CSCDA Closes $31,425,000 Tax-Exempt Loan for California College of the Arts

September 3, 2020

The California Statewide Communities Development Authority (CSCDA) is pleased to announce the issuance of a $31,425,000 tax-exempt loan for California College of the Arts (CCA), located in San Francisco, California.

About CCA:

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.

About the Financing:

CSCDA partnered with First Republic Bank and Hawkins, Delafield & Wood, LLP to provide the $31,425,000 tax-exempt loan for CCA.  The new loan will refinance CCA’s existing 2014 and 2016 educational facility loans resulting in significant interest cost savings.

About CSCDA:

CSCDA is a joint powers authority created in 1988 and is sponsored by the California State Association of Counties and the League of California Cities.  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 $63 billion in tax exempt bonds for projects that provide a public benefit by creating jobs, affordable housing, healthcare, infrastructure, schools and other fundamental services.

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