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Financing In Place for L.A. 'Clean-Tech' Development

Developers Targeting Early 2015 Opening of Facility Anchored By Green Companies Incubator
January 15, 2014
U.S. Bank has provided $14 million in New Markets Tax Credit (NMTC) financing, providing the green light to development of the La Kretz Innovation Campus at 5th and Hewitt Streets in Los Angeles.

The campus is slated to open in early 2015.

A group of Los Angeles nonprofits, utilities and universities hopes to position the campus as the hub for a new "Cleantech Corridor" in the city.

According to reports conducted for the Los Angeles Cleantech Incubator, the campus’ anchor tenant, the project is expected to incubate up to 40 clean technology companies and create 600 direct jobs.

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.

Mayor Eric Garcetti as a major clean-tech center, "it will attract talent, companies and capital to help build a green economy for our city."

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