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The Oregon College of Oriental Medicine has officially closed on a complex financing package to convert the 1911-built Globe Hotel building into the new home of the school.

While preliminary renovation work started last week, the college was waiting on the purchase of its new market tax credits to finalize the last piece financing. Through the help of the Portland Development Commission and the National Development Council, the college has sold $14.25 million, nearly half the project cost, worth of tax credits to US Bancorp Community Development Corporation.

New market tax credits are offered to projects that help with job-creation in low-income and distressed census tracts. The renovation of the Globe Hotel is expected to create 110 construction jobs as well as 10 permanent full-time positions at OCOM.

The project also received funding from historic tax credits as well as $6.2 million in low interest loans from the PDC.

The project is being led by Portland-based Beam Development. Local firms Ankrom Moisan Associated Architects and LCG Pence Construction are also working on the renovation.

A public groundbreaking ceremony is being held on Tuesday, June 28, adjacent to the building on the corner of Northwest Davis Street and Northwest 1^st Avenue from 11:15 a.m. to 12 p.m.

Once complete, the four-story building will have 39,580 square feet of usable space, including a 4,300-square-foot penthouse space that is being added to the top of the building. The project will mark the eight sustainable historic rehabilitation project to take place in the Skidmore Old Town Historic District, and the second new market/historic tax credit collaboration to take place between PDC, NDC and US Bank.