MassDevelopment Issues Bonds for Educational Facilities

Boston – MassDevelopment has issued a $7 million tax-exempt bond on behalf of the Winchester Soccer Club, Inc., which will use the proceeds to acquire land and build two multisport synthetic turf playing fields, a smaller natural grass outdoor field, and a 70,000sf field house. The organization will also furnish and equip the field house and build a 130-space parking lot. Winchester Soccer Club expects the project to support 24 construction jobs. Salem Five Cents Savings Bank purchased the bond.


The building that will become the new STEM center (courtesy of Lawrence Family Development and Education Fund).

MassDevelopment also has issued a $6.5 million tax-exempt bond on behalf of the Lawrence Family Development and Education Fund, Inc., an affiliate of the Lawrence Family Development Charter School and the owner of the school’s real estate. The school will build a 7,000sf addition to the lower school and renovate, improve, furnish, and equip the school’s three facilities.

In addition, a $7.01 million tax-exempt bond and a $3.3 million Qualified Zone Academy bond were issued on behalf of Lowell Community Charter School Friends, Inc., an affiliate of the Lowell Community Charter Public School. Bond proceeds are being used to purchase, renovate, and equip 113,800sf of classroom space at 206 Jackson St. in downtown Lowell. The space is in two textile buildings that were part of Appleton Mills. Since 2000, the school has leased 98,000sf of the space it is purchasing.

The school is converting the additional 15,800sf to classrooms to accommodate the addition of the 7th and 8th grades. In addition to the building space, a 40,000sf land parcel is being purchased for a future gymnasium. Lowell Community Charter Public School expects the project to create 10 jobs and support 17 construction jobs. MassDevelopment enhanced this financing with a guaranty. Boston Private Bank & Trust Company purchased the bond.