The CMFA Assists Pitzer College with Tax-Exempt Financing
Founded in 1963, Pitzer College is an independent co-educational, liberal arts science college offering a Bachelor of Arts degree with a curricular emphasis in the social and behavioral sciences. Pitzer was the first independent women’s college to open in the United States since Bennington College in 1932. Today, Pitzer is part of a unique educational environment known as The Claremont Colleges—a consortium of five undergraduate colleges and two graduate institutions.
Recently, Pitzer College selected the CMFA as Issuer for their tax-exempt bonds. Proceeds of the financing will be used to fund the completion of the college’s master plan. The college campus was constructed in the sixties. A recent inventory found that many of these educational buildings and student housing was in need of repair or renovation at a cost that neared the cost of new construction. Pitzer College’s Master Plan calls for a campus that includes seismically sound buildings that ensure academic initiatives are met while at the same time encouraged social interaction among students, faculty, administration and visitors to the campus. Proceeds from the 2014 financing will be used to repair and renovate existing buildings, fund the purchase of nearly 28 acres which will be used for future student residences, administration and educational buildings and pay for cost of issuance.