Overview
What is Pike Place Market Qb3?
Pike Place Market Qb3 is a Washington State-based nonprofit corporation, established in 2016, with a mission to procure funds under the NMTC program. The Pike Place Market PDA serves as its sole corporate member, and during 2016, the PDA leased commercial space related to the Marketfront project to PPM Qb3 for renovations and rehabilitation through the NMTC financing program. PPM Qb3 subleased the space back to the PDA, with a lease expiring in 2051. Construction concluded on June 1, 2017, and PPM Qb3 has received $416,438 in lease payments from the Pike Place Market PDA for the entire year. The organization's primary activity revolves around financing projects.
Is Pike Place Market Qb3 legitimate?
Pike Place Market Qb3 is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pike Place Market Qb3 submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Pike Place Market Qb3?
Pike Place Market Qb3, established as a Washington State nonprofit corporation in 2016, secured funds under the NMTC program with the aim of renovating and rehabilitating commercial spaces through this financing program. The organization leased commercial space related to the Marketfront project from Pike Place Market PDA in 2016, subleasing it back with an expiration date in December 2051. The construction was completed in June 2017, and Pike Place Market Qb3 has received $416,438 in master lease payments from Pike Place Market PDA for the entire year. While the provided information does not include a specific mission statement, it suggests that the organization's focus is on obtaining funds and utilizing them for renovation and rehabilitation projects.
Who is the CEO of Pike Place Market Qb3?
Mary Bacarella is the Executive Director of Pike Place Market Qb3.
What is the revenue of Pike Place Market Qb3?
Pike Place Market Qb3's revenue in 2022 was $428,930.
Who are the executives of Pike Place Market Qb3 and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $220,045
- Other: $26,456
- Compensation: $0
- Related: $193,796
- Other: $30,051
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Pike Place Market Qb3?
Pike Place Market Qb3's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Pike Place Market Qb3
Pike Place Market Qb3, established as a Washington state nonprofit corporation in 2016, was formed with the purpose of obtaining funds under the New Markets Tax Credit (NMTC) program. Their mission centered around leveraging this funding to renovate and rehabilitate commercial spaces through the NMTC financing program. In 2016, Pike Place Market PDA, the sole corporate member of PPM Qb3, leased commercial space associated with the Marketfront project to PPM Qb3 for these renovation purposes. Simultaneously, PPM Qb3 subleased the space back to Pike Place Market PDA, with the agreement expiring in December 2051. Construction on the project concluded on June 1st, 2017, and since then, PPM Qb3 has collected $416,438 in master lease payments from Pike Place Market PDA for the entire year. In essence, Pike Place Market Qb3's mission revolved around securing and using NMTC funding to revitalize commercial spaces, which was achieved through a strategic lease arrangement with Pike Place Market PDA.
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Impact
October, 2024
Pike Place Market Qb3 has significantly contributed to the revitalization and improvement of the Seattle community, particularly through its involvement in the Marketfront project. Established in 2016, its primary goal has been to secure financing under the New Markets Tax Credit (NMTC) program, which has facilitated essential renovations and rehabilitations of commercial spaces in Pike Place Market.
By leasing commercial space from the Pike Place Market Preservation and Development Authority (PDA), Pike Place Market Qb3 has played a crucial role in transforming parts of the market into thriving areas for local businesses. The successful completion of construction in June 2017 marked a vital milestone, as it allowed for the collection of significant lease payments that support ongoing improvements.
The organization has enhanced the vibrancy of the market, fostering an environment conducive to economic growth and community engagement. The initiatives taken not only focus on physical infrastructure but also aim to uplift local businesses and improve accessibility for visitors and residents alike. Through these efforts, Pike Place Market Qb3 has been instrumental in ensuring the sustainability and vitality of one of Seattle's most iconic destinations.
This information is meant to be a general summary of Pike Place Market Qb3. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $3
- Program Service Revenue: $428,927
- Gross Receipts: $428,930
Assets and Liabilities:
- Total Assets: $23,544,116
- Total Liabilities: $10,250,000
- Net Assets: $13,294,116
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COMMERCIAL RENT
Revenue
$428,927
Organization Details
Founding Year
2016
Phone
(206) 774-5256Principal Officer
Mary Bacarella
Main Address
85 Pike Street Suite 500, Seattle, WA, 98101
NTEE Category
Code: S19 - Community improvement
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