American Meteorological Society to Expand in Boston’s Beacon Hill with Help From $5.5 Million MassDevelopment Bond
November 24, 2010
MassDevelopment has issued a $5.5 million tax-exempt bond on behalf of the American Meteorological Society (AMS), a leading scientific and professional society for those involved in atmospheric and related oceanic and hydrologic sciences. The Society will use bond proceeds to purchase a building adjacent to its current headquarters in Boston's Beacon Hill neighborhood, providing additional space to allow the Society's staff to have a more comfortable working environment.
“AMS has a strong history in Massachusetts, from its founding at the Blue Hill Observatory in Milton to its purchase and renovation of its Charles Bulfinch-designed Boston headquarters in the late 1950s,” said MassDevelopment President and CEO Robert L. Culver. “This low-cost financing will help expand its main offices, continuing AMS's tradition of promoting and developing information about the meteorological sciences.”
Founded in 1919 with fewer than 600 members, AMS now has a membership of more than 14,000 professionals, professors, students, and weather enthusiasts. It also publishes in print and online 10 scientific journals, sponsors and organizes more than a dozen scientific conferences a year, and offers scholarships and fellowships to students pursuing careers in the field. The organization's current headquarters at 45 Beacon Street was built in 1806 for Boston's third mayor, Harrison Gray Otis, and is a National Historic Landmark. The building purchased through this financing, 44 Beacon Street, has a strong historical connection to the AMS headquarters building since Otis built it for his daughter in 1831.
“We are very pleased to be able to acquire this property and preserve its historical character while also using the space for AMS operations,” said Dr. Keith Seitter, AMS Executive Director.
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.