MassDevelopment.com: Press Room: $3.26 Million MassDevelopment Bond Secures New Home for Northeast Animal Shelter in Salem

$3.26 Million MassDevelopment Bond Secures New Home for Northeast Animal Shelter in Salem
April 24, 2007

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Randi Cohen, Northeast Animal Shelter, 978-745-9888

MassDevelopment today announced the closing of a $3.26 million tax-exempt financing package for the Northeast Animal Shelter (NEAS), an animal adoption agency in Salem. Bond proceeds will support the shelter’s purchase and renovation of a 13,000-square-foot building located at 347 Highland Avenue in Salem, the former the Kelly Honda Dealership.

This relocation and expansion is a milestone for NEAS. For the first time, the shelter will own and operate its facility. The move to a larger space will enable the shelter to harbor more animals and expand programs. NEAS anticipates opening the new building in early 2008.

"Nonprofits like the Northeast Animal Shelter are an important contributor to our state economy," said Robert L. Culver, MassDevelopment president/CEO. "MassDevelopment’s tax-exempt bond program allows Massachusetts nonprofit organizations to borrow at lower interest rates to enhance facilities and improve services without breaking the budget."

Established in 1976, the Northeast Animal Shelter is one of the largest no-kill shelters in New England. Since its founding, the shelter has placed more than 90,000 dogs and cats in homes across the Commonwealth, as well as in parts of Rhode Island, Maine and New Hampshire. The Northeast Animal Shelter receives no local, state or federal funding and depends solely on contributions to cover its annual operating budget. In addition to its adoption services, the organization sponsors a number of community outreach opportunities including humane education, spay/neuter assistance and senior visitation programs. When the expansion is complete, NEAS expects to find homes for 1000 additional animals each year.

"I want to thank MassDevelopment and First Trade Union Bank for their hard work on behalf of the Northeast Animal Shelter," said Randi Cohen, the shelter’s executive director. "Because we rely exclusively on charitable donations, the savings generated through our low-cost financing package played a significant role in our relocation plans."

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.