Los Angeles Business Journal

U.S. Bank Provides Financing for Discovery Science Center

By Deborah Crowe Thursday, January 17, 2013

Discovery Science Center will receive $4.7 million in tax-advantaged financing from U.S. Bank to assist the Orange County nonprofit open a center at the defunct Children’s Museum building in the northeast San Fernando Valley, the bank announced Thursday.

The Discovery Science Center’s flagship Santa Ana facility, which opened in 1998. features 100 science, math and technology exhibits. The City of Los Angeles last month approved initial funding for the center to take over the Children’s Museum site near Hansen Dam. The museum was built in 2007 but never opened.

The Discovery Science Center’s second facility is expected to create about 50 full-time and 150 part-time jobs, plus 250 construction jobs during the renovation, the bank said in its announcement.

“Supporting education is important to U.S. Bank, so we take great pride in supporting (Discovery Science Center) with financing to help it expand its services to L.A. County,” said Sean Foley, Southern California regional president for U.S. Bank.

A bank subsidiary, U.S. Bancorp Community Development Corp., is providing the financing through the federal New Markets Tax Credit program, which provides investment of private capital in low-income communities to create jobs, generate economic activity and improve the quality of services. The Los Angeles Development Fund, which manages the city’s New Markets Tax Credit program, was a partner in the funding.