MassDevelopment.com: Press Room: $2.25 Million MassDevelopment Bond Supports The Sage School Expansion in Foxboro

$2.25 Million MassDevelopment Bond Supports The Sage School Expansion in Foxboro
December 5, 2005

Contacts:
Alicia Tildsley, MassDevelopment, 617-603-3120
Shelley Reese Cornish, The Sage School, 508-543-9619, ext. 107

MassDevelopment today announced a $2,250,000 financing package for The Sage School in Foxboro. The school used proceeds from a tax-exempt bond issue to purchase and renovate the former Lewis School, a 42,000-square-foot building The Sage School had previously leased from the Town of Foxboro. The school plans to renovate the space and add classrooms, administrative offices, and a gymnasium in the next several years. The Sage School will create five new jobs once its expansion is complete.

"Private elementary schools like The Sage School play an important role in the state economy, and we're happy to have helped provide this financing package," said Robert L. Culver, MassDevelopment president/CEO. "These institutions create jobs, invest in local businesses and educate our future leaders. Therefore, it makes economic sense to help them capitalize on low-interest financing through our tax-exempt bond program."

The Sage School is a private, not-for-profit day school for academically advanced children from over 40 different communities in the Greater Boston and Providence areas. The school opened in 1990 with 11 students and one teacher in a single classroom. Today, The Sage School educates 146 pre-K through eighth grade students ranging in age from four to 14. The school's academic program offers a classical curriculum, with instruction in language arts, history, social studies, geography, math, science, foreign language, visual arts, performing arts and physical education. In addition, The Sage School provides after-school arts and athletic activities, travel abroad programs, and a variety of extracurricular clubs to develop a wide variety of interests among the students.

"We are pleased to partner with Deutsche Bank and MassDevelopment for our expansion initiative," said Head of School Katherine G. Windsor. "These campus-wide improvements will greatly enhance our mission, curriculum and extracurricular offerings allowing us to better prepare our students for success in the future."

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.