Nov 24 2009
Citi (NYSE: C) today announced that the Company is providing $15 million in financing for the renovation of Bedford Stuyvesant Restoration Corporation’s Restoration Plaza. The financing will consist of an $11.4 million short term bridge loan and a $4 million New Markets Tax Credit Investment. Citi also announced it has donated an additional $200,000 to the Mayor’s Fund to Advance New York City for the Department of Consumer Affairs’ Financial Empowerment Center, operated in partnership with the Bedford Stuyvesant Restoration Corporation (BSRC).
For decades, Citi has provided project financing, direct financial contributions and financial services to the BSRC. Restoration Plaza, at the heart of Fulton Street, is one of Bedford Stuyvesant's most familiar landmarks. Owned and managed by BSRC, Restoration Plaza functions as a town square and major destination for education, commerce and culture in Central Brooklyn. The renovation of Restoration Plaza is a multi-phased capital improvement initiative to facilitate the expansion of program capacity for BSRC. BSRC expects the renovation to further stimulate economic growth in the Bedford Stuyvesant community by modernizing the facility, enabling existing and new tenants to add new jobs.
Vikram Pandit, Citi’s Chief Executive Officer, was joined in this announcement today by New York City Deputy Mayor for Health and Human Services Linda Gibbs, Consumer Affairs Commissioner Jonathan Mintz and President and Chief Executive Officer of Bedford Stuyvesant Restoration Corporation Colvin Grannum.
Vikram Pandit said, “We are proud to be a historic partner of the Bedford Stuyvesant Restoration Corporation and to be a part of these important projects. We understand and appreciate the important role that the organization plays in providing essential services and financial education to the Bed-Stuy community.” Mr. Pandit outlined details of Citi’s financial commitment and donation at the Bedford Stuyvesant Restoration Corporation’s offices in downtown Brooklyn.
Colvin W. Grannum, President and Chief Executive Officer of Bedford Stuyvesant Restoration Corporation, said, “We are grateful to Citi for its willingness to finance this important project. Their participation will ensure the success of renovating Restoration Plaza and will drive economic growth in Bedford Stuyvesant and the surrounding communities. Our mission is to improve the quality of life of Central Brooklyn by fostering economic self sufficiency, enhancing family stability and growth, promoting the arts and culture and transforming the neighborhood into a safe, vibrant place to live, work and visit. Citi’s commitment to us helps us achieve this mission.”
The $200,000 donation for the Financial Empowerment Center in Brooklyn is in addition to the $200,000 donation Citi gave in May to open Financial Empowerment Centers in each borough. The Financial Empowerment Centers are designed to offer free, one-on-one professional financial counseling and coaching to City residents with low and moderate incomes.
“New York’s innovative anti-poverty strategy, led by the Center for Economic Opportunity, has resulted in people moving into more stable careers and providing financial counseling services is an important factor in the equation,” said Deputy Mayor for Health and Human Services Linda Gibbs. “Citi’s renewed and generous commitment is a tremendous help to our efforts, particularly in these tough economic times, and we are extremely grateful.”
“The Financial Empowerment Centers across the City have helped thousands of New Yorkers get control of their finances in times of crisis, helping them pay down debt, create and stick to reasonable budgets and save for future goals,” said Consumer Affairs Commissioner Jonathan Mintz. “With this additional funding, the Office of Financial Empowerment can continue to provide these much-needed services to City residents. We encourage all New Yorkers to call 311 today if they are seeking help with their finances.”
Funding for BSRC's Restoration Plaza is made possible by Citi Community Capital (CCC), a premier financial partner with nationally recognized expertise in financing all types of affordable housing projects. CCC’s origination, structuring, asset and risk management staff across the country provide creative financing solutions designed to meet its clients' needs.
Source: http://www.citi.com/domain/home.htm