MassDevelopment.com: Press Room: $8.5 Million MassDevelopment, TD Banknorth Financing Package Supports St. Ann's Home Expansion in Methuen

$8.5 Million MassDevelopment, TD Banknorth Financing Package Supports St. Ann's Home Expansion in Methuen
Project Will Result in Creation of 20 Jobs
April 24, 2007

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Joanne Sullivan, TD Banknorth, 978-684-6515
Denis Grandbois, St. Ann's Home, 978-682-5276

MassDevelopment and TD Banknorth today announced an $8.5 million financing package for St. Ann’s Home, Inc. of Methuen. The human services provider will use tax-exempt bond proceeds to fund the construction of a 29,000-square-foot facility to house its growing adolescent services program. The group’s first major campus modernization project in 82 years will feature classrooms, residential space and a gymnasium. Earlier today, at a groundbreaking ceremony attended by Cardinal Sean P. O’Malley, St. Ann’s officials estimated an April 2008 grand opening; after which the school will hire twenty new full-time employees.

"MassDevelopment is pleased to partner with TD Banknorth to support St. Ann’s Home’s expansion," said Robert L. Culver, MassDevelopment president/CEO. "Organization’s like St. Ann’s provide vital resources and services for Bay State residents, while also supporting the state economy through job creation and investment in area businesses."

Founded as an orphanage in 1925, today St. Ann’s Home serves communities in the Commonwealth’s northeast region as a residential treatment center and special education school for children and young adults with emotional, behavioral or learning disabilities. The organization’s mission is to support, nurture, rehabilitate, educate and advocate for its students, and provide a continuum of care through its residential, day school and outreach programs.

"TD Banknorth is proud to continue our relationship with St. Ann’s Home," said Kevin Malone, Senior Vice President, Regional Executive, Commercial Lending. "We are pleased to partner with Mass Development to provide cost effective financing solutions aimed at continuing the great work at St. Ann’s."

TD Banknorth Inc. is a leading banking and financial services company headquarters in Portland, Maine; and a majority-owned subsidiary of TD Bank Financial Group. At December 31, 2006, TD Banknorth had $40 billion of total consolidated assets. TD Banknorth’s banking subsidiary, TD Banknorth, N.A., operates banking divisions in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania and Vermont. TD Banknorth and TD Banknorth, N.A. also operate subsidiaries and divisions in insurance, wealth management, merchant services, mortgage banking, government banking, private label credit cards, insurance premium financing and other financial services, and offers investment products in association with PrimeVest Financial Services, Inc. The TD Bank North common stock trades on the New York Stock Exchange under the symbol "BNK." For more information, visit www.TDBanknorth.com.

MassDevelopment, the state’s finance and development authority, works with businesses, nonprofit organizations, 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.