AAON, Inc., a globally renowned manufacturer of heating and cooling products, has announced a New Markets Tax Credit (NMTC) allocation for its new facility expansion at the Longview, Texas manufacturing plant.
New Markets Tax Credit allocation
AAON received a US$ 23.0 million NMTC allocation for the project and secured low interest financing and the potential for future debt forgiveness related to the expansion.
In August, AAON broke ground on a 195,000 square foot building with an expected completion date of October 2020. The building will be used for both coil warehouse storage and equipment manufacturing operations.
Stimulating economic growth and increasing cash flow
The NMTC program was created to stimulate economic growth and increase the flow of capital to businesses and low-income communities by providing a modest tax incentive to private investors.
“The expansion of our Longview operation provides opportunities for both AAON and the Longview community to experience transformational economic growth. We are excited to receive this NMTC and can’t wait to see future improvement and impact it will have on the community,” said Gary Fields, President of AAON.
