Ivy Tech Corporate College and Culinary Training Center
About this Project
Date Closed: April
Total Project Cost
New Markets Tax Credit Investment
Ivy Tech is a state-wide community college serving nearly 40,000 students. 67.5% of these students are located in Indianapolis. The project had total costs of $37.6 million, leveraging $23,510,090 in grants primarily from Lilly Endowment. The transaction utilized $18,105,000 in NMTC loans from two other CDEs ($7 million and $11.1 million) for a total allocation of $33,105,000. The project renovated a vacant 90,000 SF hotel into classrooms and a ballroom for Ivy Tech’s culinary and hospitality school.
Students are prepared for professional careers in Indiana’s restaurants and hotels after graduating from this program. The renovation also included the addition of meeting rooms and laboratories to house Ivy Tech’s Corporate College and provide space for workforce and employer training courses. The Corporate College provides training to prepare workers for jobs in the fields of technology, healthcare, advanced manufacturing, transportation and logistics, construction, and energy.
The culinary and hospitality program graduates over 100 employment-ready individuals annually and the corporate college program serves 2,700 to 3,200 trainees each year. The project also created 59 direct quality permanent jobs.
This project received national attention in March 2015 when President Obama visited the Corporate College and Culinary Training Center. In his comments, he noted the importance of making workforce training opportunities available to all people and the impact of the project on the local community. He also lauded the cooperative effort of the three CDEs that used NMTC allocation to support the project. Ivy Tech worked tirelessly for years to find funding for this project. The long and extensive search for capital sought support from alumni, private foundations, and the state legislature. None of these solicitations generated adequate funding to renovate the closed hotel into the state-of-the-art culinary school the community college required. Ultimately, the benefit provided by NMTC closed the gap and allowed the renovation to proceed.
“Ivy Tech Corporate College and Culinary Training Center prepares students for careers in the restaurants and hospitality industry.”