High noon on the main drag in the city of Brawley.
Driving along the main street in Brawley is a stark reminder of the effects of a stalled economy.
While larger metropolitan areas may be able to weather economic downturn more easily, downtown Brawley isdominated by boarded up businesses and advertisements for homes at auction. This is what 24.2% unemployment looks like.
However, driving just past the Brawley airport, there is hope; an enormous industrial facility comes into view, emerging from its closure like a bear awakening from hibernation.
At 337,000 square feet on 100 acres, the newly purchased and rehabilitated One World Beef processing plant will soon go back online, approximately two-and-a-half years after it was abandoned by the previous owners. Eric Brandt, a third-generation Imperial Valley cattle feeder and CEO of One World Beef, predicts that 600 jobs will be restored over the next four years. In a city where nearly 3,200 residents are unemployed, that’s a lot of people back to work.
The 100-acre One World Beef processing plant as seen from the freeway.
According to Brawley Mayor Don Wharton, “The positive impact of the re-opening of the beef plant extends beyond the city limits. Job creation on this level does not happen often, therefore the significance of this industry returning to Brawley is immeasurable.”
Here at Border Communities Capital Company, an affiliated entity of Chelsea Investment Corp., we’re proud to be involved with the financing that makes this project possible. As part of a consortium of lenders and equity investors, we recently closed a $7.76 million loan financed through the New Markets Tax Credit program. Read more by clicking here.
This is a great example of why the New Markets Tax Credit program is important. We plan to be involved in more of this job-generating financing in Imperial County.
For more information on Border Communities Capital Company and New Markets Tax Credit financing and to see if your project possibly qualifies please visit http://www.chelseainvestco.com/bccc/