The Story

AAC East/Probitas Ventures is a state-of-the-art plant in Bennettsville, South Carolina that will produce and sell Autoclave Aerated Concrete (AAC). AAC is a lightweight foam precast concrete product that is produced in both block and panel form that provides superior thermal resistance (fire protection), sound absorption, and energy efficiency compared to traditional concrete or wood/steel framing products. The construction applications of AAC include multi-level commercial construction, hotels, hospitals, schools, convention centers, single and multi-family residences, and military/industrial properties. The NMTC QLICIs provided financing for equipment.

The Financing

• Total Project Cost: $21 million
• MuniStrategies Allocation: $5.5 million  (additional allocation from another CDE)

The Impacts

• Economic: This project will be a major supporter of the construction industry in the Eastern US. Buildings constructed with AAC are 30% more energy efficient than a typical wooden structure or those with traditional concrete. AAC blocks are lighter and larger than Concrete Masonry Units, which translates into less waste and a smaller carbon footprint. AAC is also considered a green building material (U.S. Green Builders Council approved for LEED points) and uses all natural materials.
• Jobs: The Project created 50 full-time jobs, 98% of which will be accessible to the low-income community. Further 96% are accessible to individuals with lower levels of education (below a four-year college degree). The jobs created have an average wage of $17.63 an hour, which is 164% of the single adult living wage in Marlboro County of $10.76 an hour.
• Community: More than $13.5 million in bond financing for the project was sponsored by South Carolina’s Job Economic Development Agency. Also, the Marlboro County Council has approved a Fee In Lieu of Tax (FILO) Agreement which expedited permitting to support the project. Further, AAC East/Probitas entered into a Revitalization Agreement with the State of South Carolina, which provided Job Development Credits for the new jobs the project creates.
• Workforce Development: The Company has committed to $30,000 per year in critical workforce training (or $210,000 for the compliance period). The project plans to work with SC Works to source some of its skilled labor positions. SC Works is South Carolina’s largest workforce development database for job seekers. The project will also utilize internal and various external workforce job training programs. 100% of employees will be trained in all aspects of the company’s safety program, which is being developed by Competitive Edge Manufacturing Consultants.

In the News

AAC East partners with local Habitat Chapter for special build