LOS ANGELES—U.S. Bank has agreed to provide $4.7 million in financing for the development of a second Discovery Science Center in the San Fernando Valley Hansen Dam Recreation area.
The financing is provided through New Markets Tax Credits equity financing. The DSC will take over a building that was originally set aside for the Children’s Museum of Los Angeles, but has been vacant since it was constructed in 2007 near Hansen Dam.
The bank made its investment through a community investment subsidiary, U.S. Bancorp Community Development Corp., 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.
The new facility will be approximately the same size as DSC’s location in Santa Ana, Calif., which receives more than 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 more than 1,000 teachers annually in the region.
“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.”v