MassDevelopment.com: Press Room: $17 Million MassDevelopment Bond Supports YMCA North Shore Expansion in Salem

$17 Million MassDevelopment Bond Supports YMCA North Shore Expansion in Salem
January 18, 2007

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Jack Meany, YMCA of the North Shore, 978-922-0990

MassDevelopment today announced the closing of a $17,000,000 tax-exempt bond for YMCA of the North Shore, Inc. (YNS), headquartered in Beverly. The organization will use bond proceeds to finance the construction of a new 90,000-square-foot facility in Salem and to acquire property for supplementary parking space. The new YMCA at Leggs Hill will serve the communities of Marblehead, Swampscott and South Salem. In addition to its Salem location, YNS operates facilities in Gloucester, Haverhill, Ipswich, Marblehead and Beverly. This expansion will allow YNS to serve an additional 3,000 youth and families each year through its membership, programs and services, and to create ten new full time jobs and several hundred part time positions.

"MassDevelopment has partnered with YMCAs across the Commonwealth a number of times in the past," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to continue this important relationship through support of an expansion that will create the space and resources YNS needs to increase its critical educational and recreational offerings for the residents of the North Shore."

Founded in 1858, YMCA of the North Shore serves twenty-six communities including: Beverly, Essex, Gloucester, Hamilton, Ipswich, Manchester, Marblehead, Rockport, Salem, Swampscott, Wenham, Haverhill, Rowley, Georgetown, Newbury, Newburyport, West Newbury, Groveland, Merrimac, Amesbury, Salisbury; and New Hampshire communities of; Atkinson, Plaistow, Newton, South Hampton and Seabrook. The organization is the largest provider of licensed child care on the North Shore, offering both preschool and after-school programs. Each year, YNS provides services in physical education, aquatics, fitness and wellness, child care, and youth development to nearly 50,000 children, teens and adults.

"We are thankful for MassDevelopment’s consistent support over the years," said Jack Meany, CEO of YMCA of the North Shore. "MassDevelopment’s tax-exempt financing allowed us to save on borrowing and to invest more money in the programs and services that make a difference in the lives of North Shore youths, families and individuals every day."

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Between FY 2004 and FY 2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.