U.S. Bank will provide $4.7 million of New Markets Tax Credit equity (NMTC) financing to help Discovery Science Center (DSC) open a second facility located in San Fernando Valley’s Hansen Dam Recreation area.
DSC received approval and funding from the City of Los Angeles in early December to take over the vacant building near Hansen Dam, which was originally for the Children’s Museum of Los Angeles. The building has been empty since it was built in 2007. The tentatively named Discovery Science Center – Los Angeles (DSC-LA) will not only bring new life to the vacant building, it will create approximately 50 full-time, 150 part-time and 250 construction jobs during the transformation.
U.S. Bank made its investment through a community investment subsidiary, U.S. Bancorp Community Development Corporation 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. U.S. Bank also allocated an award of NMTCs in support of the project through its own CDE, USBCDE.
The San Fernando Valley facility will be approximately the same size as DSC’s location in Santa Ana, which receives over 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 over 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.”