Cathedral High School to Convert Buildings, Add 7th and 8th Grades Thanks to $12 Million MassDevelopment Bond
March 4, 2010
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
MassDevelopment has issued $12 million in tax-exempt bonds on behalf of Cathedral High School, which plans to use bond proceeds for construction and building rehabilitation and conversion projects, allowing the school to add a seventh and eighth grade program. The co-educational Catholic School, which currently serves 250 students representing 30 different cultures in Boston's South End, will boost enrollment to 400 students due to the assistance of MassDevelopment. The bonds were purchased by the Century Bank & Trust Company.
Projects at Cathedral High School include the conversion of a former convent to an administrative and academic building; rehabilitation of the existing Cathedral High School building; and demolition and reconstruction of a building connecting the high school and convent with an elevator for full handicap access to all buildings.
â€œThis low-cost financing will help Cathedral High expand to serve 150 more students a year,â€ said MassDevelopment President and CEO Robert L. Culver. â€œA quality education is key to ensuring the availability of a skilled workforce in the decades to come. Investing in educating our children makes economic sense.”
Founded in 1927, Cathedral High School's mission is to serve inner city, economically challenged students. The School became independent and private in 2004 after leaving the auspices of the Roman Catholic Archdiocese of Boston.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.