ANIZDA and Da Vinci Close on $17.45 Million in Financing to Fund Science Center
The Allentown Neighborhood Improvement Zone Development Authority (ANIZDA) has issued its $5,500,000 NIZ Term Loan Note, Series 2022 and $11,950,000 Gaming and Economic Development Fund Term Loan Note, Series 2022 to fund the new Da Vinci Science Center in downtown Allentown. The proceeds of the tax-exempt loans from Fulton Bank, N.A. will be used by Da Vinci Science City, LLC for construction of a portion of the core and shell of the approximately 67,000 square foot, three-story science center currently under development at 18-28 N. 8th Street.
The Da Vinci Science Center at PPL Pavilion will be a regional center of excellence for Science, Technology, Engineering, Arts, and Math (STEAM) education expected to attract approximately 400,000 visitors annually to downtown Allentown. The new center will feature interactive exhibits and a learning center with classrooms outfitted with state-of-the-art equipment and an expanded array of STEAM programming designed to excite young minds and serve as a community hub and conduit to STEM careers.
In addition to the financing that closed today, ANIZDA is also providing approximately $1.6 million through its Public Improvement Investment Program to fund improvements to the public spaces surrounding the science center.
Development of the new $72 million science center is funded from a variety of public and private sources. The regional destination in the heart of downtown Allentown is expected to open in 2024. Sitework is currently underway. For more information visit https://pplpavilion.davincisciencecenter.org/.