MassDevelopment

Codman Academy Adds Elementary, Middle Schools With MassDevelopment Bonds

February 25, 2015


FOR IMMEDIATE RELEASE

Contacts:
Mark Sternman, MassDevelopment, 617-330-2034 & 617-780-6186 (cell)
msternman@massdevelopment.com
Meg Campbell, Codman Academy Foundation, 617-287-0700 x103 & 617-970-2637 (cell)
mcampbell@codmanacademy.org

MassDevelopment has issued a $4,000,000 501(c)(3) tax-exempt bond and a $3,900,000 Qualified Zone Academy Bond on behalf of Codman Academy Foundation, Inc. Codman Academy will use the bond proceeds to purchase a commercial building in Dorchester and convert it into classroom space. Codman Academy currently operates a charter public high school near this location, and the new building will allow the school to develop an elementary and middle school. The expansion is projected to create 25 jobs.

“New facilities will allow Codman Academy to serve more Dorchester, Roxbury, and Mattapan students,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help the Academy leverage this combination of low-cost financing to facilitate its expansion and help boost the Commonwealth’s knowledge-based economy.”

Qualified Zone Academy Bonds (QZABs) are financial instruments that help eligible schools raise funds at lower costs for renovations; repairs; technology and equipment investments; curriculum development; and teacher training.

“MassDevelopment’s critical assistance with renovation of the historic Lithgow Building in Codman Square means that families, for the first time, have a K1-12 charter option in the City of Boston,” said Meg Campbell, Executive Director of Codman Academy. “Last year more than 1,500 families applied for our open lottery for 130 seats, so we know the demand is real. This iconic building in the heart of Codman Square, opposite Codman Square Health Center and the new Walczak wing that houses our high school, creates a true campus in an economically challenged community.”

Codman Academy received its charter in 2001, and opened with a class of 32 ninth graders. The Academy addressed a strong community need for a small college preparatory school in the Codman Square/Four Corners area. Today, Codman Academy has an enrollment of nearly 145 students in grades 9-12, most of whom reside in Dorchester, Roxbury, and Mattapan. In 2013, Codman Academy was named one of the top 10 districts in the state for MCAS growth.

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.