MassDevelopment.com: Press Room: $34 Million MassDevelopment Bond Supports Marine Biological Laboratory

$34 Million MassDevelopment Bond Supports Marine Biological Laboratory
May 22, 2006

Contacts:
Pam Clapp Hinkle, Marine Biological Laboratory, 508-289-7276
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment today announced a $34 million financing package for the MBL (Marine Biological Laboratory), an international center for research, education, and training located in Woods Hole, MA. The non-profit institution will use proceeds from a tax-exempt bond issued on its behalf to expand and rehabilitate various research and educational facilities, renovate housing and administrative facilities, construct a new animal care facility, fund new IT network infrastructure and lab equipment, and refund existing debt. As a result, up to 12 new jobs will be created at the Woods Hole campus, an Economic Target Area and economic engine in southeastern Massachusetts.

"The Marine Biological Laboratory and the 1,600 scientists who teach and work there have a tremendous impact worldwide," said Robert L. Culver, MassDevelopment president/CEO. "By supporting the lab's mission with low-cost financing, we can help the organization stretch its resources and positively impact its bottom line."

MBL is a world-renowned center for creative research and education in biology, biomedicine and ecology. It was founded in 1888 as the Marine Biological Laboratory and is the oldest independent marine laboratory in the Western hemisphere.

Curiosity-driven research, collaboration and educating the best and brightest young scientists are at the heart of the institution. More than 50 Nobel Laureates have conducted research, taught or studied at the MBL, which is located on approximately 100 acres on Cape Cod.

"The MBL is dedicated to improving the human condition through creative research and educational programs in the biological sciences," said William T. Speck, M.D., the MBL's director and CEO. "This financing is important to the on-going success of the institution, especially as we prepare for our next major capital campaign. Thanks to the attractive financing offered through MassDevelopment, the MBL will make significant improvements to our facilities, providing our scientists with the infrastructure they need to have an even greater impact on the life sciences than ever before."

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.