Success Stories

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Project: The construction, installation and equipping of an approximately 285,000 square foot manufacturing facility for the blending and bottling of spirits

Project Financing: $22,000,000 in Recovery Zone Facility Bonds

Total Project Cost: $33,563,000

As one of the few Recovery Zone Facility Bonds issued under the American Recovery & Reinvestment Act, CEDA is proud to be issuing bonds on behalf of the Frank-Lin Distillery. Opened in 1966, Frank-Lin has steadily built itself into a leader in the beverage alcohol field. The distillery offers custom bottling, importing/exporting and wholesaling.

The issuance of $22.0 million in Recovery Zone Facility Bonds will allow Frank-Lin to construct a larger facility and consolidate operations under in one location. The Fairfield location will allow the business to streamline operations and improve business efficiency. Management anticipates that the planned consolidation will result in considerable cost-savings and an increased cash flow.



Project: The construction, furnishing and equipping of certain facilities for the benefit of National Center for International Schools

Project Financing: $26,500,000 Bank-Qualified loan

Total Project Cost: $16,900,000 refinancing combined with $9,600,000 in additional construction financing.

The National Center for International Schools houses both the Chinese American International School and the French American International School. These schools are pre-kindergarten through 12th grade institutions that pride themselves on rigorous academic training combined with cultural awareness and investigation.

The Chinese American International School, founded in 1981, and the French American International School, founded in 1962, joined in an educational and bond-generating venture known as the National Center for International Schools in 1994 and purchased the former CalTrans building located in the middle of San Francisco at 150 Oak Street. After seismic retrofits and the considerable remodeling and upgrades to the building, the two schools now share a vibrant and functional campus.


Project: The Construction, Installation, Rehabilitation, Equipping, and Furnishing of Certain Facilities for the Benefit of Seven Hills School

Project Financing: $8,300,000 Bank-Qualified Loan

The Seven Hills School, founded in 1962, is an independent, not-for-profit, day school educating 375 students in preschool through 8th grade. Accredited by the California Association of Independent Schools (CAIS) and the Western Association of Schools and Colleges (WASC), the Seven Hills mission is, “to develop the intellect, engage the spirit and foster respect for and responsibility to our world.”

The refinancing of Seven Hills’ current outstanding loan will reduce their interest costs. In addition, a portion of the proceeds will be used to enhance their existing facilities. Included in the project is the expansion of their multi-purpose room and language arts classrooms. The refinancing will result in a lower interest costs and facilitate the expansion. This may also lead to potentially higher net income and will allow the Seven Hills School to continue to expand its educational programs.

Project: Acquisition of Land, Building, Equipment
Project Financing: $5,500,000 tax -exempt 501(c)(3) nonprofit bonds

Since its founding in the mid-1980's, the mission of Community Hospice, Inc. (CHI) is to provide compassionate and quality care, education and support to terminally ill patients and their families, regardless of ability to pay. CHI operates a 16-bed Hospice House and provides daily in-home hospice care to 180 patients. Hospice House was the first hospice house in California to receive Medicare accreditation for an acute level of inpatient hospice care. CHI's operations were previously housed in several locations throughout the area. In 2006, CHI consolidated all its clinical, bereavement and administrative employees in a 22,200 square foot office building in Modesto. CHI can now offer seven interdisciplinary teams to provide in-home medical, counseling, equipment, and grief counseling. The financing enabled Community Hospice, Inc. to consolidate operations into a single location and eliminate variable rental occupancy costs, leading to cost savings, increased operational efficiencies, and enhanced patient services.


Project: Acquisition of Land, Building, Equipment
Project Financing: $25,000,000 tax-exempt 501(c)(3) nonprofit bonds

Hughson Samaritan Village, a nonprofit public benefit corporation, operates a senior independent and assisted living facility on a self-contained campus in Hughson, 12 miles south of Modesto. CEDA's tax-exempt financing allowed Hughson Samaritan Village to add 104 independent living units to the current 131 units, thus addressing the demand for senior independent living units. The revenue derived from the project will assure the ongoing financial viability of the entire Hughson Samaritan Village and add up to 20 employees to its current workforce of about 85. Hughson Samaritan Village was initially established by the Rogers Family Foundation when it donated 20 acres to Hughson Samaritan Village to address a need for a continuum of care facility with on-site support services for seniors. Phase I was constructed in 2002 and the $30 million cost was funded entirely by Hughson Samaritan Village funds and a contribution by the Rogers Foundation. Services for independent living units include meals, housekeeping, and centralized on-site activities such as library, chapel, security, and transportation. The Assisted Living section provides 24-hour staffing, assistance with
Daily Living Activities, medication monitoring, housekeeping, meals, and secured units for Alzheimer's and/or dementia residents.


