MassDevelopment.com: Press Room: $33 Million MassDevelopment Bond Supports Smith College Expansion, Modernization

$33 Million MassDevelopment Bond Supports Smith College Expansion, Modernization
September 20, 2005

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Laurie Fenalson, Smith College, 413-585-2170

MassDevelopment today announced a $33,065,000 financing package for Smith College. The college will use proceeds from a tax-exempt bond issue to fund renovations, additions and improvements to academic buildings and athletic facilities across campus including the Cutter-Ziskind residence hall, McConnell Hall and the Neilson Library. Funds are also earmarked for a cogeneration heat and electrical power system, as well as upgrades to telecommunications equipment and environmental improvements (routine dredging) to the campus pond.

"We are pleased to partner with Smith College to support these important campus improvements," said Robert L. Culver, MassDevelopment president/CEO. "Smith has played and continues to play a pivotal role in preparing young women for leadership positions in arenas ranging from science to government to business and the arts."

Founded in 1871, Smith is the largest liberal arts college for women in the nation. Offering a curriculum based in the humanities, arts and sciences, with an emphasis on globalism, practical learning and leadership skills, Smith produces graduates who thrive in fields that women have not typically entered. The school currently enrolls 2,500 students at its Northampton, MA campus.

"These renovations and campus-wide improvements will significantly enhance many areas of our students' academic and co-curricular experiences," said Carol T. Christ, Smith College president.

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.