Lyme Cross City Forest Project

Borrower
Lyme Cross City Forest Company, LLC
Location
Dixie County, FL
Financing Used For
Acquisition
Loan Amount
$15 million in New Markets Tax Credits
Partner(s)
AMCREF Community Capital

Lyme Timber Company, owner of subsidiary Lyme Cross City Forest Company, is unique among timber companies. They have a vision of sustainable forestry that focuses on both conservation and community development.

“What makes Lyme’s ownership style different is that we are truly focused on achieving a conservation outcome," says Sean Ross, Lyme Timber Company’s Director of Forestry Operations. “It makes good business sense for us but it also makes sense for this region, and everyone in the county has been very supportive of that goal. Other companies have reacted to conservation interests, but Lyme is actually focused on it as a business objective.”

With sustainable forestry goals in mind, Lyme Cross City Forest Company combined $15 million in New Markets Tax Credits (NMTC) from BlueHub, $10 million in NMTCs from AMCREF and $26 million in their own funding to purchase 46,000 acres of forest habitat.

Through this purchase, Lyme is estimated to have sustained 331 local forestry jobs across rural Florida, generating $85 million in wages over the next seven years.

In addition, Lyme sells working forest conservation easements with assistance from The Conservation Fund. These easements permanently protect the land from development and ensure that it continues to be productive, working forest supporting local jobs in the communities.

“Historically, forestry was an extraction business…over the last 40 to 50 years, the science of managing forests and landscapes has really evolved, and we’ve moved away from that extraction to much more thoughtful, long-term focused forest management that takes into account water, habitat, species diversity [and] resilience to climate change,” says Ross.

Learn from our lending partner, AMCREF, about the economic impacts of the Lyme Cross City Forest project in their video:

Photo Credit: Lyme Timber Company