Los Angeles Community Development Bank Provides $15.5Million Loan To Finance New Development in...

LOS ANGELES--(BUSINESS WIRE)--July 20, 1999--

Demonstrating the strength of its community revitalization strategy, the Los Angeles Community Development Bank (LACDB) has joined with private investors to provide a $15.5 million loan for Chesterfield Square, a new community shopping center

The $50 million project, located at the southwest corner of Western and Slauson avenues, is expected to house a Home Depot, as well as a pharmacy and a grocery store.

The $15.5 million loan provided by LACDB -- combined with additional equity investment by Keyshawn Johnson of the New York Jets and local developer Capital Vision Equities -- creates a significant public/private partnership resulting in the largest development in South Los Angeles in the last decade. More than 443 new jobs within the federal Empowerment Zone will result from the LACDB's loan.

C. Robert Kemp, president of the LACDB, sees strong partnerships between the private sector and government agencies as the key to the LACDB's ability to build upon its successful track record of revitalization within the Empowerment Zone.

"The LACDB is pleased to be a part of an effort to bring high quality services to an area lacking basic retail amenities. We have been working steadily to reverse economic decline in South Los Angeles and this project underscores our commitment to that goal," said Kemp.

The Los Angeles Community Development Bank was founded in 1995 in partnership with the federal government and the City of Los Angeles. Its core mission is the facilitation of economic growth and job creation through the capitalization of small and minority owned businesses.

To date, the LACDB has approved loans totaling $132 million and created more than 1,000 new jobs within the federal Empowerment Zone, exceeding the LACDB's job creation goal for its first three years of operations.