to a fire. The previous building has been a well-known property in the area since its construction in 1976. The new facility will total 48,852 square feet. The total construction cost was not released. Construction is slated to complete in August of 2010.

“We were pleased with the financial acumen and knowledge of Indian Country that Travois brought to this project,” says Bois Forte tribal chair Kevin Leecy. “Our focus is on diversifying and strengthening our economy. Creative financing tools like New Market Tax Credits are versatile tools for Tribes to utilize.”

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