Boston MedFlight Adds Jet Plane
$8.1 Million Tax-Exempt Lease from MassDevelopment & U.S. Bancorp Government Leasing & Finance, Inc. Helps Boston MedFlight Expand Service by Buying & Renovating Medically Configured Jet Airplane
May 11, 2022
Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com
Sydney Ly
sly@massdevelopment.com
Paul Joyal, 781-443-4958
Paul.joyal@bostonmedflight.org
 |
| Rendering of the Cessna Citation CJ4, courtesy of Boston MedFlight |
BOSTON – MassDevelopment has issued an $8,128,029 tax-exempt lease on behalf of New England Life Flight, Inc., which does business as Boston MedFlight, a nonprofit that provides critical care medical transport by air and ground. Boston MedFlight will use proceeds to buy and renovate a medically configured Cessna Citation CJ4 jet airplane to transport critically ill or injured patients. The organization partners with a consortium of leading Boston-area hospitals, including Beth Israel Deaconess Medical Center, Brigham and Women’s Hospital, Boston Children’s Hospital, Boston Medical Center, Lahey Hospital & Medical Center, Massachusetts General Hospital, and Tufts Medical Center. The new Cessna Citation CJ4 turbofan aircraft will expand Boston MedFlight’s existing fleet of critical care transport vehicles – which includes five twin-engine H145 helicopters and eight ambulances – to enable the organization to provide safer and more efficient service to a greater number of people. U.S. Bancorp Government Leasing and Finance, Inc. purchased the lease, which will also fund aircraft tools, parts, and equipment.
“The Commonwealth is fortunate to be home to some of the most elite and capable hospitals in the nation,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s Board of Directors. “These providers are supported each day by teams, like Boston MedFlight, that provide life-saving emergency transport services. It’s terrific to see MassDevelopment help this organization expand its reach to better serve our communities.”
“When every second counts, Boston MedFlight ensures New England residents receive rapid care and safe delivery to the region’s world-class medical institutions,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to help the organization enhance its emergency fleet with a jet airplane that will provide safer, more efficient transport in times of need.”
“U.S. Bank is pleased to participate with MassDevelopment and Boston MedFlight on this critical acquisition,” said U.S. Bancorp Government Leasing & Finance Senior Vice President Chris Jones.
Founded in 1985 by a consortium of hospitals, Boston MedFlight provides critical care medical transport to the region’s most severely ill and injured patients with its fleet of helicopters, airplane, and ground vehicles, all of which carry state-of-the art medical equipment and serve as mobile intensive care units. The organization’s ground service combined with its communications and clinical simulation center make it an integral part of the region’s health care delivery system. During flight, patients receive an advanced level of care from a highly trained medical team, directly impacting survival and recovery of the patients. In the past 37 years, Boston MedFlight has transported approximately 90,000 critically ill and injured patients in eastern Massachusetts. Each year, the organization provides an estimated $7 million in free and unreimbursed care to patients in need. Boston MedFlight is unique in the nation as it partners with large and community New England hospitals, cities, towns, first responders, academic medical centers, and other air medical providers. The organization is accredited by the Commission on Accreditation of Medical Transport Systems.
MassDevelopment has previously supported Boston MedFlight with tax-exempt leases totaling $55,820,000. In 2019, MassDevelopment issued a $9,980,000 tax-exempt lease to help the organization buy one medically configured helicopter to replace its last remaining EC145 helicopter, an outdated model that is no longer manufactured. In 2018, MassDevelopment issued a $29,340,000 tax-exempt lease to help the organization buy three medically configured helicopters. In March and December 2013, MassDevelopment issued an $8 million tax-exempt lease and an $8.5 million tax-exempt lease, respectively, to help the organization buy two medically configured helicopters and fund related tools, parts, equipment, and training.
“We are pleased to add the Cessna Citation CJ4 to our fleet of aircraft,” said Boston MedFlight CEO Maura Hughes. “This will allow us to transport patients to and from longer distances. Our missions are bedside to bedside when time is of the essence, and we look forward to improving and expanding our capabilities with the addition of this jet to carry out critical, life-saving flights.”
MassDevelopment, the state’s development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2021, MassDevelopment financed or managed 416 projects generating investment of more than $1.86 billion in the Massachusetts economy. These projects are estimated to create or support 6,578 jobs and build or preserve 1,909 housing units.
