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MassDevelopment

Clark University Renovates, Expands With $19 Million MassDevelopment Bond

February 13, 2012


Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Jane Salerno, Clark University, 508-793-7554 & 508-793-7441

MassDevelopment has issued a $19,085,000 bond on behalf of Clark University in Worcester. The University will use bond proceeds to renovate and expand four campus buildings and replace a diesel engine in its cogeneration plant. Bond proceeds will also refund previous bonds, which had helped finance capital projects at the school.

“Clark University is a bright light in the Commonwealth's higher education constellation,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to help the University access this low-cost financing to help with its expansion in Worcester and continue to provide cutting-edge education.”

“This financing comes at an especially fitting time for the university,” said Clark President David Angel, who is leading Clark University’s innovative new model of higher education known as Liberal Education and Effective Practice (LEEPTM). “These capital projects serve to enhance Clark’s infrastructure as we continue to build an educational experience that provides a strong foundation for our students in their lives, careers and citizenship.”

Founded in 1887 as the first all-graduate institution in the United States, Clark University is a small, liberal-arts-based research university committed to scholarship and inquiry that addresses social and human imperatives on a global basis. Clark is nationally recognized in the areas of psychology, geography, management, urban education, Holocaust and genocide studies, environmental studies, and international development and social change.

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 in construction), and build or rehabilitate more than 1,000 residential units.