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MassDevelopment

$13.35M for Springfield Prep Expansion

MassDevelopment Bond Helps School Relocate, Renovate Facility


February 24, 2021


FOR IMMEDIATE RELEASE

Contacts:
Ivis Batista, MassDevelopment, 857-208-4069 (cell) 
ibatista@massdevelopment.com

Bill Spirer, Springfield Preparatory Charter School, 413-544-1485 (cell)
bspirer@springfieldprep.org

Renderings of the exterior and main entrance to Springfield Preparatory Charter School’s new facility
Renderings of the exterior and main entrance to Springfield Preparatory Charter School’s new facility

Renderings of the exterior and main entrance to Springfield Preparatory Charter School’s new facility

MassDevelopment has issued a $13,350,000 tax-exempt bond on behalf of the Friends of Springfield Preparatory Charter School, Inc., a nonprofit affiliate of Springfield Preparatory Charter School. The school, which will move to its new 43,755-square-foot building in Springfield in 2021, will use bond proceeds to renovate the facility to accommodate the addition of grades seven and eight and welcome another 108 students. Renovations to the building will include upgrading the building envelope and systems, constructing new classrooms, breakout rooms, administrative offices, a cafeteria, and educational spaces, and modifying existing parking, walkways, roadways, and landscaped areas. Springfield Prep will also use bond proceeds to construct an approximately 6,825-square-foot gymnasium that can also function as assembly and school gathering space, to buy and install equipment, and to refinance debt used to acquire the property. Boston Private Bank purchased the bond, which MassDevelopment enhanced with a charter school loan guarantee.

“Kids understand that you spend money on the things that are important to you,” said MassDevelopment President and CEO Dan Rivera. “There is no better way to express to Springfield students the importance of education than helping Springfield Preparatory Charter School create a state-of-the-art school. MassDevelopment is proud to provide the financing the school needs to renovate the Springfield facility so it can have a modern campus Springfield students can call home.”

Chartered in 2015, Springfield Preparatory Charter School began operating in space leased from Veritas Preparatory Charter School in Springfield with 108 students in kindergarten and first grade. As additional grades were added, the school required more classroom space and relocated to its current location in Longmeadow, where it serves 380 students in kindergarten through sixth grade. Springfield Prep’s charter was renewed in February 2020, which authorizes 486 students from Springfield to attend the school. Springfield Prep’s mission is to be an inclusive public charter school for students in kindergarten through eighth grade that prepares all students for success in high school, college, and life through a focus on rigorous academics and character development. The school uses innovative teaching strategies, a two-teacher-per-classroom model, a high-expectation school culture, and a data-driven instructional model to help traditionally underachieving student populations succeed academically. Springfield Prep created Friends of Springfield Preparatory Charter School, Inc. to assist with the establishment, development, improvement, and expansion of educational opportunities, facilities, and programs to support the school.

“It’s hard to describe all of the ways that this new campus will benefit our school community,” said Springfield Preparatory Charter School Executive Director Bill Spirer. “What is so exciting is to think of all of the learning, discussion, and exploration that will take place when this new building is full of students and teachers. This space will allow our community to build on the extraordinary work it has already begun, and will also provide new opportunities for learning that would not have been possible before.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2020, MassDevelopment financed or managed 341 projects generating investment of more than $2.69 billion in the Massachusetts economy. These projects are estimated to create or support 10,871 jobs and build or preserve 1,787 housing units.