TD Community Development Corporation, a subsidiary of TD Bank, recently allocated $15 million in New Markets Tax Credits (NMTC) to assist Phoenix Packaging Operations, LLC, a minority-owned packaging company located in Dublin, Virginia.
The initiative is a case study in how a bank can help local communities with a positive track record of Socially Responsible inititiatives.
Leveraging the NMTC funding provided by TDCDC, Phoenix Packaging is making a long-term investment in Pulaski County and its workforce by modifying its existing manufacturing plant and building a 250,000-square-foot expansion. The company also will invest in machinery, equipment, and training and development programs, a press release stated.
The investmentwill allow Phoenix Packaging to participate in environmentally sustainable initiatives and practices, including more environmentally friendly production methods of polypropylene K-Cup® Pods used in Keurig® coffee brewers that employs a more recyclable and eco-friendly class #7 plastic than the current class #5 plastic. The project allows Keurig® to decrease greenhouse gas emissions attributed to K-Cup® Pod production by 27 percent.
Dublin, Virginia has recently suffered from high unemployment and economic distress. Phoenix Packaging claims its expansion will result in the creation of 145 new jobs and the retention of approximately 400 local positions that pay double the area’s living wage. The company will also offer apprenticeships and job training programs.
"TD is deeply committed to the communities it serves, and we're proud to support socially and environmentally responsible companies like Phoenix Packaging,” said Michael Cooper, Deployment Director, New Markets Tax Credit Program, TDCDC. “We are honored to help this company make a long-term investment in the people of Dublin, while also developing sustainable products that will positively impact our planet for decades to come.”