$2.5 Million MassDevelopment Bond to Help Support Completion of Academic Building at Hadleys Hartsbrook School

June 23, 2010

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
Louise Spears, Hartsbrook School, 413-586-1908 x127

MassDevelopment has issued $2.5 million in tax-exempt bonds on behalf of Pioneer Valley Waldorf School, which does business as the Hartsbrook School in Hadley. The school plans to use bond proceeds to complete the second floor of an academic building. Bond proceeds also helped refinance a previous MassDevelopment bond that had funded the building’s construction. The bond was purchased by Peoples Bank.

“We’re pleased to provide this low-cost financing for Pioneer Valley Waldorf School to help finish the interior of its academic building and extend its innovative teaching methods to more children in Western Massachusetts,” said MassDevelopment President and CEO Robert L. Culver.

The Hartsbrook School is a Waldorf school, one of about 1,000 worldwide that bases its educational techniques on the work of Austrian philosopher, scientist, and educator Rudolf Steiner. The school offers programs in early childhood education, elementary school, high school, and farming.

“The Hartsbrook School is excited to have the opportunity to complete our elementary school building and consolidate grades 1-8 under one roof,” said Hartsbrook Faculty Chair Louise Spear. “Completing this building will provide state of the art learning spaces for our grade school and is a key step in our long term strategic plan.”

MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.