CEDA Financing Supports Sonoma Humane Society Market Expansion with Healdsburg Center
On June 18, 2016, the Sonoma Humane Society (SHS), a non-profit organization that provides animal sheltering and adoption services and community programs in its local community, celebrated the Grand Opening of their newly-constructed 7,500 square-foot Healdsburg Center. Bringing this facility to an operational state was a long road. SHS assumed assets of the non-profit organization, Healdsburg Animal Shelter, when it dissolved in 2014. Among these assets was a shelter facility which the former owner began constructing in 2011, but ceased in 2013 when the contractor filed for bankruptcy.
SHS found the means to begin construction again; however, they wanted a longer-term solution to finance the costs associated with completing the project and making the facility operational. In Spring 2016, SHS and CEDA’s financing team began discussing terms of 501(c)(3) non-profit revenue bond financing. This financing structure was a good fit for the organization who planned to use the loan proceeds to refinance a taxable bank loan associated with development and construction costs for its primary facility, a 34,000 square-foot Santa Rosa Center, in addition to reimbursement of costs for the Healdsburg Center. The savings associated with this refinance deal provide SHS savings in debt service which can be put back in supporting their various services. On July 19, 2016, the $2.9 million deal was closed.
CEDA is proud to have served as the Issuer for this deal and to support SHS’s mission and its valuable community programs. SHS is funded through donation support (55 percent) and fees from its various services. On average, the “no kill organization” takes in 2,400 animals per year and each animal admitted receives medical care, behavioral assessment, and training while awaiting adoption. In addition to animal sheltering and adoptions, SHS offers programs such as a low cost spay/neuter clinic, public training services, public veterinary hospital (the third largest in Sonoma County), among others. SHS employs about 75 staff members and provides volunteer opportunities for 700 individuals. More information about SHS and its various programs can be found online at: http://sonomahumane.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/.