CCL Farm Conservation

The Organization will assist the South Carolina Coastal Conservation League (CCL) in its programs and services by undertaking the (a) acquisition of a leasehold interest in certain real property located at 1814 Harmon Street, Charleston, South Carolina 29403 (Land), including the new food hub facility constructed and developed by CCL on the land (Facility) and (b) leasing of the Land and the Facility to CCL for operating (collectively, (a) and (b) are referred to as, the Project). The activities of the Organization will be funded through its participation as a qualified low-income community business as defined under Section 45D of the Internal Revenue Code (Code) and as a borrower in a new market tax credit (NMTC) transaction. (Continued on Sch. O)The Corporation obtained a loan from TCDE 104, LLC, a Georgia limited liability company (CDE) to finance a portion of the acquisition of the Land and Facility. CCL will lease the Land and Facility to the Organization for a term of 99 years pursuant to a Ground Lease Agreement between CCL, as ground lessor, and the Organization, as a gournd leasee (Ground Lease). Pursuant to the Ground Lease and a Reimbursement and Contribution Agreement between CCL and the Organization, the Organization will reimburse CCL for a portion of the costs to purchase and construct the Land and Facility (Development Costs), and CCL will make a contribution in-kind to the Organization of the remaining Development Costs. The Organization will lease the Land and Facility to CCL for a term of 30-years pursuant to an Operating Lease Agreement between the Organization, as lessor, and CCL, as lessee. The Organization's Board of Directors will conduct the activities of the Organization. The activities of the Organization will be ongoing to assist with the food programs of CCL. The activities of the Organization will allocate all of its time promoting and assisting CCL in accordance with its exempt purpose. The Project will provide a much-needed food hub facility in Charleston, South Carolina. The NMTC financing utilized by the Organization will enable CCL to raise additional capital for its food programs at the Facility.