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U.S. Bank has closed on approximately $14 million in New Markets Tax Credit (NMTC) equity to support the $46 million development of the La Kretz Innovation Campus, a new cleantech industry hub at 5th and Hewitt Streets in the Cleantech Corridor of Los Angeles.
The development was financed in partnership with the Los Angeles Department of Water and Power (LADWP), Clearinghouse CDFI, Consortium America, Los Angeles Development Fund, and Urban Research Park CDE.
“The Campus is going to be a game changer for Los Angeles,” said Mayor Eric Garcetti. “As a major cleantech center, it will attract talent, companies and capital to help build a green economy for our city.”
“The development of the La Kretz Innovation Campus serves as an example of how public-private partnerships can jumpstart creativity and innovation,” said Sean Foley, president for U.S. Bank in southern California. “We’re proud to partner with other community leaders to encourage clean technology in Los Angeles, and are excited that the project will create quality jobs in the process.”
The new La Kretz Innovation Campus serves as a core element of the city’s economic development strategy by supporting the growth of start-up companies focused on solving global ecological challenges and bringing new, well-paying jobs to the city. Opening in early 2015, the campus will serve as a center of intellectual and commercial activity and collaboration for the clean tech industry to grow, providing budding entrepreneurs, engineers, scientists and policy makers access to affordable incubator space and a toolbox of resources.
LADWP General Manager Ron Nichols said LADWP looks forward to working with the U.S. Bank and its other partners at the La Kretz Innovation Campus. “The campus is going to provide a tremendous asset by creating new technologies for expanding energy efficiency to help our customers save energy and money, transition out of coal, increase our use of renewable energy and create a clean energy future for L.A.,” Nichols said. “It will be a place where new technology and equipment can be developed and tested – technology that will help us go further, faster and more efficiently as our Power System continues to evolve.”