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U.S. BANK PLEDGES $9.1 MILLION FINANCING PACKAGE TO DOWNTOWN SPOKANE'S CRESCENT COURT PROJECT

 SPOKANE, Wash., Nov. 4 /PRNewswire/ -- Calling it more than just a commercial business loan, U.S. Bank of Washington announced today its commitment to a $9.1 million financing package that will be part of local developer Goodale & Barbieri Companies' Crescent Court redevelopment project in downtown Spokane.
 Gary Schmitt, U.S. Bank's Eastern Washington area president, said, "This project will spur increased revitalization of the downtown core and become a symbol of all that is right about our city center. Crescent Court makes sense for downtown Spokane and it makes sense as an excellent business opportunity for everyone involved."
 Located at Main and Wall Streets, termed the crossroads of the downtown business district, the historic Crescent building was also the site of Spokane's downtown Frederick & Nelson department store, which closed two years ago. F & N creditors sold the building to Goodale & Barbieri last March for $1.5 million.
 The mixed-use Crescent Court will contain specialty retail shops, a food court, and a 60,000-square-foot exhibition center and Grand Ballroom, plus nearly 120,000 square feet of Class A office space located on the top four floors. The remodeled, eight-story complex will have a total of 280,000 square feet of space.
 Bonneville Power Administration has already opened its new offices, which occupy the entire fifth floor of the building, as its new Spokane regional headquarters. The U.S. Post Office has leased the entire sixth floor and will begin occupancy in early spring of 1994.
 "U.S. Bank's Eastern Washington Corporate Banking Group played a major role in structuring the financing for this complicated deal," said Don Barbieri, chief executive officer of Goodale & Barbieri. "They understand the vision and the impact of a project like Crescent Court and what it can mean in terms of economic growth for the entire downtown area. They made a financial commitment not only to the project, but to the future economic health of downtown Spokane."
 Detailed plans for the convention center and exhibition areas are being developed this fall, according to Barbieri. Construction work has already started on the building and a final completion date is projected for August 1994. G & B is currently negotiating with a number of potentiae?tail merchant and office space tenants and will be announcing these additional leases as they become final.
 "We are very optimistic about the future of the Crescent Court project and believe that it fits with other exciting downtown projects, such as the 'Trolley on Wall Street' and the Transit Center," said Schmitt. "U.S. Bank is always pleased to be involved in this kind of revitalization activity."
 U.S. Bank of Washington is a subsidiary of U.S. Bancorp, (NASDAQ: USBC) the largest bank holding company headquartered in the Northwest. With assets of $21 billion as of Sept. 30, 1993, U.S. Bancorp is one of the nation's 35 largest bank holding companies, and has consistently ranked in among the top tier of these companies in performance and capital strength. Other U.S.Bancorp subsidiaries include U.S. Bank of Oregon, U.S. Bank of California, U.S. Bank of Nevada, U.S. Bank of Idaho, and U.S. Bank (Canada).
 -0- 11/4/93
 /CONTACT: Cindy Duryee, Public Relations, 206-344-5311; or Jay Lewis, commercial lending officer, 509-353-7030, both of U.S. Bank/
 (USBC)


CO: U.S. Bank; U.S. Bancorp ST: Washington IN: FIN SU:

RB -- SE014 -- 1002 11/04/93 18:13 EST
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Publication:PR Newswire
Date:Nov 4, 1993
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