MassDevelopment.com: Press Room: $9 Million MassDevelopment Bond Secures City Year, Inc. Global Headquarters in Boston

$9 Million MassDevelopment Bond Secures City Year, Inc. Global Headquarters in Boston
National Service Group to Buy First Permanent Home
June 26, 2006

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086

MassDevelopment today announced a $9 million tax-exempt bond issue for Boston-based City Year, Inc. Bond proceeds will fund the purchase and renovation of a 60,000 square foot building at 287 Columbus Avenue in Boston's South End. The new facility will serve as the group's global headquarters and as a mobilization center for its well known, red-jacketed youth service corps. City Year currently operates from rented space at 285 Columbus Avenue, which is slated to be converted into condominiums next year.

"We are excited to help City Year secure a permanent home, a first for this important national service organization," said Robert L. Culver, MassDevelopment president/CEO. "This group has deep roots in the community and we want to see them continue their good work in Boston and around the world for many years to come."

City Year, Inc., an AmeriCorps Program, was founded in Boston in 1988 to demonstrate, improve and promote the concept of citizen service as a means of building a stronger democracy. The group's signature program, the City Year youth service corps, is now established in 16 cities nationwide. Its newest international location is in Johannesburg, South Africa.

The program unites a diverse group of young people ages 17 through 24 to address pressing community needs. Corps members develop their own leadership skills while serving as tutors, mentors and teachers of life skills to school children, building playgrounds and reclaiming public spaces, and organizing after-school programs and school vacation camps.

"Boston's hot real estate market is squeezing non-profits out of the South End, a central neighborhood which is uniquely situated as an ideal location for service to Boston and beyond," said Michael Brown, City Year, Inc. president. "The expedited financing through MassDevelopment was critical in making it affordable for City Year to remain in this location. MassDevelopment's expedited application process and tax-exempt bond program allowed us to act quickly to take advantage of an unusual purchase opportunity and secure a new headquarters."

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.