The Seattle Asian Art Museum will receive $6.5 million in historic tax credit equity financing and a $25,000 donation from U.S. Bank to fund the renovation and expansion in its historic building in Volunteer Park.
U.S. Bancorp Community Development Corporation, a division of U.S. Bank, invested $6.5 million in equity from federal historic tax credits to help fund the $54 million renovation of the circa 1933 building. The $25,000 donation from USBCDC is in addition to the grants totaling nearly $345,000 from U.S. Bank Foundation over the past 21 years.
“Support for cultural institutions that educate and enrich our communities is one of the primary pillars of U.S. Bank’s Community Possible philanthropic and community support platform. Our work in Seattle is focused on enhancing the area’s cultural jewels to make the city even more attractive to visitors and residents. The preservation and exhibition of the museum’s vast Asian art collection celebrates historical and modern cultural heritage for all to view, study and enjoy,” said Stacie Chang, assistant vice president of USBCDC.
The project preserves the Art Deco building, improves the museum’s infrastructure, protects the collection with climate control and seismic system upgrades, enhances ADA accessibility, and improves the museum’s connection to Volunteer Park, including the restoration of two historic pathways in the park.
“The Seattle Art Museum is pleased to have selected U.S. Bancorp Community Development Corporation as the Historic Tax Credit Investor in our Seattle Asian Art Museum renovation project,” says Kimerly Rorschach, SAM’s Illsley Ball Nordstrom Director and CEO. “The rehabilitation and preservation of the museum’s landmark Art Deco building will allow SAM to continue to provide a window onto the history and cultures of Asia through art. We thank U.S. Bank for their support of this effort.”
The Seattle Art Museum, which owns and operates the Asian Art Museum, began the renovation in February and expects to finish in fall 2019. The project will add 13,900 square feet, an exhibition gallery, education space and a conservation center. The work will support 520 construction jobs and create about five full-time permanent jobs.
The project enables the Seattle Art Museum to exhibit more of its significant Asian art collection and better serve a growing and increasingly diverse audience.
U.S. Bank has invested more than $228 million in 28 projects in the Seattle area since 2008. They include affordable housing, historic building renovations, business expansions and renewable energy.
With $26.7 billion in managed assets as of March 31, 2018, U.S. Bancorp Community Development Corporation provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities.