Bay State Community Services Purchases Main Offices With $2.5 Million in Bonds from MassDevelopment
May 11, 2015
FOR IMMEDIATE RELEASE
MassDevelopment has issued a $2,533,500 tax-exempt bond on behalf of Bay State Community Services, Inc. (BSCS), a nonprofit human services agency based in Quincy. BSCS will use bond proceeds to buy a 20,100-square-foot, three story masonry office building near the downtown area of Quincy that the agency currently leases as its main office. For BSCS, owning its building will ultimately result in significant cost savings that, in the long run, will benefit all of its programs and employees. Blue Hills Bank purchased the bond, which was supported by a MassDevelopment guarantee.
BSCS was formed in 1991 through the merger of five community-based agencies that support individual, family, and community empowerment through social, mental health, addiction, and correctional services. The agency is dedicated to improving the social functioning of adults, adolescents, and children within a framework that recognizes the primary importance of family and community. The agency is the South Shore's largest provider of child and family services.
â€œAgencies like Bay State Community Services, Inc. are critical to the Commonwealth, providing communities with much-needed social services and programs,â€ said Marty Jones, MassDevelopment President and CEO. â€œMassDevelopment is happy to help the agency devote more resources to its essential work by enabling BSCS to buy its home.â€
â€œWhen Bay State Community Services moved into 1120 Hancock Street in 2014, we were honored to not only have restored the building in the structural sense, but to also have restored it to its original purpose as the first community health center in New England,â€ said Daurice Cox, CEO, Bay State Community Services. â€œWe never dreamed that one year later, with the guidance, support and encouragement of MassDevelopment, we would be able to purchase this historical landmark building and officially call it our home. Owning the building allows us to focus our valuable resources on directly assisting our youth, families and communities. BSCS is so proud to assist over 3,000 individuals and families throughout the greater South Shore each year.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 FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.