MassDevelopment.com: Press Room: $5 Million MassDevelopment Bond Supports West Suburban YMCA and Camp Renovations

$5 Million MassDevelopment Bond Supports West Suburban YMCA and Camp Renovations
October 11, 2005

Contacts:
Adam Bickelman, 617-330-2086
Alicia Tildsley, 617-603-3120

MassDevelopment today announced a $5,700,000 financing package for the West Suburban YMCA. The organization will use proceeds from a tax-exempt bond issue to refinance a previous borrowing which allowed it to renovate and expand its primary facility in Newton. A portion of the proceeds are also earmarked to improve facilities at Camp Frank A. Day in East Brookfield and Camp Chickami in Wayland. Planned upgrades include the construction of new administrative buildings, cabins and washrooms and the purchase of new equipment.

"The MassDevelopment team is pleased to partner once again with the West Suburban YMCA in support of these important facility improvements," said Robert L. Culver, MassDevelopment president/CEO. "This organization serves thousands of Bay State residents each year by providing vital services, after school activities and family programs."

Founded in 1877, the West Suburban YMCA serves over 7,000 members annually. Most members come from their main service area of: Newton, Watertown, Belmont, Wellesley, and Weston. The organization's programs focus on preschool, aquatics, fitness and wellness, child care, housing and after-school programs. During the summer months the focus moves to camping programs and specialty clinics.

"Thanks to MassDevelopment for structuring this competitive financing package," said Patrick Palmer, West Suburban YMCA's President/CEO. "Tax exempt financing allows us to save on borrowing, which in turn, gives us more resources to implement our programs. These improvements will enable us to serve additional members and program participants each year, including the children who look forward to attending our popular summer camps."

MassDevelopment, the state's finance and economic 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.