$9.5 Million NMTC Allocation Helps Create New Multi-Use Community Center
The Federal Way Performing Arts and Event Center (PAEC) is the essential first piece of a grand-scale plan to revitalize downtown Federal Way, WA. Development of a new Town Center, which began with PAEC, will also include a Native American Culinary Arts Institute and a mixture of office, retail, residential, and public space. Once complete, the new Federal Way Town Center will yield hundreds of jobs and provide critical services benefiting this low-income community.
Clearinghouse CDFI provided $9.5 million of NMTC allocation for the development of PAEC. Capital One was the NMTC investor.
Now open, PAEC features a 700-seat theater and a large meeting space for arts, cultural, educational, and other community activities. Over 45 full-time jobs were created.
- Download the flyer: Now Open – Federal Way Performing Arts & Event Center
- More about the Performing Arts and Event Center at the City of Federal Way website: http://www.cityoffederalway.com/page/performing-arts-event-center-1