Lowell Catholic High School to Use $10 Million MassDevelopment Bond to Add Building, Renovate School
February 27, 2018
FOR IMMEDIATE RELEASE
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
Nicole Sharpe, Lowell Catholic, 978-452-1794 Ext. 136
MassDevelopment has issued a $10 million bond for Lowell Catholic High School, which the school will use to build a 25,025-square-foot building on its campus. The new building will house a cafeteria, kitchen, media center, science lab, classrooms, and administrative offices. Lowell Catholic High School will also use bond proceeds to renovate its Legacy Hall, which houses academic, art, and music classrooms, and the school’s advancement and admissions offices; and to buy and install equipment, furnishings, and fixtures for multiple campus buildings. Salem Five Bank purchased the bond.
“MassDevelopment’s tax-exempt bonds support projects for academic institutions across the Commonwealth, allowing these important learning centers to grow,” said MassDevelopment President and CEO Lauren Liss. “We are pleased Lowell Catholic High School will use these funds to expand and update its campus and increase its enrollment.”
Lowell Catholic High School was founded in 1989 as the union of several schools in the city of Lowell, including Keith Academy, Keith Hall, and St. Joseph’s High School. Lowell Catholic offers a rigorous, supportive academic learning environment that challenges students to work towards reaching their full potential. With a recent expansion to include grades pre-kindergarten through 12, Lowell Catholic now provides a high-quality, faith-based education to more than 700 students from the Merrimack Valley. A member of the Xaverian Brothers Sponsored Schools network, Lowell Catholic is fully accredited by the New England Association of Schools and Colleges. MassDevelopment previously supported the school’s expansion in 2006 with tax-exempt bond financing.
“Lowell Catholic is excited to partner with MassDevelopment to expand Lowell Catholic’s campus,” said Lowell Catholic High School Head of School Maryellen DeMarco. “The additional space will allow for scaling up of academic, co-curricular, and spiritual life offerings in a meaningful way, enhancing the educational experience of current and future students in both the elementary and high school.”
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.