Tom Reed announced that Federal New Market Tax Credit financing has been secured to help complete the National Comedy Center Project in Jamestown. The financing provided $4.8 million in net funding for the national scope comedy attraction.
“The creation of the National Comedy Center is a transformational project that will attract tourism and serve as a driver of growth for the area. We care about creating jobs for the hardworking men and women of our region and the investment in the site will accomplish this,” Reed said.
Reed saw the potential impact for economic growth that the comedy center would bring to the greater Jamestown area. Reed facilitated conversations between the National Comedy Center and the Economic Development Administration (EDA) to secure the funding for the project.
“We are very grateful for the tremendous “hands on” support that Congressman Reed and his staff have provided over the past several years,” said Tom Benson, National Comedy Center Chairman. "Through their efforts and the help of our many other public / private partners, we are now able to make this catalytic economic development project a reality," Benson added.
In addition to working with the EDA, Reed continued to drive conversations with community development entities to secure the new market tax credit allocations necessary to generate the credit and secure funding for the NCC.
Reed has led the fight in Washington to continue the NMTC extensions. The NMTC is designed to increase the flow of capital to businesses and low- income communities by providing a modest tax incentive to private investors. Over the last ten years, the NMTC has proven to be an effective, targeted and cost-efficient financing tool valued by businesses, communities and investors across the country.
Jamestown is home to the Lucille Ball Desi Arnaz Museum & Center For Comedy. The addition of the National Comedy Center will provide a new interactive comedy destination for tourists and comedy enthusiasts nationwide.