Goosefoot Community Fund, a non-profit real estate development company, is going to invest $8 million at Bayview’s shopping center along Highway 525.

Goosefoot, which developed Bayview Corner and the Cash Store, has closed a financing transaction with Whidbey Island Bank and Rural Community Assistance Corporation for the loan. The funds will be used to redevelop Goosefoot’s property at the Bayview Shopping Center.

Linda Moore, development director for Goosefoot, said the funds will be used to revitalize the 28 acres of commercial land in Bayview.

Leases at the shopping center run through 2009, and Goosefoot intends to keep the same tenants until then.

Moore and Leigh Anderson, executive director of Goosefoot, sealed the deal this week with Michal Cann, chief executive officer of Whidbey Island Bank.

The financing is the foundation of the financial structure for Goosefoot’s long-term development in Bayview. Master planning for the redevelopment project is currently underway.

Moore said they will be working with the same group that developed the REI flagship store in Seattle.

“The final plan will look and feel like us,” Moore said.

Goosefoot plans on seeking community input on its proposal for the shopping center, currently home to Casey’s Red Apple and Casey’s Crafts.

“We will be unveiling plans for public comment and input,” Anderson said.

“In an era of limited resources, Goosefoot is uniquely positioned to build upon and continue its innovative work at the crossroads of affordable housing, job creation, infrastructure and sustainable development,” said Nancy Nordhoff, cofounder of Goosefoot.

“It is precisely at these intersections where the hard work lies. We are grateful for the confidence of our financial partners and the community. And we welcome the hard work ahead,” she said.

Goosefoot has closed the financial transaction with Whidbey Island Bank and the Rural Community Assistance Corporation, or RCAC. Whidbey Island Bank will make an investment with RCAC, playing the role of the conduit for the tax credit.

“Since Whidbey Island is our home, we are pleased to participate with Goosefoot in support of quality projects that benefit the local community,” said Michal Cann, CEO of Whidbey Island Bank.

“Whidbey Island Bank will make the investment of $48 million with RCAC playing the role of the conduit for the tax credit,” he said.

The RCAC is a community development and financial institution headquartered in Sacramento, Calif. that serves non-profit organizations, local government agencies and tribal entities in 13 western states. The organization operates a loan fund with $60 million in lending capital that provides low-interest loans and grants to further community goals.

The transaction utilizes “New Market Tax Credits,” a federal program began in 2000. The credits are designed to spur private equity investment for economic growth in statistically targeted rural and urban communities by making investment capital available to businesses in low-income communities.

Moore said the project met the RCAC requirments because of housing costs in the area.