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League-Sponsored Bond Agency Issues $16 Million in Tax-Exempt Bonds for Art College in San Francisco

July 29, 2016
Some of the most significant benefits of League membership for cities since 1988 have flowed from the League’s co-sponsorship of the California Statewide Communities Development Authority (CSCDA).
 
This program provides a variety of public agencies and developers access to low-cost, tax-exempt financing and economic development tools. CSCDA recently issued a total of issued $16 million in tax-exempt bonds for California College of the Arts (CCA) in San Francisco.
 
About California College of the Arts
 
Founded in 1907 by Frederick Meyer, a German cabinetmaker whose vision was shaped by the Arts and Crafts movement, CCA is noted for the interdisciplinary and breadth of its programs. CCA educates students to shape culture and society through the practice and critical study of art, architecture, design, and writing. Benefitting from its San Francisco Bay Area location, the college prepares students for lifelong creative work by cultivating innovation, community engagement, and social and environmental responsibility.
 
CSCDA partnered with Stern Brothers and First Republic Bank to provide the $16 million in tax-exempt bonds for CCA. The bonds will be used to build and improve new educational facilities located adjacent to the existing CCA campus. 
 
Background
 
CSCDA is a joint powers authority created in 1988 and is sponsored by the League of California Cities® and the California State Association of Counties. It was created by cities and counties for cities and counties. More than 500 cities, counties and special districts are program participants in CSCDA, which serves as their conduit issuer and provides access to efficiently finance locally-approved projects. CSCDA has issued more than $50 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services. Visit CSCDA’s website for additional information on the ways in which CSCDA can help your city.


 
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