MassDevelopment.com: Press Room: $63 Million MassDevelopment Bond Supports Northfield Mount Hermon School Expansion Initiative

$63 Million MassDevelopment Bond Supports Northfield Mount Hermon School Expansion Initiative
November 22, 2004

Contacts:
Tracy Lawrence, 617-330-2011 or tlawrence@massdevelopment.com
Adam Bickelman, 617-330-2086 or abickelman@massdevelopment.com

MassDevelopment President/CEO Robert L. Culver today announced a $63,000,000 tax-exempt bond issue on behalf of the Northfield Mount Hermon School, located in Gill, MA. Over the next several years, Northfield Mount Hermon (NMH) will consolidate its two campuses into one central campus in Gill. Bond proceeds will finance the construction of two new dormitories, an arts building, and improvements to academic, athletics and administrative facilities.

"We are pleased to partner with the Northfield Mount Hermon School to help them expand their soon-to-be unified campus," said Culver. "The NMH staff does a great service to the Commonwealth's economy by preparing our future leaders to succeed in college, and ultimately in their future business endeavors."

The Northfield Mount Herman School is a private co-educational high school formed after the 1971 merger of the Northfield School for Girls (1877) and the Mount Hermon School for Boys (1879). The mission of the school is to challenge its 700 students to realize their full potential through an innovative and challenging curriculum, a tradition of putting values into action, and innumerable opportunities for growth.

"This project allows the school to upgrade its facilities in a way that will significantly enhance all areas of our education program," said Richard Wood, NMH chief financial officer. "We would like to extend a wholehearted thanks to MassDevelopment for arranging this financing package."

The school broke ground for their new campus projects in August 2004.

MassDevelopment, the state's finance and economic development agent, 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.