Springfield, MA – MassDevelopment has issued a $2,555,000 tax-exempt bond on behalf of Springfield Technical Community College Assistance Corporation (STCCAC), which used bond proceeds to renovate 28,500sf of space within the Springfield Technology Park at 1 Federal St. in Springfield.
The building, built in the 1940s and vacant since 2020, is being leased to the Massachusetts Department of Developmental Services (DDS), which relocated to the Technology Park on July 31 from its previous locations around greater Springfield. Construction began in March and was completed in early July. PeoplesBank purchased the bond, which helped STCCAC achieve a lower cost of capital. Springfield Technology Park is managed by Appleton Corporation on behalf of STCCAC.
“The Springfield Technology Park is a hub of commerce, education, and innovation conveniently situated adjacent to Springfield Technical Community College and the city’s downtown business district,” said MassDevelopment president and CEO, Dan Rivera. “MassDevelopment is pleased that our tax-exempt financing has supported renovations to further activate this property and create a new home for the Massachusetts Department of Developmental Services to relocate and carry out its mission.”
DDS Commissioner Jane F. Ryder said, “This new DDS location in Springfield will enable our staff to meet with individuals and families we serve across the Central West region, and helps us continue the important work of our agency: empowering individuals with intellectual and developmental disabilities to become meaningfully engaged members of their communities. We’re thrilled to remain in Springfield at Technology Park.”
Springfield Mayor Domenic J. Sarno said, “I want to thank MassDevelopment president and CEO, Dan Rivera and his team, and PeoplesBank for their continued belief and investment in our Springfield community. Springfield Technical Community College and the Technology Park are an important and vital piece to our Springfield’s commercial, educational and innovative community.”
The mission of STCCAC is to provide the physical and financial resources necessary for the acquisition and development of the Technology Park, housed directly across the street from Springfield Technical Community College, to further fulfill the educational mission of the college.