MassDevelopment.com: Press Room: $30 Million MassDevelopment Bond Supports Boston Children's Museum Expansion on Fort Point Channel

$30 Million MassDevelopment Bond Supports Boston Children's Museum Expansion on Fort Point Channel
September 26, 2006

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Rick Stockwood, Boston Children's Museum, 617-426-6500 x213

MassDevelopment today announced a $30,000,000 financing package for The Boston Children's Museum, located on Fort Point Channel in Boston. The Museum is using the tax-exempt bonds to fund the construction of its first major expansion since it relocated downtown from Burroughs Street in Jamaica Plain in 1979. Specifically, the Museum is constructing a 23,000-square-foot addition, a new theater and new exhibitions in arts, culture, science, math, health and fitness in its historic 150,000-square-foot former mill building. The project is currently underway and Museum officials estimate a spring 2007 opening date.

"The Boston Children's Museum is an invaluable, nationally renowned resource for the City of Boston and Commonwealth of Massachusetts, and we are pleased to support this important expansion," said Robert L. Culver, MassDevelopment president/CEO. "This institution revolutionized the museum-going experience for children by making exhibits interactive. With more space and new exhibits, kids and parents will have even more to enjoy."

Founded in 1913 by a group of teachers in Boston's Jamaica Plain neighborhood, the Boston Children's Museum began a "hands-on" tradition long before the phrase became commonplace. In the 1960's, the Museum's director led the institution in revolutionizing the traditional museum experience, getting objects out of cases and into children's hands so they could interact, experiment and follow their own curiosity. Today, after 90 years, the Boston Children's Museum exists to help children understand and enjoy the world in which they live. By encouraging imagination, curiosity, questioning and realism, the Museum provides opportunities for new insights, involvement with the world and understanding of human differences.

"This is a very exciting time for the Boston Children's Museum team as well as for the thousands of children and families that visit us each year," said Lou Casagrande, president and CEO, Boston Children's Museum. "Thanks to MassDevelopment for working with us to lower the cost of borrowing, thereby allowing gifts and grants to be more fully dedicated to programming."

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 manages 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 in construction.

Boston Children's Museum exists to help children understand and enjoy the world in which they live. It is a private, non-profit, educational institution that is recognized internationally as a research and development center and pacesetter for children's exhibitions, educational programs and curriculum. Boston Children's Museum focuses on three key areas of expertise: visitor programs, teacher resources and early childhood education. More information about Boston Children's Museum can be found at www.BostonChildrensMuseum.org.