Recently Ivy Tech Community College opened doors to its newest Indianapolis learning facility: the Ivy Tech Corporate College and Culinary Center.
The new Corporate College will house job training, culinary arts—including a student run bakery and fine dining restaurant—an online learning center, high-tech conference space and other services.
Ivy Tech Foundation, Inc. developed the commercial investment, which began with a $23 million donation from the Lilly Endowment, Inc. Another major source of funding the Corporate College received was New Markets Tax Credits. Great Lakes Capital Fund (GLCF), Local Initiatives Support Corporation (LISC), Chase, and the City of Indianapolis all helped financed the New Markets Tax Credits, which are allocated by the U.S. Treasury. The New Markets Tax Credit program helps spur community investment to targeted areas that need it most.
“One key component in utilizing New Markets Tax Credits is to create jobs and to make a significant economic contribution to a distressed area,” said GLCF President and CEO, Mark McDaniel. “Not only did this investment produce 220 jobs right now, it also helps ensure thousands of Indiana residents have the training they need for good-paying jobs in the future.”
“Quality education opportunities are critical to a community’s vitality and strength and we are proud to have played a role in the new Ivy Tech facilities,” said Dennis Bassett, Chairman of Chase in Indiana. “This is a prime example of the public-private partnerships that Chase is advancing to help spur economic growth throughout our country.”
“LISC is pleased to partner with the City of Indianapolis and Great Lakes Capital Fund to support Ivy Tech Community College and its investment in the Mid-North Neighborhood,” said William Taft, Executive Director of LISC’s Indianapolis Program.
The building is on the site of the former Stouffer Hotel at 2820 North Meridian Street, Indianapolis and is being built to the U.S. Green Building Council’s LEED Silver specs and will create 9 permanent jobs, 210 construction jobs, and relocate 26 permanent jobs.