MassDevelopment

Aspire Developmental Services Relocates Lynn Headquarters with MassDevelopment Bond

October 31, 2016


FOR IMMEDIATE RELEASE

Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com

Lori Russell, Aspire Developmental Services, 781-593-2727
lrussell@aspiredevelopmental.org

MassDevelopment has issued a $2,420,000 tax-exempt bond on behalf of Aspire Developmental Services, Inc., an organization in Lynn and Salem that provides programs for children and adults with physical and developmental disabilities. Aspire is using bond proceeds to renovate, furnish, equip and insure the 15,912-square-foot former O’Keefe School building at 176 Franklin Street as its Lynn headquarters. The new building will allow Aspire to expand its day care, early intervention and other services. East Boston Savings Bank purchased the bond.

“Aspire Developmental Services’ focus on early intervention ensures a bright future for the children and families it serves on the North Shore,” said MassDevelopment President and CEO Marty Jones. “We are pleased to help this organization expand its services and update its Lynn headquarters with this low-cost financing.”

Founded in 1951 as the Cerebral Palsy Council of the North Shore, Aspire Developmental Services, Inc. is a private, nonprofit healthcare and educational agency that provides programs for children and adults with physical and developmental disabilities and their families. The agency was organized by parents and professionals interested in providing services for persons with cerebral palsy. In 2015, the organization became Aspire Developmental Services, Inc. Aspire provided services to 1,856 children in 10 communities in 2015 through Early Intervention, the Early Intervention Partnership Program and its Aspire Early Education Center, which is open to typically developing children and those with mild developmental delays.

“We are very excited to begin this project, which will allow for the continued growth of Aspire Developmental Services,” said Lori Russell, Acting Executive Director at Aspire. “The project, which is expected to be completed in the summer of 2017, will enable us to serve more at-risk families on the North Shore.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.