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$5 Million MassDevelopment Bond Supports Malden YMCA Expansion
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March 24, 2005 Contacts: Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com Tracy Lawrence, 617-330-2011 or tlawrence@massdevelopment.com MassDevelopment today announced the provision of a $5 million financing package for the Malden YMCA. The organization will use a tax-exempt bond to purchase and renovate an existing 30,000 square foot vacant armory building located on Mountain Avenue in Malden, and construct a 30,000 square foot addition. The Y's new facility will feature a six-lane lap pool, three-lane warm water therapy pool, teen center, preschool and school age child care centers, full-size gymnasium, indoor track, health and fitness center, senior fitness center and community meeting rooms. "The MassDevelopment team is pleased to partner with the Malden YMCA on this important expansion initiative," said Robert L. Culver, MassDevelopment president/CEO. "This organization, working collaboratively with the United Way of Massachusetts Bay, serves tens of thousands of Bay State residents each year by providing vital social services, after school activities and family programs." The Malden YMCA was incorporated in 1875, making it one of the oldest associations in the country. Governed by a 23-member Board of Directors; approximately 100 staff and 60 volunteers provide services to more than 8,000 individuals each year. With satellite community outreach sites in Everett and Medford, the organization offers programs in preschool enrichment, aquatics, fitness, child care, housing, teen leadership, development, peer education, tutoring, and drug and alcohol prevention. "This is the Malden Y's first move in our 130 year history, and I speak for everyone on staff when I say we're extremely excited about this expansion," said Beth Cameron, associate executive director. "This initiative will enable us to serve an additional 12,000 Commonwealth residents each year. Thanks to MassDevelopment for structuring this competitive financing package." MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.
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