March 16, 2022
CSCDC has provided $11,000,000 of New Markets Tax Credit (NMTC) allocation to Shasta-Tehama-Trinity Joint Community College District (Shasta College) for development of the new Shasta College Community Leadership Center (CLC) in Redding, California.
Shasta College is a public community college based in Redding. The College serves residents in Shasta, Tehama, and Trinity Counties, and parts of Lassen, Modoc, and Humboldt Counties – an area of more than 10,000 square miles. Shasta College serves over 9,000 students and has an outstanding track record of providing innovative programs and wraparound services to support the long-term success of low-income students and students with barriers to education and employment. The College has won the Innovation in Higher Education award three times for programs that help students succeed in completing their certificate, degree, or transfer to a university. Shasta College was one of 15 California community colleges selected to offer a bachelor’s degree program in 2015 and celebrated its first graduating class in 2018.
In addition to the $11,000,000 in NMTC allocation from CSCDC, the project also received NMTC allocation from PNC Bank and Urban Action Community Development, LLC. PNC Bank served as NMTC equity investor for the NMTC financing.
The NMTC financing will support the development of the new 25,325 SF Community Leadership Center. Located in downtown Redding, the CLC will serve as a hub for Shasta College community education programs. The CLC will also house Shasta College’s innovative education and workforce development programs that support low-income students and students with barriers to education and employment. The CLC will occupy floors 2-5 of the newly constructed five-story building. The project is expected to result in approximately 80 new and retained FTE permanent, quality jobs.
The CLC is a key component of the Block 7 Project, a multi-site, mixed-use project that replaces an aging parking garage and vacant shopping mall in the heart of downtown Redding. The Block 7 project spans three blocks and also includes affordable housing, market-rate housing, a public park, offices, retail, a pedestrian-activated alley, and 2+ miles of bikeways. The project developer is Block 7 Retail Investors LLC, comprised of K2 Development Companies and the McConnell Foundation.
CLICK HERE to download a PDF of this announcement
