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The Discovery Science Center of Orange County Closes Tax-Exempt Financing Through CEDA to Fund Development of its Newport Beach Ocean Quest Facility

The California Enterprise Development Authority (CEDA) is pleased to announce the May 2017 closing of a $6 million tax-exempt financing deal with the Discovery Science Center of Orange County, a private 501(c)(3) non-profit organization founded in 1993 and operator of the world class interactive science center known as the Discovery Cube-Orange County, located in Santa Ana. Farmers & Merchants Bank (F&M) served as the bank in this project and is one of the oldest and strongest financial institutions in California. With almost $7 Billion in assets, F&M Bank is one of the top 150 banks in the US, and is a
strong supporter of 501(c)(3) tax-exempt financing.

In July 2016, Discovery acquired, via a merger, ExplorOcean, a California non-profit that has owned and operated a nautical museum facility in Newport Beach. Through this merger, Discovery has since renamed ExplorOcean to Ocean Quest and it now serves as a satellite center for Discovery Cube. All proceeds generated from the facility will be applied to further science learning locally.

The $6 million deal through CEDA finances and refinances acquisition, construction, improvement, and other related costs of the Newport Beach facility. This tax-exempt financing provides Discovery Science Center with low-cost financing, allowing the organization to devote the savings to Ocean Quest’s
educational programs serving youth 14 years of age and under. CEDA is proud to serve as issuer in this deal, supporting valuable educational programs in the local community.

More information about Discovery Cube’s Ocean Quest in
Newport Beach can be found online at: http://www.oceanquestoc.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/.