MassDevelopment.com: Press Room: Simmons College Uses $49 Million MassDevelopment Bond for Dramatic Campus Improvements

Simmons College Uses $49 Million MassDevelopment Bond for Dramatic Campus Improvements
April 10, 2006

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Diane Millikan, Simmons College, 617-521-2364

MassDevelopment today announced a $49 million tax-exempt bond issue for dramatic improvements to the Simmons College campus in Boston. Bond proceeds will fund the construction of a new "green" academic building, a 365-car underground garage with grassy quadrangle above, and improvements and renovations to a number of campus buildings including the main academic building, science center and the library. When finished, the new 66,500-square-foot academic building will house the Simmons School of Management - which is currently located in several buildings on Commonwealth Avenue - as well as other Simmons classrooms and administrative offices.

"The MassDevelopment team is pleased to partner with Simmons College for its important expansion initiative," said Robert L. Culver, MassDevelopment president/CEO. "We must continue to support the Commonwealth's world-class institutions of higher learning. Projects such as Simmons's new environmentally friendly building help attract the best and brightest students from across the nation, many of whom will stay and start businesses that will create jobs and help drive our economy."

Founded in 1899, Simmons College is a nationally ranked private, small university in the heart of Boston, with total enrollment of about 5,000 students. It includes an undergraduate college for women and renowned co-educational graduate programs in health studies, social work, library and information science, education, liberal arts, management, and communications management. US News & World Report consistently names Simmons a "Best College" in its category.

Located in Boston's Fenway Neighborhood, Simmons is a member of the Colleges of the Fenway, a six-college collaboration that allows students to cross-register for courses and participate in activities at five other nearby colleges.

Simmons President Daniel S. Cheever Jr. said, "With the help of tax-exempt financing from MassDevelopment, we can save on the cost of borrowing while we make dramatic physical improvements and additions for state-of-the-art facilities that will reflect the superb quality of our faculty, our students, and our academic and extracurricular programs."

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. In fiscal year 2005, MassDevelopment financed or managed 158 projects statewide representing an investment of nearly $1.9 billion in the Massachusetts economy. These projects are supporting the creation of 2,769 housing units and more than 9,800 jobs: 4,702 permanent and 5,100 construction-related.