The Innovate Fund recently allocated $7 million in New Markets Tax Credits (NMTC) to Ingevity Corporation, providing flexible and below-market financing to the chemical manufacturing company for the transformation and improvement of Ingevity’s 84,283-square-foot headquarters in North Charleston.
The move to build out its new headquarters significantly allows Ingevity to create more jobs within the low-income community with 36.60 percent poverty and 43.66 percent median family income. It is forecasted to support 250 permanent jobs and 43 construction jobs over the NMTC compliance period.
"Ingevity has been a longtime supporter of our community," North Charleston Mayor Keith Summey said in a press release. "We're happy to see they've chosen to remain headquartered here in North Charleston."
Apart from the job opportunities, the new headquarters will bring together Ingevity employees into one location as well as reverting the current Ingevity Technical Center, also located in North Charleston, to its original purpose as a research laboratory.