Mar 1, 2021

 

Scripps 

 

FOR IMMEDIATE RELEASE

IBANK’S BOARD APPROVES PROJECT FINANCING AND POLICY CHANGES

SACRAMENTO (March 1, 2021) – The California Infrastructure and Economic Development Bank’s (IBank) Board of Directors approved three bond financing requests during last week’s monthly meeting. The Board also approved a policy change to allow greater flexibility in conduit revenue bond financing for economic development facilities.

The Scripps Research Institute received approval for a fixed-rate taxable bond request not to exceed $75,000,000 for a new research laboratory building and staff parking lot. The project will not only provide about 150 construction jobs but will also meet various environmental regulations and standards for a minimum LEED Silver Certification and California Green Building Codes.

Scripps estimates they will save more than $115,000,000 from exiting costly leases and owning its own dedicated facilities.

IBank Executive Director Scott Wu expressed excitement in helping an existing client save money in more ways than one.

“The Scripps Institute does so much for science and research, and they are incredibly connected to their community,” Wu said. “IBank is proud to help them make some fiscally responsible financing decisions and create a green building that has long-term benefits as well.”

The policy change in the IBank Bond Unit will allow IBank to accept any investment grade rated bonds for publicly offered bond transactions as well now being able to add Institutional Accredited Investors to the acceptable pool of bond purchasers.

Wu said the policy change was especially important for ensuring long-term success and options for IBank clients.

The Board also approved requests by The RAND Corporation as well as the Seneca Family of Agencies for bonds that will be issued to refinance existing bond obligations and generate significant financial savings.

IBank Contact: Gabrielle Stevenson, (916) 201-4093, Gabrielle.Stevenson@IBank.ca.gov

About the California Infrastructure and Economic Development Bank: IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information at www.ibank.ca.gov.

 

Mailing Address: P.O. Box 2830, Sacramento, CA 95812-2830

Main Telephone: (916) 341-6600, www.IBank.ca.gov

 

About the California Infrastructure and Economic Development Bank
IBank was created in 1994 to finance public infrastructure and private development that promote a healthy climate for jobs, contribute to a strong economy and improve the quality of life in California communities. IBank is located within the Governor’s Office of Business and Economic Development and is governed by a five-member Board of Directors. IBank has broad authority to issue tax-exempt and taxable revenue bonds, provide financing to public agencies, provide credit enhancements, acquire or lease facilities, leverage State and Federal funds and provide loan guarantees and other credit enhancements to small businesses. Find more information on our website.