Andover, MA – MassDevelopment has issued a $17 million tax-exempt bond on behalf of Collaborative for Regional Educational Services and Training (CREST), a nonprofit that provides educational, vocational, and therapeutic programs for children with developmental disabilities. TD Bank, N.A. purchased the bond, which MassDevelopment enhanced with a guarantee.
CREST used bond proceeds to buy a newly renovated, approximately 127,470sf school building at 20 Shattuck Rd in Andover, where the organization will consolidate programs offered at its three existing locations in Methuen under one roof. The new facility, which was recently converted from its previous use as an office building, consists of 62 classrooms, 10 conference rooms, 55 private offices, a gymnasium, a cafeteria, and several workshops.
CREST is comprised of 16-member school districts: Amesbury, Andover, Dracut, Georgetown, Greater Lawrence Technical School, Haverhill, Ipswich, Lawrence, Lowell, Masconomet Regional, Methuen, Newburyport, North Andover, Pentucket Regional, Triton, and Tri-Town Regional.
The organization offers quality educational programs and services for students with developmental disabilities to supplement and strengthen existing school programs and services that otherwise would be neither affordable nor accessible to each local school district on its own. In addition to providing educational, vocational, and therapeutic programs in the least restrictive environment as possible, CREST coordinates intercommunity enrichment programs in the arts, athletics, recreation, and other areas of education.
Additionally, the organization offers in-service training and other professional development activities to public school teachers and administrators of member districts, while also providing specialized transportation services to students of member districts.