Paraquad’s relocation of its Health and Wellness Center to a new space will more than triple the facility’s size, allowing the St. Louis agency for people with all disabilities to help a growing number of clients in need of fitness and recreation opportunities. The center’s expansion will alleviate the six-month waiting list at the current site and also create 20 full-time jobs.
As part of the project, which involves multiple locations, Paraquad also will build a full-service restaurant and industrial kitchen to support 20 more clients annually in its training and employment program. To enhance programs, Paraquad will add a small demonstration apartment featuring a universal design kitchen and bathroom as well as entertainment and personal office assistive technology — the first of its kind in the Midwest. Additionally, Paraquad’s headquarters will be renovated, making office space more efficient and rental space more attractive to new tenants.
To acquire the property, renovate existing space, and refinance existing debt, IFF is providing $7 million in new markets tax credits and a $1 million loan. In total, the $17.5 million project is being financed by a combination of loans and new markets tax credits from Enterprise Bank, Pulaski Bank, St. Louis Development Corporation, and IFF, with U.S. Bank as the equity investor. Since 2008, IFF has provided over $11.3 million in loans and NMTCs to Paraquad.