Anna Maria College to Build Residence Hall, Lease Energy-Efficient Equipment Thanks to MassDevelopment Tax-Exempt Bonds and Lease
October 19, 2010
MassDevelopment has issued $26.82 million in tax-exempt bonds and $1.68 million tax-exempt lease on behalf of Anna Maria College. The College plans to use bond proceeds to refinance existing debt and to build a 200-bed residence and 200-space parking lot, along with water main upgrades. The College will also use the tax-exempt lease to lease equipment that will lower its energy costs and enhance conservation. The equipment will allow the College to operate more efficiently, and the project is expected to create 12 jobs. Danversbank bought the bonds.
“As its campus grows, Anna Maria College is one of a rising number of Massachusetts institutions that recognizes the environmental and economic benefits of adopting green practices,” said MassDevelopment President and CEO Robert L. Culver. “This financing is a cost-saving double play for the college: saving money through the tax-exempt option and saving money with clean energy as the school expands. I'd also like to thank Danversbank for stepping up to the plate to purchase the bonds and invest in Massachusetts's future.”
Equipment that Anna Maria College plans on installing includes lighting retrofits, lighting controls, sealants and weather stripping, water conservation equipment, pipe insulation, a network energy management system, hot water boiler replacement, motor upgrades, and controls for vending machines and coolers.
“We are excited about the opportunities the partnership with MassDevelopment has opened up for AMC,” said Dr. Jack Calareso, President of Anna Maria College. “The 200-bed residence hall will allow the College to continue to expand enrollment. The ability to lease energy equipment will help us save money over the long term, and assist AMC in meeting its commitment to become carbon neutral.”
Founded by the Sisters of Saint Anne in 1946, Anna Maria College is a four-year, private co-ed liberal arts college that serves more than 1,500 undergraduate and graduate students at its 190-acre Paxton campus. The college integrates liberal arts education and professional preparation, rooted in the tradition of the Sisters of Saint Anne. AMC is also a signatory in the American College and University Presidents Campus Climate Initiative.
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.