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MassDevelopment Backing of Worcester’s Gateway Park Wins Council of Development Finance Agencies’ Excellence In Bond Finance Award

July 10, 2012

Mark Sternman, MassDevelopment, 617-330-2034 & 617-780-6186 (cell)

The Council of Development Finance Agencies (CDFA), a national association based in Ohio and dedicated to the advancement of development finance, announced that MassDevelopment has won the CDFA Excellence in Bond Finance Award for issuing a tax-exempt bond for Gateway Park within a New Markets Tax Credit structure. The CDFA Excellence in Development Finance Awards recognize outstanding development finance programs, agencies, leaders, projects, and success stories. These awards honor excellence in the use of financing tools for economic development.

“MassDevelopment has a proud history of supporting Worcester Polytechnic Institute’s Gateway Park, a jewel of cutting-edge research and high-tech product development that drives the Commonwealth's innovation economy,” said MassDevelopment President and CEO Marty Jones. “On behalf of my talented colleagues and O'Connell Development Group that is constructing the Phase II building of this project, I want to thank CDFA for this recognition and congratulate the other award winners.”

“MassDevelopment is well deserving of such a prestigious honor,” said Jeffrey Solomon, chief financial office at WPI. “They are always looking for creative ways to craft financing proposals, and the tax-exempt bond they issued for WPI’s Gateway Park project is a prime example of the agency’s financial acumen.”

The CDFA Excellence in Development Finance Awards will be formally presented at the 2012 CDFA National Development Finance Summit, in Washington on August 2.

“CDFA is proud to honor all of our winners for their excellence in development finance. Their work is cutting edge, innovative and an example of best practices in our industry,” said CDFA President and CEO Toby Rittner.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.