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League-Sponsored Bond Agency Issues $12.7 Million in Tax-Exempt Bonds for The Culinary Institute of America in St. Helena and Napa

September 1, 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 $12.725,000 in tax-exempt bonds for The Culinary Institute of America located in the cities of St. Helena and Napa.
 
About The Culinary Institute of America
 
The Culinary Institute of America (CIA) is the world’s premier culinary college, with an industry-wide reputation for excellence and more than 48,000 alumni serving their professions as a living testament to the quality of a CIA education.
 
Responding to a growing need for food and wine professional development on the West Coast, the college opened The Culinary Institute of America at Greystone, a branch campus located in the heart of California’s Napa Valley. The campus is situated in and around the Greystone Cellars building formally owned by Christian Brothers. First offering continuing education programs for foodservice professionals, the California campus grew to include associate degree programs and food enthusiast classes.
 
Expanding the college’s California campus and its presence in wine country, the CIA recently acquired the property that was Copia, the former center for food, wine, and the arts in downtown Napa. The Culinary Institute of America at Copia will offer food and wine education programs, as well as industry leadership conferences and initiatives. Visitors can anticipate new programs focused on food and wine, new dining facilities, an expanded calendar of special events, a public museum, and other consumer-focused experiences. The Food Business School will also be headquartered there.
 
CSCDA partnered with J.P. Morgan to underwrite the $12,725,000 in tax-exempt bonds for the CIA. The bonds will be used to renovate the Greystone campus in the city of St. Helena, and the Copia facilities in the city of Napa.
 
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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