Florida Community Loan Fund recently closed on a New Markets Tax Credit project in Gainesville, Florida: the $11+ million Cade Museum for Creativity and Invention.
The Cade Museum will break down barriers to science and technology education with a focus on reaching low-income students and encouraging excitement in science, fabrication, and entrepreneurship through exhibits, hands-on learning activities, and classes.
“The Cade Museum for Creativity and Invention will have a high impact on education, reaching thousands of students every year through the new facility,” said Nelson Black, FCLF Chief Lending Officer. “The partnership with Gainesville’s education community that will impact 2,000 students from low-income families – through interactive on-site activities as well as year-round academic mentoring – was an important factor in our decision to fund this worthy project.”
The site of the new 21,000 sq-ft facility, Depot Park, is part of Gainesville CRA's redevelopment plan and is a Brownfield remediation site. Construction will begin April 2016; completion is projected for mid-2017.
Florida Community Loan Fund, FCLF, provided $10 million in NMTC allocation for the Cade Museum for Creativity and Invention. JPMorgan Chase is the investor and provided additional state NMTC allocation.
The New Markets Tax Credit, or NMTC, Program encourages high social impact projects in economically distressed neighborhoods. To date, FCLF has been awarded $217 million in Federal and State NMTC awards, financing projects totaling $430 million in project costs and providing 3,400 jobs in low-income census tracts.
Learn more about FCLF and Cade Museum here, or download a pdf document with more information on the project here.
Read more about the Cade Museum for Creativity and Invention from articles in the Gainesville Sun and on WCJB-TV.
Pictured above, an architectural rendering of the Cade Museum for Creativity and Invention. Below, The existing museum building, a hands-on learning lab, and a tour of the new facility site.
