TOTAL PROJECT $11.7 million
FCLF FEDERAL NMTC ALLOCATION $10 million
Education and Youth Outreach Facility
Serving 6,000+ annually
209 Temporary and 25 Permanent Jobs
"The Cade Museum is so proud to be a part of the FCLF and JPMorgan Chase partnership; you have all been fantastic to work with. Thanks to the NMTC Program, we look forward to providing an invaluable and transformative asset to our community." – Jennifer Denault, Chief Operating Officer
The Cade Museum for Creativity and Invention is the educational centerpiece and a key development catalyst in Gainesville’s 32-acre Depot Park. The 21,000 square-foot facility and its programs will connect low-income youth to academic resources and mentorship, breaking down barriers to science and technology education and creating a pipeline of educational and career opportunities. The museum will include classroom and lab space as well as exhibits on patents, product development, and the neuroscience of creativity.
Depot Park, the location of the new center, is the site of a former railroad yard. The Creativity and Invention Museum is an anchor project in the park, which will serve nearby low-income neighborhoods. The museum currently operates from a small building near downtown Gainesville, and expansion into the new location will create or retain 150 jobs and greatly expand the reach to 6,000 area youth annually through field trips. Additional targeted education programs will include more than 2,000 low-income students annually in grades 1-8, and mentor 200 in grades 7-12 with year-round academic enrichment; 90% of these program participants will be on full scholarship. The Cade Museum for Creativity and Invention works in partnership with the Education Foundation of Alachua County to provide mentors and outreach.
The project is an express part of the Gainesville Depot Park Redevelopment Plan and is built on a Brownfield remediation site. Total cost for the Innovation Learning Center exceeds $11 million. Florida Community Loan Fund provided $10 million in Federal New Markets Tax Credit Allocation. JPMorgan Chase is the investor on the project and provided $6.4 million in State NMTC Allocation. Use of NMTC financing allowed the project to avoid significant delays in construction that would have been caused by additional fundraising. This transaction was finalized in March 2016.
- Gainesville, Florida
- Median Income is 53% of Area Median Income (AMI)
- 1.86x National Unemployment Rate
- Brownfield Redevelopment
Pictured above, architectural rendering of the project upon completion.
Pictured below, tour of the new facility site, the exterior of the existing facility, and a hands-on learning lab.