MassDevelopment.com: Press Room: $8 Million MassDevelopment Bond Supports YMCA Southcoast Expansion

$8 Million MassDevelopment Bond Supports YMCA Southcoast Expansion
November 15, 2005

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

MassDevelopment today announced an $8,218,908 financing package for YMCA Southcoast, Inc., headquartered in New Bedford. The organization will use proceeds from a tax-exempt bond issue to fund a number of facility improvements, including the renovation of its New Bedford Wellness Center, a 2,352 square foot addition to the Gleason Family YMCA in Wareham, and the purchase of new equipment and furnishings. The financing package, which included consolidating prime debt along with acquired debt from the merger with the YMCA of Greater Fall River in June 2005 and refinancing for lower rates, will help YMCA Southcoast, Inc. serve more than 25,000 youth and families each year through their programs and services.

"We are pleased to partner once again with YMCA Southcoast to support 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 1867, YMCA Southcoast is one of the largest youth service providers in the southeastern part of the state and serves more than 15,000 members annually in the communities of New Bedford, Fairhaven, Fall River, Dighton, Berkley, Swansea, Wesport, Dartmouth, Mattapoisett, Marion, Wareham, Onset, Acushnet, Rochester, and Freetown.

The organization's program offerings focus on physical education, aquatics, fitness and wellness, child care, and youth development.

"Thanks to MassDevelopment and Sovereign Bank for helping us make the numbers work," said Gary R. Schuyler, President & CEO of YMCA Southcoast. "This tax-exempt financing allows us to save on borrowing, which in turn, gives us more resources to enhance programs and services and make a greater impact on the lives of youth, families and individuals in the communities we serve."

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: 4702 permanent and 5,100 in construction.