UB Community Development, LLC (UBCD), a community development partner of United Bank, is pleased to provide a $12 million New Markets Tax Credit (NMTC) allocation to finance the retrofitting of a shuttered building to manufacture and distribute extruded pipes in Selma, Alabama. Additionally, United Bank, a certified Community Development Financial Institution (CDFI), also contributed $8.7 million in loans to the project.
Colclasure Enterprises, LLC is an affiliate of Timewell Drainage Products. Timewell is a family-owned and operated company headquartered in Timewell, Illinois and manufactures plastic pipes and drainage solutions for agriculture, commercial, and residential use. The facility is located in Selma's Craig Industrial Park. Colclasure Enterprises and Timewell Drainage will manufacture and distribute the finished pipe and products across the Southern United States from this new facility.
"The closing on this NMTC transaction to assist Colclasure Enterprises continues our long-standing record of assisting economic development in Alabama's rural Black Belt region. We are grateful that the Colclasure and Timewell teams allowed us to assist them in their expansion into Alabama," stated Alex Jones, President of UB Community Development.
New Markets Tax Credits will allow the company to provide extensive training for their employees, enabling them to make the majority of all the new jobs accessible to those who live in the rural community of Selma. Training that will be provided includes a 3-month truck driving training course, maintenance training for workers who can service plastic extruding equipment and management training for those employees who seek to progress in their careers with the company.
"With the assistance of the NMTC allocation and UB Community Development, we are proud to invest in Selma and Dallas County. This facility not only allows us to expand our operations but also brings valuable job opportunities and economic growth to the community," shared Cory Colclasure, CEO of Timewell Drainage Products.
In addition to their headquarters in Illinois, Timewell operates facilities in Sibley, Iowa, Plainfield, Iowa, Jefferson, Wisconsin, Providence, Kentucky, and Nashville, Tennessee. They are dedicated to manufacturing the highest quality HDPE drainage products that are shipped throughout the Midwest and Southern United States.