Sacramento will support the development of the $49 million first phase of construction at the Powerhouse Science Center just north of downtown.
The City Council voted on Tuesday to pay $350,0000 per year for 20 years, which will be used to help pay back a $25 million loan the Powerhouse Science Center is seeking from the California Infrastructure and Economic Development Bank, or I-Bank.
The city owns the former powerhouse, and the development of the museum is seen as a significant project and an amenity for the waterfront, said Rachel Hazlewood, senior project manager with the city of Sacramento.
The vote was unanimous Tuesday.
'This project is a home run,' said Councilman Steve Hansen.
The project to create a science center has been spearheaded by local businesses and volunteers for years. Much of the funding will come from private and corporate sources, in addition to grants and tax credits.
The science center will 'activate the river' as a 'marquee' project, said Councilman Kevin McCarty.
Backers of the Powerhouse Science Center want to convert the former power plant into a showplace for science education and learning. The plan has local corporate backing from Synergex Corp. and GenCorp Inc., among others, so far.
Backers also are seeking money and grants from the National Science Foundation, plus a mix of city, state and federal grant funding.
The project could go before the I-Bank next month, said Raymond Burrell, director of the Powerhouse Science Center. The effort also is seeking new market tax credits and other funding, he said. 'A lot of things are occurring simultaneously.'
Mark Anderson covers technology, banking and finance, medtech and biotech, venture capital, energy, mining, hotels, restaurants and tourism for the Sacramento Business Journal. Entities 0 Name: Powerhouse Science Center Count: 4 1 Name: Sacramento Count: 2 2 Name: City Council Count: 1 3 Name: Synergex Corp. Count: 1 4 Name: Rachel Hazlewood Count: 1 5 Name: Sacramento Business Journal Count: 1 6 Name: Kevin McCarty Count: 1 7 Name: GenCorp Inc. Count: 1 8 Name: Raymond Burrell Count: 1 9 Name: National Science Foundation Count: 1 10 Name: California Infrastructure and Economic Development Bank Count: 1 11 Name: Steve Hansen Count: 1 12 Name: Mark Anderson Count: 1 Related 0 Url: http://ift.tt/1kfGPsu Title: The White House Science Fair Description: On Tuesday, May 27, the White House will be filled with robots, science projects, and more for the 2014 White House Science Fair! Hosted by President Obama, the Fair will feature innovative projects, designs, and experiments from students all across America.
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