MassDevelopment.com: Press Room: $8.5 Million MassDevelopment Bond Supports YMCA of Greater Boston City-Wide Expansions

$8.5 Million MassDevelopment Bond Supports YMCA of Greater Boston City-Wide Expansions
Projects Will Result in New After School and Teen Activities, Creation of 20 New Jobs
July 5, 2007

Contact:
Adam Bickelman, MassDevelopment, 617-330-2086
Kelley Rice, YMCA of Greater Boston, 617-927-8127

MassDevelopment today announced an $8,500,000 financing package for YMCA of Greater Boston. Bond proceeds will fund expansion initiatives at five YMCAs across the city including the organization’s Fenway headquarters and branches in Brighton, Dorchester, Hyde Park and West Roxbury. YMCA officials say the new and renovated facilities will allow the Y to serve thousands more children and families each year, and hire 20 new full-time employees.

"The YMCA of Greater Boston has launched a campaign to fill a critical need in Boston," said Robert L. Culver, MassDevelopment president/CEO. "Kids need safe, supervised places to go where they can learn leadership skills, life skills and have fun. Families need peace of mind. Helping the Y expand makes sense on multiple levels."

Bond proceeds will fund predevelopment and build-out costs for new utility infrastructure at the YMCA’s flagship branch on Huntington Avenue. The organization’s plans also include the purchase of land and an existing building adjacent to the West Roxbury branch which will enable the Y to double the size of its existing building and provide frontage on Centre Street. The YMCA will convert and renovate a former MBTA maintenance building into a state-of-the-art teen center in Brighton’s Oak Square area. In Hyde Park, the YMCA will undertake renovating or completely rebuilding its existing facility, originally built and opened in 1902. And, the YMCA is renovating its Dorchester branch to significantly expand available program space and health and wellness programs at that location.

"With the help of MassDevelopment, we’ll be able to maximize our resources to significantly improve the programs and services for teens throughout Boston," said YMCA President and CEO John M. Ferrell. "Tax-exempt financing is vital to enabling us to fulfill our mission to serve those in need while continuing to run our organization in a responsible manner."

Founded in 1851, the YMCA of Greater Boston is America’s first YMCA. The YMCA of Greater Boston is dedicated to improving the health of mind, body and spirit of individuals and families. One of the largest urban YMCAs in the country and Boston’s largest provider of social services for children and families, the Greater Boston Y has more than 75 branches and program centers serving over 100,000 men, women and children in more than 40 eastern Massachusetts communities.

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