LOS ANGELES-La Kretz Innovation Campus, a $46 million clean tech development in Los Angeles' Clean Tech Corridor, has received $14 million in new market tax credits from U.S. Bank. The partnership could potentially create 600 new jobs in the city. “The Campus is going to be a game changer for Los Angeles,” says Los Angeles Mayor Eric Garcetti. “As a major clean tech center, it will attract talent, companies and capital to help build a green economy for our city.”
U.S. Bank used new market tax credit from the partnership as well as the bank's community development entity and a donation from Mort La Kretz for the investment. New market tax credits are used to convert private capital into flexible and below-market financing.
A partnership between Los Angeles Department of Water and Power, Clearinghouse CDFI, Consortium America, Los Angeles Development Fund and Urban Research Park CDE financed the development, which will help support start-up companies developing green technologies and combating global ecological issues. It is estimated the campus will house 40 clean tech companies that could generate those 600 jobs in the first five years with an average salary of $45,000 annually. Construction will be complete in 2015.
“The campus is going to provide a tremendous asset by creating new technologies for expanding energy efficiency to help our customers save energy and money, transition out of coal, increase our use of renewable energy and create a clean energy future for L.A.,” says LADWP general manager Ron Nichols. “It will be a place where new technology and equipment can be developed and tested technology that will help us go further, faster and more efficiently as our Power System continues to evolve.”
In 2010, the city launched the clean tech business incubator as part of the La Kretz Innovation Campus The campus will also include a clean technology development center.
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Kelsi Maree Borland
