JAMESTOWN – The National Comedy Center now has the $5 million it needs to finish construction of its facility in downtown Jamestown.
On Monday Mascoma Community Development announced the successful closing of $5 million in New Markets Tax Credit (NMTC) financing to support the $25.7 million NCC project.
Once complete, the NCC will offer an interactive and experiential national attraction and cultural institution, celebrating the art of comedy.
The project embodies the vision of Lucille Ball, a Jamestown native, to use comedy as an economic development tool to revitalize her hometown of Jamestown.
According to officials, the NCC will cover 35,000 sq. ft. and include nine main zones with 70 attractions, featuring hologram technology. The project is expected to create 27 new permanent Full Time Equivalent jobs and approximately 140 temporary construction jobs. NCC Officials say studies show the project will generate more than $23 million of annual economic impact for the City of Jamestown and the surrounding area.
The facility is tentatively scheduled for completion in 2018.
Mascoma Community Development’s primary role is to help raise capital, facilitate loans and otherwise support community development. As a Community Development Entity (CDE), Mascoma Community Development makes use of New Markets Tax Credits (NMTC) to help fill financing gaps for development projects that benefit the residents of distressed communities.