CSCDA announced the issuance of $10 million tax-exempt loan for Carondelet High School in Concord and $89.8 million in tax-exempt bonds for the construction of new student housing facilities at the California College of the Arts (CCA) in San Francisco.
Carondelet is a four-year college-preparatory Catholic high school that offers young women a transformative educational experience in an encouraging and caring environment. Since its founding in 1965, Carondelet has combined academic excellence and a recognition of the unique gifts of each of its students. The school’s focus is a woman-centered, comprehensive educational program designed to help young women build confidence and prepare for leadership and service in the 21st century.
CSCDA partnered with First Republic Bank to provide the $10 million tax-exempt loan for Carondelet. The loan will be used to finance the construction of the school’s new 20,000 square foot STEM Innovation Center where young women can stretch their minds and build their ingenuity and creativity.
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.
CCA engaged National Campus and Community Development Corporation (NCCD) to develop a 524-bed mixed-use student housing facility to be located on CCA’s San Francisco campus. The project will have five stories of bedrooms with a full 8,000 square foot dining facility on the first floor. CSCDA partnered with George K. Baum and Orrick, Herrington & Sutcliffe, LLP to provide the $89.8 million in tax-exempt bonds for the project.
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 530 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 $60 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.