Greater Brockton Arc Upgrades Facility
$1.35 Million Tax-Exempt Bond from MassDevelopment & South Shore Bank Helps The Arc of Greater Brockton Renovate, Expand & Equip Facility Supporting Individuals Living with Disabilities
October 16, 2023
Matthew Mogavero, 857-248-0868
mmogavero@massdevelopment.com
Dean Rizzo, The Arc of Greater Brockton
508-583-8030
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BROCKTON, Mass. – MassDevelopment has issued a $1,350,000 tax-exempt bond on behalf of Brockton Area Arc, Inc., known as The Arc of Greater Brockton (AGB), which will use proceeds to renovate, expand, and equip its facility at 1250 West Chestnut St. in Brockton. The nonprofit expects to create eight full-time jobs and 15 part-time jobs over the next three years. South Shore Bank purchased the bond, which helped AGB achieve a lower cost of capital and refinance previously issued debt.
Improvements to 1250 West Chestnut St. will include constructing new bathrooms in the Day Habilitation Center; expanding the health services area to include a larger medical care office, a new isolation room, and a separate bathroom; converting storage space into new program space to increase capacity; constructing a new canopy system over the facility entrance; and installing a new customer welcome area at the entrance of the organization’s bottle and can redemption center.
“The Arc of Greater Brockton has long provided critical resources to individuals living with disabilities and their families across 11 Massachusetts communities,” said MassDevelopment President and CEO Dan Rivera. “In partnering with South Shore Bank, we are able to once again help this nonprofit maximize its facility at 1250 West Chestnut St. in Brockton for the benefit of those it serves.”
The Arc of Greater Brockton provides services to children and adults with disabilities and their families, serving the residents of Brockton and 10 surrounding towns. AGB’s programs are designed to help adults living with disabilities achieve their vocational potential. The organization serves as an advocate for the rights and general welfare of adults living with disabilities and provides these individuals with assistance in obtaining the appropriate services. AGB ensures that more than 500 individuals and families in its service area can maximize the resources and services available to assist them.
MassDevelopment has previously supported The Arc of Greater Brockton. In 2008, the organization used a $1.2 million tax-exempt bond to buy and renovate the building at 1250 West Chestnut St. in Brockton for its community-based day and employment services programs.
“The team at MassDevelopment and South Shore Bank made the refinancing process very easy, and they accommodated all of our needs,” said The Arc of Greater Brockton Executive Director Dean Rizzo. “The lower interest rate and additional working capital will allow us to continue our expansion efforts to provide quality resources and services to the individuals and families we support. We consider MassDevelopment and South Shore Bank true partners now and into the future.”
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 FY2023, MassDevelopment financed or managed 545 projects generating investment of more than $2 billion in the Massachusetts economy. These projects are estimated to create or support 10,522 jobs and build or preserve 1,583 housing units.
