MassDevelopment.com: Press Room: $2.3 Million MassDevelopment Financing Package Supports Pioneer Valley Waldorf School Association Expansion

$2.3 Million MassDevelopment Financing Package Supports Pioneer Valley Waldorf School Association Expansion
December 5, 2005

Contacts:
Adam Bickelman, MassDevelopment, 617-330-2086
Diana Stiles, Hartsbrook School, 413-586-1908

MassDevelopment today announced a $2,310,000 financing package for the Pioneer Valley Waldorf School Association, parent organization of the Hartsbrook School in Hadley. The school is using a $2,100,000 tax-exempt bond issue along with a $210,000 mortgage insurance guaranty to construct a 12,200-square-foot facility that will feature classrooms, open activities space and offices, and to refinance debt. Hartsbrook officials broke ground for the new building in November 2005, and intends to occupy the building in September 2006.

"We are pleased to partner with the Hartsbrook School to support this important project," said Robert L. Culver, MassDevelopment president/CEO. "This is a good example of an organization taking advantage of more than one MassDevelopment finance program to make the numbers work."

Founded in 1981, the Hartsbrook School follows the educational philosophy and methods of Austrian philosopher and scientist Rudolf Steiner (1861-1925), who founded the first Waldorf School in 1919. Waldorf education uses innovative teaching approaches and a developmental curriculum integrating arts, sciences and humanities; and is currently the fastest growing independent school movement in the world. The Hartsbrook School currently enrolls 260 students pre-K through Grade 12 from throughout the Pioneer Valley.

"On behalf of the faculty, staff and students of the Hartsbrook School, I'd like to thank the Bank of Western Massachusetts and MassDevelopment for structuring financing for our new facility," said Eva Lohrer, president of the Board of Directors, Pioneer Valley Waldorf School Association. "The most exciting news for us is that we will finally be able to unite our grades on one campus and provide enhanced classroom facilities appropriate to our expanding student population. The richest recipients are, of course, our students and their teachers. This is a truly exhilarating time in the life of The Hartsbrook School."

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: 4,702 permanent and 5,100 in construction.