A new fuel plaza and convenience store developed by the Elk Valley Rancheria, California, recently secured additional funding to expand its positive impact on the community.
The Elk Valley Tribal Fuel Mart in Crescent City, California, received $1.7 million in equity through the New Markets Tax Credit (NMTC) program, significantly reducing the project’s debt. As a result, a Tribal-owned enterprise already spurring economic development and creating quality jobs will now provide even more financial benefits to the Elk Valley Rancheria.
“The closing of the New Market Tax Credit for our fuel plaza and convenience store is a significant milestone for the Elk Valley Rancheria. This project demonstrates the power of collaboration and innovative financing to bring economic opportunity and growth to our Tribe and the surrounding community,” Elk Valley Rancheria Tribal Council Chairman Dale Miller Chairman said.
“By leveraging the NMTC, we are not only creating jobs and supporting local businesses but also providing essential services and strengthening our self-sufficiency. This development represents our commitment to sustainable progress, and we look forward to the positive impact it will have for generations to come.”
“This is another step in an economic renaissance in Crescent City and Del Norte County. We expect that the Tribe’s success will continue to be the catalyst for community-wide economic development.” — Elk Valley Rancheria Chief Operating Officer Crista Stewart
Strategic partnerships to increase impact
Travois New Markets, a nationally certified Community Development Entity (CDE) focused exclusively on serving Native communities, allocated the tax credits to support the project. U.S. Bancorp Impact Finance, a U.S. Bank subsidiary, provided the equity investment.
“We believe everyone deserves to live in a thriving community with access to opportunity,” said Paul Kinsella, U.S. Bancorp Impact Finance Senior Project Manager. “Our investments help bring essential resources to communities where they’re needed, including jobs, so we’re pleased for Elk Valley Rancheria.”
The fuel plaza has created 10 full-time jobs, with four more expected in 2025. It offers salaries well above the area’s living wage and benefits that include paid leave, retirement plans, and health insurance. The jobs are available to Rancheria members under its preference process, which follows federal and Tribal laws.
“The Elk Valley Tribal Fuel Mart not only provides quality jobs for the Rancheria but also serves as an important funding source for the Tribal government and additional economic development projects,” said Michael Bland, director of community investments for Travois New Markets. “This infusion of New Markets Tax Credit equity will help maximize the business’ revenue to benefit the members of the Rancheria further.”
More than a convenience store
Additionally, the Elk Valley Rancheria has contracted with Harbor Wholesale and Partnership For A Health America (PHA) to promote healthier food options to fuel plaza customers. Initially, 20% of the inventory will be healthy options such as fresh fruit and vegetables, whole grains, protein, and dairy, with a goal to increase this amount to 30% by the end of this year.
First American Petroleum (FAP), a fully Native-owned fuel supplier, will provide fuel and consulting services during the initial opening period. FAP will continue to supply ongoing services as needed.
The Elk Valley Rancheria obtained several grants to complete the design and engineering for the fuel plaza. This funding included a U.S. Economic Development Administration (EDA) grant to develop a Tribal Comprehensive Economic Development Strategy, a Native American Business Development Institute (NABDI) grant to complete the feasibility study, and a Tribal Nations Grant Fund to complete the architecture, engineering, and environmental planning.
Leveraging New Markets Tax Credits to decrease debt
Once completed, the Elk Valley Rancheria successfully applied for a $1.5 million Indian Community Development Block Grant and an EDA grant of $5.9 million.
The $1.7 million in NMTC equity allowed Elk Valley to pay off debt needed to cover rising construction costs in the region. Construction on the fuel plaza was completed in March 2024.
The Elk Valley Tribal Fuel Mart is the first development to receive New Markets Tax Credits from Travois New Markets’ $50 million allocation, which was awarded last year by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund. Since then, Travois New Markets has received an additional $35 million allocation to support more economic development projects in Native communities.
“The Elk Valley Rancheria’s strategic approach to utilizing New Markets Tax Credits showcases how this funding tool can help Tribal-owned businesses. By lowering the debt on the project, the fuel plaza will have a greater impact on Rancheria members and the community as a whole.” — Phil Glynn, president of Travois