Loan Amount: $15 million
Project: Construction of new SFJAZZ Center in San Francisco
SFJAZZ is one of the world's leading presenters of jazz and related forms of music, with over 100 performances each year, as well as a variety of jazz education programs for people of all ages. Dedicated to cultivating jazz as a living art form with a rich past, SFJAZZ nurture young musicians and foster new fans through year-round education programs, including Jazz in the Middle, SFJAZZ High School All-Stars, Family Matinees and Discover Jazz classes.
Seeking additional funding for the construction of its SFJAZZ Center, SFJAZZ partnered with the San Francisco Community Investment Fund (SFCIF) in 2010 to explore and utilize new markets tax credit opportunities. Ultimately, SFJAZZ was provided with $15 million in New Markets Tax Credits (NMTC) allocations to push construction of the Center ahead.
Throughout the process, SFJAZZ representatives met with SFCIF staff to ensure a smooth and seamless outcome. New markets tax credits were new territory for SFJAZZ, but SFCIF served as knowledgeable guides throughout the process and the paperwork. Without the funding received through SFCIF, SFJAZZ says construction of the SF Jazz Center would not be on schedule to open in January 2013.
Not only did SFCIF serve as the largest New Markets Tax Credits contributor on the SF Jazz Center project, but they also provided an intangible, but very important, San Francisco connection to the project.
Getting that stamp of approval from the San Francisco Redevelopment Agency and the San Francisco Community Investment Fund on this San Francisco community project was huge,” said Felice Swapp, Executive Operating Director of SFJAZZ. “It felt like the essence of San Francisco was behind us."
When complete, the SF Jazz Center will include two performance spaces, seating up to 750 and 70 people respectively, as well as education and performance space, a digital music lab, equipment storage and office space.
Since its inception nearly 30 years ago, SFJAZZ has been using more than 20 venues throughout the Bay Area for its performances and programs. With the completion of the SF Jazz Center, SFJAZZ will finally have a place to call home.