Reading, MA – MassDevelopment has issued a $5,957,500 501(c)(3) tax-exempt bond on behalf of the Austin Preparatory School of Reading. Proceeds from this bond will fund the construction of an outdoor athletic stadium. The bond will also refinance two former loans that went towards renovating school buildings and purchasing technology equipment.
“MassDevelopment is pleased to support Austin Preparatory School’s new athletic facilities,” said MassDevelopment president and CEO Marty Jones. “Students will enjoy valuable opportunities for leadership, development, and enhanced well-being through athletics.”
Austin Preparatory School, founded by the Augustinian Friars of the Province of St. Thomas of Villanova, began as an all-male high school in 1963. It is an incorporated Catholic independent school led by a board of trustees.
The school expanded to include a middle school in 1987 and admission, was opened to women in 1992. The school currently enrolls 700 students from 55 area cities and towns, consisting of 50% men and 50% women. Faculty consists of 57 men and women including two priests and one Dominican sister.
The architect for the project is Cornerstone Architects Inc. of Westford; the engineering firm is Gale Associates Inc. of Weymouth; and the general contractor is Quirk Construction Corp. of Georgetown.
“It was a pleasure to work and partner with MassDevelopment in making our new stadium, track & field, and outdoor facility a reality,” said James Hickey, Ph.D., Austin Preparatory School Headmaster.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.