Lawrence Charter School Expands, Improves Facilities With MassDevelopment Bond
July 22, 2015
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Ralph Carrero, Lawrence Family Development Charter School, 978-687-9209 x123
MassDevelopment has issued a $6.5 million tax-exempt bond on behalf of the Lawrence Family Development and Education Fund, Inc., an affiliate of the Lawrence Family Development Charter School and the owner of the School’s real estate. The School will use bond proceeds to build a 7,000-square-foot addition to the Lower School and renovate, improve, furnish, and equip the School’s three facilities: the Upper School, the Lower School, and the Academy for Early Learning Academic Preparation. The School expects the project to create six jobs and support seven construction jobs. Bond proceeds will also refinance prior MassDevelopment debt. Enterprise Bank & Trust Company purchased the bond.
“Investing in academic infrastructure is essential, particularly in a Gateway City,” said MassDevelopment President and CEO Marty Jones. “By expanding and revamping its facilities, Lawrence Family Development Charter School will continue to provide an exceptional learning environment for students in the Merrimack Valley. MassDevelopment is pleased to support the school’s efforts.”
Lawrence Family Development Charter School is a regional K-8 Commonwealth Charter School that primarily serves students who reside in Lawrence and surrounding communities. The Academy for Early Learning Academic Preparation includes grades K1, K2, and 1, and is at 7 May Street; the Lower School includes grades 2 – 4, and is at 34 West Street; and the Upper School includes grades 5 – 8, and is at 400 Haverhill Street. In total, the School enrolls 657 students. As of 2014, nearly 99 percent of the students are Hispanic, about 92 percent come from low-income families, and roughly 15 percent demonstrate limited English proficiency.
Ralph Carrero, Superintendent of Lawrence Family Development Charter School, added, “Our partnership and support from MassDevelopment has been there since day one twenty years ago! Because of their knowledge working with public charter schools, the process was completed with no complications. Thanks to MassDevelopment’s financial support we will be able to expand, upgrade and modernize our facilities for our students and families in efforts of offering the best independent public education that our students deserve.”
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.