Travois previously acquired nearly $7M for government center construction
NESPELEM – The Colville Business Council is set to approve a contract in special session, Thursday, to hire a private consultant to find investment through the federal New Market Tax Credit program that will partially fund the planned Colville Tribal Treatment Facility.
The consultant company, Travois, previously worked with the Colville Tribes to identify approximately $7 million of investments through the same program for construction of the Lucy F. Covington Government Center.
Travois President Phil Glynn met with CBC’s Management and Budget Committee, Wednesday, and stated the process would be “a replay of what we did for finding New Market Tax Credit funding” for the government center by identifying an investor and at least one community development entity.
The Travois contract, in the amount of $150,000, will be paid upon successful acquisition of the funding, according to tribal comptroller Billy Nicholson.
The New Market Tax Credit Program is a Congress approved program that works to encourage private business investment in low-income communities through CDEs. Private investors receive tax credit for their investment.
Nicholson noted tribal administration will return to Chambers with similar documentation on other upcoming projects.
“The more we use this process and the more we do it in the way Congress intended it, the more firm this legislation becomes,” said Colville executive director Francis Somday. “I really like the idea that we are using it on every project we can. It solidifies with Congress that the money, the reduction in taxes to those investors, is really working in Indian Country.”
Along with the contract with Travois, CBC approved a resolution allowing Key Bank to pursue funding for the treatment facility’s construction, and in May the state of Washington allocated $4.5 million for the tribal facility through the state capital budget plan.