Project: Acquisition of Land, Building
Project Financing: $6,300,000 tax- exempt 501(c)(3) nonprofit bonds, $300,000 IVRS funds
Total Project Cost: $6,600,000

Inland Valley Drug and Alcohol Recovery Services (IVRS), a nonprofit public benefit corporation, has been providing low to no-cost substance abuse recovery and counseling services since 1962. IVRS serves approximately 4,000 individuals annually through a range of substance abuse services including detoxification, residential and outpatient treatment, aftercare, education, individual and group counseling, along with primary and secondary prevention services. IVRS is accredited by CARF, the Rehabilitation Accreditation Commission. Bond proceeds were used to finance the cost of acquiring the existing campus where IVRS currently provides treatment services. The financing has helped IVRS fix its occupancy cost and permitted it to devote greater resources to its many programs. A portion of the campus is currently being leased to Sunset Haven, a nonprofit public benefit corporation, which provides care for the elderly and patients suffering from Alzheimers.


Project: Construction and equipping of a state-of-the-art research facility
Project Financing: $50,000,000 tax- exempt 501(c)(3) nonprofit bonds, $38,635,000 Borrower funds
Total Project Cost: $88,635,000

City of Hope's Beckman Research Institute is a premier center for biomedical research. Founded in 1951, it was endowed by the Arnold and Mabel Beckman Foundation in 1983 and renamed Beckman Research Institute, the first of five Beckman Institutes in the United States. The mission of City Hope's Beckman Research Institute is to support innovative research and to educate future scientists in the biological sciences. The Institute is housed at City of Hope to promote close interaction between Beckman scientists and City of Hope physicians, so that basic science may be quickly developed into practical treatments. Beckman Research Institute is one of eight major programs and facilities at City of Hope engaged in basic research and development of clinical applications.

The Arnold and Mabel Beckman Foundation recently awarded City of Hope $20 million to fund construction of a new Center for Cancer Immunotherapeutics and Tumor Immunology building (CITI). The CITI building will replace two older buildings. When completed, the center will provide an integrated research environment where new approaches to cancer treatment will be conceived, developed and refined.


Project: Construction and equipping of regional animal community center
Project Financing: $20,000,000 tax- exempt 501(c)(3) nonprofit bonds, $5,000,000 Borrower funds
Total Project Cost: $25,000,000

With CEDA's assistance, the Humane Society Silicon Valley (HSSV) constructed and equipped a one-of-a kind center intended to chart a new path in animal welfare that will help shift emphasis from sheltering homeless pets to cultivating a community center with the whole range of human and animal related services.

The Humane Society (one of the largest humane animal care organizations on the West Coast) is an independent, non-profit animal shelter that provides a comprehensive program of adoptions, animal care, education outreach, animal behavior help line and an affordable medical center for spay/neuter, vaccinations, animal testing and microchips. The Humane Society provides emergency treatment for all animals and offers humane, compassionate euthanasia when all other efforts fail. The Humane Society's 50-year old location was inadequate to handle the demands of a regional animal care facility. Since its founding in 1929, the HSSV has found homes for more than 500,000 animals. The Humane Society Silicon Valley currently has approximately 65 employees, 700 volunteers and 30,000 donors.

The new facility will feature
• adoption galleria with homelike habitats for dogs, cats, and rabbits;
• boarding facility;
• on-site dog park, training center, pet store and education center;
• medical center for spay-neuter; and
• veterinary hospital.


Project: Facility rehabilitation and acquisition of computer, telecommunication, classroom, and arts/media equipment
Project Financing: $1,298,000 tax- exempt 501(c)(3) nonprofit bonds, $402,000 Borrower funds
Total Project Cost: $1,700,000

River Springs School requested CEDA's help to issue a "Qualified Zone Academy Bond" (QZAB). Qualified Zone Academy Bonds were created by Congress in 1997 to help certain schools finance renovation and equipment purchase on an interest-free basis through the allocation of tax credits. The intent of Congress was to encourage schools and business to cooperate in innovative ways to prepare students with the kinds of skills employers need.
Public schools typically fund improvements through the issuance of tax-exempt public debt, which is repaid through principal and interest. In the Qualified Zone Academy program, schools serving low income students are allowed to issue debt by allowing the financial institution buying the bonds to forgive the interest component. The financial institution receives a tax credit instead. This provides an incentive to financial institutions and a huge savings to the schools. A qualified school is one that is located in a federally-approved Empowerment Zone or Enterprise Community or has at least 35% of its students eligible for free or reduced price school lunches. In addition a qualified school is required to develop a partnership with business to create a plan improving student education; and private entities must make a contribution of at least 10% of the money borrowed through the bonds. River Springs is sponsored by the Riverside County Office of Education and received renewed WASC accreditation in the spring of 2007.


