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CEDA Closes Tax-Exempt Financing with Verge Center for the Arts in Sacramento for approximately $1.7 million

Verge Center for the Arts was founded in 2008 in Sacramento, CA as a commercial art gallery with two exhibition spaces and 20 artist studios. With the intent to further its reach in showing exhibitions and providing low to no cost artist workspace and educational programming, Verge moved to a considerably larger building on S Street in 2010 and transitioned to a 501(c)(3) non-profit model.  In 2013, Verge purchased and renovated its building, reopening to the public the year after. The larger facility allowed the organization to expand to 37 artist studios, two gallery spaces, a classroom, and a fine art printmaking facility. Verge merged with the Center for Contemporary Art Sacramento (CCAS) in 2014 to provide a stronger foundation as it cultivates local and regional contemporary art.

Verge serves more than 1,000 youths each year through its children’s art programming and offers regular classes on various art forms and methods for the general public. The organization’s residency program strives to diversify Sacramento’s artist community by providing emerging and career artists in new disciplines about 300 square feet of no cost/low cost workspace. Verge’s gallery exhibitions are focused on contemporary art, including nontraditional and experimental forms of art.

In June 2018, the California Enterprise Development Authority (CEDA) closed a tax-exempt financing with Verge Center for the Arts and Pacific Premier Bank for approximately $1.7 million. The funding is being used to finance and refinance  the costs related to the acquisition, construction, and equipping of Verge’s facilities including art studios, galleries, a classroom, a fine arts printmaking facility, and administrative space.  This low-cost financing will help Verge realize debt service savings enabling the organization to invest more in its programs and services which offer art and art resources to the Sacramento region.

More information about Verge Center for the Arts can be found online at: http://www.vergeart.com/.

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 http://ceda.caled.org/.