PHOENIX (Feb. 26, 2007) – The Valley of the Sun YMCA has secured more than $6 million to build a new facility in the Maryvale area of Phoenix. The funding was provided through a partnership with
U.S. Bank in Arizona, U.S. Bancorp Community Development Corporation and Phoenix Community Development Investment Corporation (PCIDC), a non-profit corporation created by the City of Phoenix to run its New Market Tax Credit program. The partnership includes the use of U.S. Treasury's New Market Tax Credits to provide Valley of the Sun YMCA a reduced interest loan of $6 million to develop the six-acre Maryvale Family YMCA, which will be built at 3825 N. 67th Ave., within the next year.
U.S. Bank's and PCDIC's help allows for the new 32,000 square foot facility, to be built one year ahead of schedule. It will have a gym for organized sporting events, a weight room/fitness area and a swimming pool. The facility will also have a Teen Center, which will be used for educational and recreational programs, and community meeting rooms for classes, community functions and neighborhood meetings. Groundbreaking is expected this March, with construction to be completed by early 2008. A recent economic study noted that the new YMCA is expected to provide up to 130 new jobs over the coming year.
The new YMCA will assist the residents of Maryvale with youth programs and family services including: adult fitness activities which promote healthy lifestyles, build self-esteem and develop leadership qualities; youth activities including sports and aquatics safety; child care; summer day camp; and a juvenile justice program which provides diversion programs of counseling, behavior modification and personal growth for first-offender youths referred by the court.
The new location will be the YMCA's 21st facility in Arizona. Over the past year, the YMCA has successfully completed the expansion and refurbishing of the downtown Phoenix YMCA, as well as opened a new YMCA in Queen Creek, Ariz.
The general contractor for the project is Sun Eagle Construction, LLC, a minority-owned company headed by Martin Alvarez, who is a board member of the YMCA and long-time supporter of the organization. His firm also worked on the Christown YMCA in Phoenix.
“The vision and collaborative effort of U.S. Bank, Phoenix Community Development Investment Corporation, and our other partners has been outstanding,” said Pablo Muñoz, executive director of the Maryvale Family YMCA. “They provided creative financial resources and solutions to make the project a reality and bring a YMCA to Maryvale.”
Hope Levin, market president for U.S. Bank in Arizona, said that this is the third project in which the bank has worked with Phoenix Community Development Investment Corporation using New Market Tax Credits through U.S. Bancorp Community Development Corporation. A $25 million transaction helped to finance the renovation of the historic Phoenix Union High School into a new biomedical campus for the University of Arizona and Arizona State University. Another $6 million transaction helped expand the Hacienda Skilled Nursing Facility for medically fragile infants, children and young adults.
“This development furthers the goal of the New Market Tax Credit program and of U.S. Bancorp Community Development Corporation to provide financing for projects that serve as catalysts to economic development in communities across the country,” said Rob Wasserman, vice president of U.S. Bancorp Community Development Corporation and manager of the Western Region. “It also enables us to continue our long-standing commitment of serving the financial needs of the city of Phoenix and the state of Arizona and the people who will benefit from the YMCA's services. We enjoyed working with Phoenix Community Development Investment Corporation and hope to continue our strong relationship with them. My colleagues, Kristen Switzer, project manager, and Laura Vowell, a business development associate, were invaluable in the underwriting, structuring and closing of the investment.”
“With our $170 million New Market Tax Credit allocation, we are working with our investor partners to create economic opportunities for our underserved communities in Phoenix by providing below market rate commercial real estate loans,” said Roberto Franco, president of Phoenix Community Development Investment Corporation. “Projects like the YMCA demonstrate our commitment to serve our low income communities and support organizations that have a like mission.”
The Valley of the Sun YMCA operates 20 branches, including two resident camps. It has an active metro board of more than 60 members consisting of business and civic leaders from throughout the Greater Phoenix area. Donations or offers to volunteer can be made by calling Norma Salas, director of communications at (602) 257-5135 or by going to the Y's website at www.valleyYMCA.org.
The Phoenix Community Development Investment Corporation is a non-profit corporation working to attract and provide funds for projects that will improve the quality of life of those individuals who live and work in underserved areas of the community. It's governed by a seven-member board of directors who ensure that funded projects satisfy the mission of the New Market Tax Credit program.
U.S. Bancorp's Community Development Corporation, with assets of nearly $4 billion, is the largest new market tax credit investor in the country. It also finances affordable housing and community development projects through the use of low-income housing and historic tax credits. It is a subsidiary of U.S. Bank.
U.S. Bank has 58 branches in Arizona. U.S. Bancorp (NYSE: USB), with $219 billion in assets, is the parent company of U.S. Bank, the 6th largest commercial bank in the United States. The company operates 2,472 banking offices and 4,841 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Contact: Amy Frantti, U.S. Bank Media Relations