Los Angeles-based Orthopaedic Institute for Children received $24.5 million in construction funding through the New Markets Tax Credit Program that will finance a new construction project.
Here are seven things to know:
1. The new construction project will include an urgent care center, physical therapy department and research laboratories.
2. In addition to the new construction, the tax credit will reimburse the practice for $9.5 million spent on the 2016 construction and opening of its ambulatory surgery center.
3. JPMorgan Chase secured the financing, funded by The Los Angeles Development Fund, Urban Research Park CDE and Chase New Markets Corp.
4. Capital Peak Partners and worked on behalf of OIC on the project. The legal counsel was Bocarsly, Emden, Cowen, Esmail & Arndt.
5. The program was enacted in 2000 to stimulate capital markets investment in low income communities throughout the country; at OIC, 94 percent of the children served are underinsured or uninsured, and the clinicians serve all pediatric patients regardless of their ability to pay.
6. Construction is scheduled to begin in the fall of 2017 with the new urgent care center, expected to double the size of the practice's orthopedic trauma wing. The physical therapy building and seven new research laboratories will follow.
7. The practice will also relocate some services as the new construction finishes to allow existing programs and services to remain open fully during the construction process.
"We are extremely grateful to Mayor Eric Garcetti, Congresswoman Karen Bass and Councilman Curren Price for their ongoing support of OIC and for their passionate involvement in helping us secure this funding," said Anthony Scaduto, MD, president and CEO of OIC. "The NMTCs that are being provided as a result are truly a game changer and will allow us to significantly enhance the services we provide to children of our community."