MassDevelopment Bond Helps Build Addition to Ipswich Family YMCA
March 22, 2016
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Kevin McCarthy, YMCA of the North Shore, 978-564-3074
MassDevelopment has issued a $6,150,000 million tax-exempt bond on behalf of the YMCA of the North Shore. The organization is using bond proceeds to help build a 5,000 square-foot addition to the Ipswich Family YMCA facility. Construction will create program space, locker rooms, an outdoor pool, and a park. Bond proceeds also refinanced previous debt, which financed energy improvements at other YMCA of the North Shore locations. People’s United Bank purchased the bond and the project is expected to add 75 jobs.
“MassDevelopment is pleased to play a role in improving the YMCA’s North Shore facility,” said MassDevelopment President and CEO Marty Jones, “These structural additions will help enhance the youth development programs and improve fitness services for its members.”
With its 150-year history of serving the local community, the YMCA of the North Shore’s programs engage more than 50,000 men, women and children in 25 cities and towns across the North Shore and in Southern New Hampshire. With seven local Y’s, 24 childcare centers, four teen centers, and seven camps, the Y continues to deliver lasting personal and social change.
Kevin McCarthy, CFO of the YMCA of the North Shore said, “With the continued support of MassDevelopment, we can improve and expand our facilities and further our reach into the communities we serve. Our longstanding relationship with MassDevelopment has been crucial to our growth and impact on adults, families, and children across the North Shore.”
The YMCA was established in 1858 and provides seven full-service facilities for 25 North Shore communities, including Beverly, Essex, Gloucester, Haverhill, Ipswich, Manchester, Marblehead, and Salem. With more than 44,000 members, the YMCA offers programs that emphasize youth involvement, healthy living, and social responsibility.
The YMCA has partnered with MassDevelopment on numerous YMCA projects statewide over the years. These YMCA locations include Central Massachusetts, Greater Boston, Greater Springfield, Southcoast, Merrimack Valley, Cambridge, Old Colony, and Melrose.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.