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La Kretz Campus Secures Tax Credits

LOS ANGELES-The $46 million clean tech center development, La Kretz Innovation Campus secures $14 million in new market tax credits from U.S. Bank.

By Kelsi Maree Borland | Updated on January 13, 2014

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.

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