Single Blog Title

Bay Area Chinese Bible Church and CEDA Close $12 Million Tax-Exempt Financing deal

The Bay Area Chinese Bible Church (“BACBC”) was founded in 1956 and has grown to over 1,000 in attendance on Sundays serving Alameda and surrounding communities.  The church offers worship services and ministries for English, Cantonese, and Mandarin speaking people in every age group.  In 1979, BACBC started Chinese Christian Schools (“CCS”), a department of the Church, to provide quality private Christian school education offering a balanced and comprehensive curriculum, including Mandarin language courses, enrichment classes, and life skills electives.  CCS enrolls over 300 students from Kindergarten to 8th grade.  In 2016, BACBC expanded CCS to add a licensed preschool which is currently serving over 30 children ages 2 to Pre-K.  In addition to these educational services, BACBC also supports its local community through its involvement with many projects such as canned food and coat drives, “Love Alameda Project” (programs where volunteers participate in beach cleanups, music programs at nursing facilities, and helping at the local health fair), hosting an annual community fun fair, among many other activities.

CEDA closed a financing with BACBC in January 2017 for $12,000,000 to refinance various costs of acquiring and developing an approximately eight-acre educational complex located in Alameda.  This facility includes a nearly 36,000-square-foot educational building with classrooms, offices and meeting rooms and an approximately 30,000-square-foot, one-story building with a gymnasium, multi-purpose rooms, kitchen and nursery and pre-school. This deal also funds the cost of various capital projects, including construction of a new kitchen to provide meals to students and visitors, upgrades and expansions to sports fields, and improvements to the nursery and pre-school.  This tax-exempt financing with CEDA produces a significant reduction of BACBC’s debt service payments, resulting in increased cash-flow available to support its school programs and services.

More information about the Bay Area Chinese Bible Church and its various services can be found online at: http://www.bacbc.org.

About CEDA:  In 2006, CALED established CEDA, a Joint Powers Authority (JPA), to address gaps in Economic Development financing.   CEDA is committed to providing alternative financing options to manufacturers, 501(c)(3) non-profits, and California communities, with the ultimate mission of supporting economic development.  To learn more about CEDA, please visit its web site at https://ceda.caled.org/.

 

Bay Area Chinese Bible Church Closing reception, February 2017