Boston Architectural College Finances Boylston Street Construction, Renovation Through MassDevelopment Bond
June 20, 2012
MassDevelopment has issued a $5.8 million tax-exempt bond on behalf of Boston Architectural College (BAC), an independent college of spatial design in Boston's historic Back Bay neighborhood. The school will use bond proceeds to finance its third phase of construction and renovations to its 951 Boylston Street building, the former Institute of Contemporary Art Museum and previously Division Sixteen Police Station. The renovation will include student meeting spaces, studios, a lecture hall, and a gallery. Bond proceeds will also fund furnishing and equipment costs, along with various renovation and equipment projects at other facilities. Century Subsidiary Investments, Inc. III, a subsidiary of Century Bank and Trust Company, purchased the bond.
“The BAC’s close ties to the professional design community and its commitment to concurrent education put the College at the forefront of design,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing will help the BAC stay true to its principles of affordability and accessibility, opening the doors to more students.”
Founded in 1889, the Boston Architectural College is a dynamic institution on the leading edge of design education, with more than 900 degree program students. The school offers accredited undergraduate and graduate programs, onsite and online, in architecture, interior design, landscape architecture, and design studies. The College's faculty includes practicing professionals, many of whom volunteer at the school.
“The BAC has benefited from its longstanding partnership with MassDevelopment, which has enabled us to dramatically improve our facilities to insure that we can best serve our students and the important work that they do within our city and the region,” said Jim Dunn, BAC Executive Vice President.
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.