Beaumont Project: Construction and equipping of two new healthcare facilities on leased property
Project Financing: $29,000,000 tax- exempt 501(c)(3) nonprofit bonds, $11,000,000 Taxable bonds
Total Project Cost:$40,000,000

Sun City Project: Acquisition and rehabilitation of an existing medical building
Project Financing: $3,195,000 tax- exempt 501(c)(3) nonprofit bonds, $7,358,000 Borrower Funds
Total Project Cost: $10,553,000

in 1905, Loma Linda University Medical Center (LLUMC) has grown to encompass an 11-story Medical Center and Children's Hospital. In all, nearly 900 beds are available for patient provided by 400+ faculty physicians. LLUMC operates some of the largest clinical programs in the United States in areas such as neonatal care and outpatient surgery and is recognized as an international leader in infant heart transplantation and treatments for cancer. Each year, the institution admits more than 33,000 inpatients and serves roughly half a million outpatients. LLUMC is the only level one regional trauma center for Inyo, Mono, Riverside, and San Bernardino counties.

LLUMC is embarking on a major capital expansion to deliver a higher level of care to its diverse patient base throughout the Inland Empire. The Beaumont Project involves the construction and equipping of two new healthcare facilities. The first building will house an ambulatory surgery center. The second three-story medical office building will provide a diagnostic imaging center with space for radiation oncology and urgent care; medical oncology, physical therapy, and laboratory facilities; and medical offices. LLUMC estimates 100 new jobs at this site. The Sun City Project will allow LLUMC to purchase and renovate an existing medical building. LLUMC expects to add 40 new jobs to the existing 15 jobs at this site.



Project: Installation of alternative energy recycling system
Project Financing: $9,700,000 tax-exempt industrial development bonds, $4,421,000 Company funds
Total Project Cost: $14,121,000

Anheuser-Busch is the nation's leading brewer of beer. The brewing and packaging industries are highly competitive and the company engages in ongoing modernization programs to stay competitive and reduce environmental impacts. The products manufactured by the company require a large volume of water from municipal and private systems for brewing.

The company is installing a Bio-Energy Recovery System (BERS) and a water reduction system. This renewable energy technology turns nutrients in brewing wastewater into renewable biogas. That biogas is projected to generate 15 percent of the brewery's fuel needs and substantially reduce the amount of wastewater discharged to the Fairfield-Suisun Sewer District.

It is estimated that the system will
-- Generate over 1 million therms per year
-- Save 865,000 therms per year
-- Save an estimated 488,000kWH per year

Project: Acquisition of Land, Building, Equipment
Project Financing: $8,500,000 tax-exempt industrial development bonds, $3,025,000 Company funds
Total Project Cost: $11,525,000

Alvarado Street Bakery, a wholesale bakery specializing in organic whole grain breads, and baked goods, received industrial development bond financing to expand and double its food processing capacity. The company had outgrown its current space and was seeking to expand into larger industrial space to meet customer demand and create 20 new jobs. Alvarado Street Bakery purchased 68,000 square fee of industrial space, with such improvements as a 3,000 square foot freezer, and a new $1 million oven. The lower interest rates and longer term of industrial development bond financing enabled Alvarado Street Bakery to undertake this expansion in order to meet the fast-paced market demands of the food service industry.

Project: Acquisition of Land, Building, Equipment
Project Financing: $7,200,000 tax-exempt industrial development bonds, $400,000 Company funds
Total Project Cost: $7,600,000

Established in 1983, Le Chef was originally a wholesale manufacturing company and retail chain of pastry and sandwich shops. In 1990, the company concentrated on its core wholesale baking business. With over 100 employees, Le Chef serves the hotel, hospitality, catering and food service industries in California, Hawaii, and Nevada. The company purchased an existing building to accommodate growth at its manufacturing base in Montebello. The expansion will create over 100 additional jobs in a high unemployment area.

Project: Acquisition of Land, Building, Equipment
Project Financing: $10,000,000 tax exempt industrial development bonds, $2,000,000 taxable bonds, $2,041,500 Company funds
Total Project Cost: $14,041,500

Tri Tool, Inc., is a world-leading designer and manufacturer of precision portable machine tools. Tri Tool, Inc., supports a wide variety of industries including pharmaceutical, shipbuilding, power generation both fossil and nuclear, and oil production and transportation.

Manufacturing, engineering, sales and administrative operations were located in a cramped 30,000 square foot building. Growth in demand lead to the maximum use of the facility, contributing to inefficiencies in manufacturing, production, and shipping. There was no room to install new production equipment or add capacity. Further, the lack of space in the facility resulted in raw materials and work-in-process being stored outside. The company purchased and renovated an existing 125,000 square foot building. The CEDA financing will allow Tri Tool, Inc., to triple its capacity, retain 107 jobs and create 100 manufacturing jobs, with salaries that are almost double the average manufacturing wage for the Sacramento MSA.