MassDevelopment.com: Press Room: $177 Million MassDevelopment Bond Supports Boston College

$177 Million MassDevelopment Bond Supports Boston College
August 22, 2007

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Jack Dunn, Boston College, 617-552-3351

MassDevelopment today announced a $176,980,000 financing package for Boston College (BC). The school will use proceeds from the tax-exempt bonds to finance several renovation projects, purchase approximately 19 acres of land and two buildings for administrative use from the Roman Catholic Archdiocese’s former Brighton headquarters, and refinance existing debt. Projects include the renovation of three academic buildings: Gasson Hall, Merkert Chemistry Center, and Higgins Hall.

"We are pleased to support this historic Boston institution with low-cost financing," said Robert L. Culver, MassDevelopment president/CEO. "Boston College is a driver of the regional economy. It provides quality jobs, educates our future leaders and invests in the community. BC’s growth will allow it to strengthen its academic and student life programs."

Founded in 1863, Boston College is a private, four-year, co-educational institution offering bachelor’s degrees and master’s degrees in arts and sciences, education, management, and nursing. The university also offers doctoral degrees in arts and sciences, education, management, nursing, social work and law. The university has a total enrollment of 14,500 including 9,000 full-time undergraduates, 800 full- and part-time evening undergraduates and 4,700 full- and part-time graduate and professional students. Originally located in Boston’s South End, BC relocated to Chestnut Hill in 1913.

"The BC community is pleased that our recent and future additions and improvements to the campus will make our school an even more exciting and fulfilling place for students to learn and grow," said Thomas Keady, Boston College vice president for Government and Community Affairs. "We appreciate MassDevelopment’s financial support."

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.