Arc of Greater Plymouth to Buy, Renovate Space for Offices and Programs with MassDevelopment Bond
July 31, 2013
MassDevelopment has issued a $1.2 million tax-exempt bond on behalf of the Arc of Greater Plymouth, Inc., a private, nonprofit organization that supports people with developmental disabilities and their families. The Arc will use bond proceeds to buy and renovate an 11,000-square-foot building in Plymouth that will house administrative offices and program space. Renovations will make the building handicap accessible. Webster Massachusetts Securities Corporation purchased the bond.
â€œThe Arc of Greater Plymouth seeks to increase access to its services to support more Commonwealth residents,â€ said MassDevelopment President and CEO Marty Jones. â€œWe are pleased to leverage this low-cost financing so individuals and their families on the South Shore can benefit from all the Arc has to offer.â€
Founded in 1966, the Arc of Greater Plymouth provides family support, employment services, and supported living for people with developmental disabilities. Originally formed by parents and volunteers, the organization now serves Plymouth, Plympton, Hanover, Hanson, Carver, Duxbury, Marshfield, Pembroke, Halifax, and Kingston.
â€œThe Arc of Greater Plymouth is very committed in not only providing services, but being an integral part of the community,â€ said Roger Monty, Executive Director of The Arc of Greater Plymouth. â€œOur new building will help us accomplish that goal.â€
MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.