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MassDevelopment Finance Programs Support Two North Region Human Services Providers, 53 New Jobs
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September 5, 2006 Contacts: Alicia Tildsley, MassDevelopment, 617-603-3120 Peter Troy, Melmark New England, Inc., 781-932-9211 x225 Suzanne Grecco, Lighthouse School, 978-251-4050 MassDevelopment today announced the closing of a $5.5 million tax-exempt bond for Melmark New England, Inc. based in Woburn and a $2.6 million tax-exempt bond for Lighthouse School, Inc. of Chelmsford. Melmark will use bond proceeds to purchase and renovate a 50,000 square-foot building in Andover which will serve as a permanent day school for students with autism and severe behavioral problems. Melmark officials estimate that these projects will result in the creation of 50 new jobs, allowing the school to enroll approximately 108 students. Lighthouse School will use bond proceeds to refinance an existing mortgage as well as to finance several improvements to its facilities, including constructing an industrial kitchen and sports center, and performing general maintenance and repairs to other buildings. "These organizations provide an invaluable resource for Bay State residents," said Robert L. Culver, MassDevelopment president/CEO. "We are pleased to support these organizations with low-cost financing to help expand their facilities in a manner that also benefits their bottom lines." Founded in 1998, Melmark New England, Inc. is a relatively new service division of Melmark, Inc. based in Berwyn, PA. The human services provider offers residential, educational, therapeutic and recreational resources for children with developmental disabilities; and specializes in treating autism, acquired brain injury, and neurological diseases and disorders. In addition to its current Woburn headquarters, the company also offers group home programs in Saugus, Peabody, Tewksbury and Methuen. Melmark currently serves a client population of 77, comprised of young children to young adults ages four to 22. "Since we opened in New England our organization has grown quickly, which necessitated our planned expansion and application for tax-exempt financing," said Rita M. Gardner, Melmark New England, Inc. Executive Director. "In our business, every dollar counts when you're providing vital services to thousands of individuals each year. The savings we realized by working with MassDevelopment and Commerce Bank will allow us to expand our resources and develop new teachers without breaking the budget." Founded in North Chelmsford in 1967, Lighthouse School uses a Comprehensive Biodevelopmental Services Model - a system designed to promote expansive life development for students. Services are provided during days, evenings, weekends and summers, both on-site and in the home communities of enrolled students. Students range in age from three to 22 years, and have a variety of special needs including developmental/neurological conditions, medical/genetic conditions, learning disabilities and psychiatric disorders. The majority of Lighthouse School students reside in cities and towns in eastern Massachusetts and southern New Hampshire. 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.
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