KIPP Lynn Uses MassDevelopment Bond to Buy, Renovate School Building
August 27, 2018
FOR IMMEDIATE RELEASE
Kelsey Schiller, MassDevelopment, 617-330-2011 & 617-694-9695 (cell)
Laurie Kennedy, KIPP Academy Lynn, 617-596-3821 & 585-766-2758 (mobile)
MassDevelopment has issued a $25,450,000 tax-exempt bond for KIPP Lynn Fund Inc., an affiliate of KIPP Academy Lynn Public Charter School (KIPP Lynn), which will use bond proceeds to buy and renovate a 120,000-square-foot industrial office building at 20 Wheeler Street in Lynn. One of KIPP Lynn’s three schools, KIPP Academy Lynn Collegiate High School, will move into the building and occupy 75,000 square feet of space; the remaining 45,000 square feet will be used for KIPP Lynn administration facilities and leasable office space. Citizens Bank purchased the bond.
The project will allow the high school to swap locations with another KIPP Lynn school, KIPP Academy Lynn Elementary School. The high school currently operates at a KIPP Lynn-owned facility at 90 High Rock Street in downtown Lynn, while the elementary school currently leases space at 20 Wheeler Street. Once KIPP Lynn completes the renovation of 20 Wheeler Street, the high school will move into the building and the elementary school will transition over to the 90 High Rock Street building. MassDevelopment provided KIPP Lynn with a $25.5 million financing package in 2011 to build 90 High Rock Street, and another $5.7 million tax-exempt bond in 2016 to expand the facility.
“KIPP schools offer children of all backgrounds the opportunity to reach their academic potential,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to once again partner with KIPP Lynn as the organization further expands its property holdings, ensuring its schools can continue providing students with a high-quality education for generations to come.”
KIPP Massachusetts, formed by KIPP Academy Lynn Public Charter School and KIPP Academy Boston Public Charter School, partners with students and families to help develop academic, intellectual, and character skills to maximize their potential and live choice-filled and impactful adult lives. KIPP Massachusetts began enrolling students in 2004. Across both districts, KIPP Massachusetts serves more than 2,000 students and more than 650 alumni.
“KIPP is pleased to once again partner with MassDevelopment so that we may have a permanent home for all of our students in Lynn,” said KIPP Executive Director Caleb Dolan. “The completed Wheeler Street facility will allow us to offer expanded curriculum and extracurricular opportunities for our high school students, as well as programming for the Lynn community. We are thrilled to be located in the heart of downtown Lynn, surrounded by great nonprofit and traditional education partners.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.