America’s First Y Redevelops, Renovates Boston Locations, Creates 100+ Jobs With Help From MassDevelopment
May 2, 2012
MassDevelopment has issued a $10.8 million tax-exempt bond on behalf of the YMCA of Greater Boston, founded in 1851 as the country’s first Y. The Y will use bond proceeds to redevelop and renovate two Ys in Boston. Improvements to the West Roxbury facility include a renovated gym and pool, a health and wellness center, a welcome center, an aquatics center, locker rooms, an expanded childcare area, enhanced space for youth sports, and programs for children with special needs. The Huntington Avenue Y’s addition will have a pool, gym, handball courts, and offices, with renovations to locker rooms, classrooms, meeting rooms, the lobby, reception area, and wellness and fitness areas. RBS Citizens, National Association, purchase the bond. The Y expects to create 150 jobs as a result of this project, along with 44 construction jobs.
“MassDevelopment is pleased to help the largest provider of social services in Massachusetts improve its offerings to Bostonians,” said MassDevelopment President and CEO Marty Jones. “The creation of both permanent and construction jobs illustrates the economic impact of the Y's work as well.”
The YMCA of Greater Boston, one of the largest urban Ys, serves more than 100,000 youth, adults, and seniors a year. The organization focuses on youth development, healthy living, and social responsibility. The Y also offers the Commonwealth’s largest summer youth employment program, involves more than 10,000 children a year in summer camps, and leverages resources to provide critical services for free to low-income participants.
“Expertise and support from the finance professionals at MassDevelopment ensured that the Y got the best possible terms and conditions on our bond transaction,” said Y CEO Kevin Washington.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.