MassDevelopment.com: Press Room: MassDevelopment Bond Secures New Home for <i>Reading Montessori School</i>

MassDevelopment Bond Secures New Home for Reading Montessori School
Montessori Children's House Changes Name and Location
May 15, 2007

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Linda Griffin, Reading Montessori School, 781-933-6133

MassDevelopment today announced the closing of an $850,000 tax-exempt bond for the Montessori Children’s House of Middlesex in Woburn. Bond proceeds will fund the school’s purchase and renovation of an existing structure, and a new addition to and relocation of the present school to 453 West Street in Reading. The move to its first permanent home will increase classroom space, allow the school to boost enrollment by 30 students, and pave the way for it to open under a new name – the Reading Montessori School.

Construction is now nearing completion. School officials anticipate finishing the project by July 15th, ready for the start of the 2007-2008 school year in September.

"MassDevelopment is proud to partner with Northern Bank & Trust to provide this low-cost financing package to the Reading Montessori School," said Robert L. Culver, MassDevelopment president/CEO. "Supporting the school’s efforts to secure a permanent home helps preserve an important educational resource for area families."

Founded in 1979 by Sister Judith Ward in conjunction with St. Charles Parish in Woburn, Reading Montessori School is a nonprofit preschool and kindergarten for children ages three through six. In 1992, the school was incorporated and became independent from the church. The school currently offers half and full day programs to more than 50 students.

"As our enrollment continued to grow each year, we knew we needed to move to accommodate the school’s expansion," said Linda Griffin, Reading Montessori’s head of school. "Thanks to MassDevelopment and Northern Bank & Trust, we realized our goal of owning our own space while creating an even better environment where our students can learn and grow."

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.