MassDevelopment

Bancroft School Begins Campus Improvements With Help From MassDevelopment Bond

June 25, 2019


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
kschiller@massdevelopment.com

Dan Mercurio, Bancroft School
dmercurio@bancroftschool.org

Bancroft SchoolMassDevelopment has issued an $8,916,000 tax-exempt bond on behalf of Bancroft School, an independent day school in Worcester. The school will use bond proceeds to complete a range of capital improvements to its campus and buy new furniture, fixtures, and equipment for campus facilities. JP Morgan Chase purchased the bond, which will also be used to refinance previously issued debt.

Using bond proceeds, Bancroft School plans to upgrade campus building facades, including replacing or repairing windows and doors, and complete site work and land improvements, such as repaving parking lots. In addition, the school will complete roof, plumbing, and signage repairs, repurpose spaces, improve building accessibility, and repair and upgrade HVAC, electrical, fire alarm, safety, and security systems.

“We are proud to partner with JP Morgan Chase to help Bancroft School repair and improve its campus with financing that’s affordable,” said MassDevelopment President and CEO Lauren Liss. “Bancroft has been a longstanding leader for quality education in Central Mass., and these renovations will ensure its campus remains vibrant and accessible for future generations of students.”

Founded in 1900, Bancroft School is the oldest independent co-educational day school in Central Massachusetts for students in pre-K through high school. Bancroft enrolls about 400 students from more than 50 cities and towns, including 20 international students in the Upper School. The curriculum is grounded in the school’s Learning Laboratory Method, a group of guiding questions intended to help Bancroft students develop the skills, knowledge, and character to thrive in the modern, ever-changing global community. This philosophy was formalized as part of the school’s Vision 2016 strategic plan and is believed to offer a superior learning experience and differentiate the school from other institutions in Central Massachusetts.

"We are excited to partner with MassDevelopment and JP Morgan Chase to fund these important campus updates,” said Trey Cassidy, Bancroft’s Head of School. “Our students deserve outstanding facilities to enhance their learning and these projects will have a meaningful impact for our school."

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2018, MassDevelopment financed or managed 384 projects generating investment of more than $4.1 billion in the Massachusetts economy. These projects are estimated to create or support 10,994 jobs and build or rehabilitate 830 housing units.