|[January 17, 2013]
U.S. Bank Provides Financing for Discovery Science Center Expansion into Los Angeles County
LOS ANGELES --(Business Wire)--
Bank will provide $4.7 million of New Markets Tax Credit equity
(NMTC) financing to help Discovery
Science Center (DSC) open a second facility located in San Fernando
Valley's Hansen Dam Recreation area.
DSC received approval and funding from the City of Los Angeles in early
December to take over the vacant building near Hansen Dam, which was
originally for the Children's Museum of Los Angeles. The building has
been empty since it was built in 2007. The tentatively named Discovery
Science Center - Los Angeles (DSC-LA) will not only bring new life to
the vacant building, it will create approximately 50 full-time, 150
part-time and 250 construction jobs during the transformation.
U.S. Bank made its investment through a community investment subsidiary, U.S.
Bancorp Community Development Corporation in partnership with Los
Angeles Development Fund, a Community Development Entity (CDE) and
non-profit established by the City of Los Angeles to administer its NMTC
allocation authority award. U.S. Bank also allocated an award of NMTCs
in support of the project through its own CDE, USBCDE.
The San Fernando Valley facility will be approximately the same size as
DSC's location in Santa Ana, which receives over 500,000 guests annually
and reaches an additional 220,000 students through outreach programs in
local schools. The mission of DSC is to provide educational experiences
in science, technology, engineering and math through outreach programs
to local schools and exhibits at the center, while also providing
professional development courses to over 1,000 teachers annually in the
"Discovery Science Center has a unique, engaging approach to educating
youth in math, science and technology," said Sean Foley, regional
president for U.S. Bank in Southern California. "Supporting education is
important to U.S. Bank, so we take great pride in supporting DSC with
financing to help it expand its services to L.A. County."
Through strategic agrements with agencies and companies, such as the
Metropolitan Water District of Orange (News - Alert) County, Golden State Water
Company, County of Orange, THINK Together, Waste Management, and the
Samueli Foundation, DSC's credentialed teaching staff directly provides
in-school, hands-on educational programs throughout Orange, Riverside,
San Bernardino and Los Angeles Counties. DSC also awards over 7,000 free
scholarship field trips each year for low-income and underserved
children, who otherwise lack access to adequate science, math and
U.S. Bank has provided more than $90,000 in grant support to DSC over
the past few years, and Fred Helms in U.S. Bank's commercial lending
group in Orange County is a member of DSC's board of directors.
About Discovery Science Center - Orange County
run wild through more than 100 hands-on exhibits at Discovery Science
Center, Orange County's leading destination for hands-on science fun.
Take the Eco Challenge and become a green superhero, feel the power of a
real rocket engine "launch", explore the inner workings of a two-story
tall dinosaur and try your best slap shot against the Anaheim Duck's
goalie. Traveling exhibits and annual events such as Spooky Science and
Bubblefest throughout the year ensure that there is always something new
to discover. Currently on display is Indiana Jones and the Adventure of
Archaeology, an interactive exhibit experience following Dr. Jones
through the four famous films. Since 1998, Discovery Science Center has
been a non-profit organization dedicated to educating young minds,
assisting teachers and increasing public understanding of science, math
and technology through interactive exhibits and programs. Open daily
from 10am - 5pm. For further information, call (714) 542-CUBE or visit discoverycube.org.
About Los Angeles Development Fund
The Los Angeles
Development Fund (LADF) is a California non-profit corporation
established by the City of Los Angeles in September 2006 to manage its
New Markets Tax Credit program. LADF is certified by the U.S. Treasury
Department's Community Development Financial Institutions Fund as a
Community Development Entity and has been awarded $125 million in
allocation. LADF uses its allocation to support qualified projects
within the City of Los Angeles. For projects financed, see ladfnewmarkets.org.
About the New Markets Tax Credit Program
The New Markets Tax
Credit Program (NMTC Program) was established by Congress in 2000 to
encourage the investment of private capital in designated low-income
communities in order to create jobs, generate economic activity and
improve the quality of services in low-income communities and to
low-income persons. The NMTC Program attracts investment capital to
low-income communities by permitting individual and corporate investors
to receive a tax credit against their federal income tax return in
exchange for making qualified equity investments in specialized
financial institutions called Community Development Entities (CDEs).
Capital raised by the CDEs is then used to provide below-market
financing to qualified businesses in low-income communities. The credit
totals 39 percent of the original investment amount and is claimed over
a period of seven years. For more information, visit cdfifund.gov.
About U.S. Bancorp Community Development Corporation
more than $10.8 billion in assets as of Dec. 31, 2012, U.S. Bancorp
Community Development Corporation, a subsidiary of U.S. Bank, provides
innovative financing solutions for community development projects across
the country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $354
billion in assets as of Dec. 31, 2012, is the parent company of U.S.
Bank, the 5th largest commercial bank in the United States. The company
operates 3,084 banking offices in 25 states and 5,065 ATMs and provides
a comprehensive line of banking, brokerage, insurance, investment,
mortgage, trust and payment services products to consumers, businesses
and institutions. U.S. Bancorp and its employees are dedicated to
improving the communities they serve, for which the company earned the
2011 Spirit of America Award, the highest honor bestowed on a company by
United Way. Visit U.S. Bancorp on the web at www.usbank.com.
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