LOS ANGELES--(BUSINESS WIRE)--Nov. 14, 2012--
U.S. Bank, The California Endowment, NCB Capital Impact, and other
community leaders celebrated the grand opening of Northgate Gonzalez
Markets yesterday at 10801 South Prairie Ave. in Inglewood.
The new supermarket, which brings healthy foods and new, local
employment opportunities to the area’s 105,000-plus residents, is the
latest example of U.S. Bank’s commitment to finance businesses that
increase fresh, affordable food availability.
“We’re thrilled to help welcome Northgate to the neighborhood, as we
anticipate that the store will provide residents a nearby place to shop
for groceries and also help increase their health and well-being,” said
Maria Bustria-Glickman, vice president at U.S. Bancorp Community
Development (USBCDC), a subsidiary of U.S. Bank. “By working with valued
partners and leveraging the benefits of the New Markets Tax Credit
Program, we’re committed to serving as a financial resource for those
working to expand access to fresh, quality foods.”
In June 2011, USBCDC announced that it would allocate a significant
portion of its New Market Tax Credit (NMTC) investments to projects that
increase healthy, affordable food options in designated low-income areas
across the country. Since that time, USBCDC has invested more than $50
million in NMTC equity in support of ten healthy food projects with
development costs of more than $170 million.
USBCDC joined the California Fresh Works Fund (CAFWF) in July 2011 to
further advance its efforts by helping to increase access to nutritious
food options in California’s underserved communities. As a partner in
the CAFWF, USBCDC is committed to participating in financing for
business and developments that support that effort as a NMTC investor.
Northgate Gonzalez Markets represents the first grocery store financed
through the fund by U.S. Bank. Financing for the $7.6 million renovation
project includes more than $2.5 million in NMTC equity from USBCDC and a
$4 million term loan from NCB Capital Impact in partnership with The
California Endowment. Remaining funds were sourced from the project
sponsor. Northgate is a family-owned chain of supermarkets started by
the Gonzalez family in 1980. It currently operates 34 stores in Los
Angeles, Orange and San Diego counties.
Some other recent healthy food-focused projects financed by U.S. Bank
First Choice Market in the Park DuValle neighborhood of Louisville,
Ky., which opened in June 2012 and was financed with a $1.2 million
NMTC equity commitment from USBCDC;
San Antonio Food Bank in Texas, where USBCDC committed nearly $8
million of NMTC equity to support the food bank’s efforts to double
its capacity and increase the food it provides to families and
children in need, particularly fresh perishable produce, fruits and
frozen meat; and
Gateway Marketplace in Detroit, where USBCDC committed $17 million of
NMTC equity to support the first major retail development and national
grocer within the city in over two decades, which will provide
affordable groceries to more than 500,000 residents in this federally
designated Food Desert.
About U.S. Bancorp Community Development Corporation
Bancorp Community Development Corporation (USBCDC), a subsidiary of U.S.
Bank, with more than $10.1 billion in assets, USBCDC provides innovative
financing solutions for community development projects across the
country using state and federally sponsored tax credit programs.
USBCDC's commitments provide capital investment to areas that need it
the most and have contributed to the creation of new jobs, the
rehabilitation of historic buildings, the construction of needed
affordable and market-rate homes, the development of renewable energy
facilities, and the generation of commercial economic activity in
underserved communities. To learn more about the NMTC Program and
USBCDC’s role as an investor, visit USBCDC on the web at www.usbank.com/cdc.
About U.S. Bancorp
U.S. Bank has 226 branches and more than
2,700 employees in Los Angeles, with 673 offices and 7,100 employees
statewide. U.S. Bancorp (NYSE: USB), with $352 billion in assets as of
Sept. 30, 2012, is the parent company of U.S. Bank, the 5th largest
commercial bank in the United States. The Company operates 3,086 banking
offices in 25 states and 5,080 ATMs and provides a comprehensive line of
banking, brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. U.S.
Bancorp and its employees are dedicated to improving the communities
they serve, for which the company earned the 2011 Spirit of America
Award, the highest honor bestowed on a company by United Way. Visit U.S.
Bancorp on the web at www.usbank.com.
Source: U.S. Bancorp
U.S. Bank Public Relations
U.S. Bank Public Relations
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