MassDevelopment.com: Press Room: $5.1 Million MassDevelopment Bond Supports RFK Children's Action Corps Building and Renovation in Lancaster

$5.1 Million MassDevelopment Bond Supports RFK Children's Action Corps Building and Renovation in Lancaster
August 11, 2005

Contacts:
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com
Janet Hookailo, 617-330-2018 or jhookailo@massdevelopment.com

MassDevelopment today announced a $5.1 million financing package for the Robert F. Kennedy Children's Action Corps. The organization will use a tax exempt bond to renovate and enhance its youth services residential and counseling facilities in Lancaster, MA. Specifically, bond proceeds will fund the construction of a new 37,000 square foot residence hall with dormitory, dining, educational, office and recreation space.

"We are proud to partner with the Robert F. Kennedy Children's Action Corps," said Robert L. Culver, MassDevelopment president/CEO. "This group provides a vital service to Massachusetts kids, and we're pleased to play a role in their initiative."

The Robert F. Kennedy Children's Action Corps is a private non-profit, non-partisan, child welfare agency, founded in 1969 in memory of Robert F. Kennedy. RFK Children's Action Corps works to serve at-risk children and their families, helping them to live and grow in a safe, happy and healthy environment. The organization serves approximately 750 kids annually at 17 residential, educational and community based programs in ten Massachusetts communities. Opened in 1972, the agency's Lancaster campus is home to the Elizabeth Birk Oatis Children's Center, the Adolescent Treatment Unit, Wellington Hall and the Robert F. Kenney School at Lancaster, a Chapter 766 approved school.

"This is an exciting time for the faculty, staff and students of our Lancaster campus," said the organization's president & CEO Edward P. Kelley. "Thanks to MassDevelopment for structuring this competitive financing package."

MassDevelopment, the state's finance and development authority, partners with businesses and local officials to stimulate growth across the Commonwealth. In fiscal year 2004, the agency arranged financing for or managed 201 projects statewide totaling more than $1.25 billion. These projects supported the creation of more than 5,500 jobs and 2,445 housing starts.