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Published, Version of Record (VoR)Open Access (License Unspecified), Open Access
Published, Version of Record (VoR)Open Access (License Unspecified), Open
Report
DealBook: Golaski Labs
04 Nov 2019
DOI:
https://doi.org/10.17918/00010533
Abstract
Golaski Labs is the first project in Accelerator for America’s and Drexel University’s Nowak Metro Finance Lab OZ DealBook series, which takes deep dives into the nuts and bolts of the first— as well as the most illustrative and interesting— Opportunity Zone deals. Not all these deals will be pretty: some will be within the spirit of the law, achieving significant impact and genuinely benefiting the community, but others will not. With Golaski Labs, we can see how a great project, a great community, and a great team came together to make a long dreamed of project a reality— all while realizing impact and equity, significant community benefits, and meaningful financial return. Although Golaski Labs was well on its way before the U.S. Impact Investing Alliance and the Beeck Center for Social Impact + Innovation at Georgetown University’s Opportunity Zone Reporting Framework were published, the project meets the core standards of those guidelines. While Opportunity Zone capital made this deal happen (and happen faster), it didn’t make it possible—more important was an allocation of New Markets Tax Credits from the Philadelphia Industrial Development Corporation (PIDC), one of the nation’s most inventive economic development agencies that represents a true partnership between government and business. Golaski Labs’ Opportunity Zone equity didn’t come any cheaper either. But what it did do was create a new source of equity for the developer to tap into, jumpstarting a deal that could have taken much longer to get off the ground without it, and ensuring Mosaic could become the senior partner in the project. Capital that probably never would have made its way to a less than $8 million deal in an outer ring neighborhood in Philadelphia was able to find that deal, changing Golaski Labs from another transaction to a transformative project.
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Details
- Title
- DealBook: Golaski Labs
- Creators
- Bruce J Katz - Drexel University, Nowak Metro Finance LabEvan Weiss - New Jersey Economic Development Authority
- Publisher
- Nowak Metro Finance Lab, Drexel University; Philadelphia, PA
- Number of pages
- 16
- Resource Type
- Report
- Language
- English
- Academic Unit
- Nowak Metro Finance Lab; Lindy Institute for Urban Innovation
- Other Identifier
- 991021902315304721