Bond Issued to Buy Charter School

Argosy Collegiate Charter School / Photo courtesy of Argosy Collegiate Charter School Foundation Inc.

Fall River, MA – MassDevelopment has issued a $9.8 million tax-exempt bond on behalf of the Argosy Collegiate Charter School Foundation Inc., an affiliate of the Argosy Collegiate Charter School, which used proceeds to buy the school’s longtime building in Fall River.

Argosy serves students in grades six through 12 and has operated in the 53,000sf school building, located at 240 Dover St. and 53 Snell St. in Fall River. The tax-exempt financing allowed the school’s foundation to buy the building from Charter School Development Corporation and lease it back to the school, ensuring a long-term home for the school and reducing costs for the organization. Hills and Mills Securities Corporation, an entity of BankFive, purchased the bond, which MassDevelopment enhanced with a charter school loan guarantee.

“High-quality educational institutions are fundamental to empowering students and developing the next generation of the Commonwealth’s dynamic and talented workforce,” said housing and economic development secretary, Mike Kennealy, who also serves as chair of MassDevelopment’s board of directors. “With MassDevelopment’s tax-exempt bond and loan guarantees, we are able to support independent and charter schools looking to buy real estate, build new facilities, and secure their future for the long term.”