CEDA Issues $34 million of Tax-Exempt Debt for Biola University

The California Enterprise Development Authority (CEDA) and Farmers & Merchants Bank of Long Beach closed the Biola University project for $34 million in tax-exempt funds. This funding will refinance previous obligations that were used to finance the construction, renovation, and equipping of a dormitory, parking facilities, and heating and cooling infrastructure at the La Mirada campus.

CEDA was happy to work with Farmers & Merchants Bank and Biola University to complete this project. Biola University is an established partner in the City of La Mirada. Founded in 1908, the school has steadily grown through the years and has a large impact on the surrounding community, both economically and socially. Biola University employs 884 full-time, 75 part-time, and 547 temporary employees. Additionally, the school has a strong commitment to cultural diversity, racial reconciliation, and gender equality.

The University offers its students more than 150 undergraduate and graduate educational programs and is committed to its mission of educating students to pursue the values of truth, transformation, and testimony. By refinancing the existing debt, Biola University can now invest more in furthering this mission.