MassDevelopment.com: Press Room: $3.5 Million MassDevelopment Bond Supports Facility Upgrades for Gordon College

$3.5 Million MassDevelopment Bond Supports Facility Upgrades for Gordon College
April 2, 2007

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Ashley Hopkins, Gordon College, 978-867-4569

MassDevelopment today announced a $3.5 million tax-exempt bond issue for Gordon College, based in Wenham. Bond proceeds will finance the construction of a new state-of-the-art Balance and Mobility Center, as well as the completion of campus-wide energy enhancements. School officials expect to break ground on the new Balance and Mobility Center in May, while energy efficiency upgrades are currently underway. The financing package also supported the construction of Barton Hall—an urban student residence hall located in Lynn. Barton Hall represents an important next step for the Gordon in Lynn Program, a service learning partnership between the classrooms of Gordon and the many non-profit and service agencies of Lynn.

Barton Hall, named in honor of longtime Lynn resident and community activist Virginia Barton, opened its doors in August 2006 and currently houses 21 students. The facility features seven two-bedroom apartments that can accommodate four students.

"Congratulations to Gordon College on its campus expansion projects," said Robert L. Culver, MassDevelopment President/CEO. "MassDevelopment is pleased to offer financing that will enrich the educational experiences of Gordon College students by offering them the opportunity to live in Lynn as well as benefit from facility improvements at its Wenham campus."

Founded in 1889, Gordon College is New England’s only nondenominational Christian college of the liberal arts and sciences. The college offers majors in 36 fields and has graduate programs in education and music education.

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, 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.