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League-Sponsored Bond Agency Issues $53 Million in Tax-Exempt Loan for School in San Francisco

June 23, 2017
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 $53,000,000 tax-exempt loan for Lick-Wilmerding High School (LWHS) located in San Francisco.
 
About LWHS
 
Founded in 1895, LWHS is a co-educational not-for-profit public benefit corporation that serves 491 students in grades 9-12. LWHS is located on Ocean Avenue in San Francisco’s Balboa Park neighborhood. Its mission is to develop the head, heart and hands of highly motivated students from all walks of life, inspiring them to become life-long learners who contribute to the world with confidence and compassion.
 
CSCDA partnered with First Republic Bank and Hawkins, Delafield & Wood, LLP to provide the $53 million tax-exempt loan for LWHS. The loan will be used to refinance an existing tax-exempt loan and construct a new 45,000 square foot three-story building, as well as remodel approximately 8,400 existing square feet to accommodate new classrooms, science labs, faculty/administrative offices and other facilities on LWHS’s 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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