MassDevelopment Bond Helps Shore Country Day School Build Arts Center in Beverly
August 15, 2012
MassDevelopment has issued $12.5 million in tax-exempt bonds on behalf of Shore Country Day School, a Beverly school that serves about 440 students in pre-kindergarten through ninth grade. The School will use bond proceeds to build a 30,000-square-foot Center for Creativity, which will house drama, music, arts, and technology programs. The center will replace two buildings, adding 11,000 net square feet to the Beverly campus and increasing space efficiency. A virtual tour of the new building can be found here. Shore Country Day School will also use bond proceeds to add to and renovate classrooms and office space; build a parking lot; and buy furniture, fixtures, and equipment. East Boston Savings Bank purchased the bond.
“Arts in schools help develop critical thinking, strengthen problem-solving, and refine creativity in students,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to provide access to this tax-exempt financing so Shore Country Day can expand its facilities and deliver these benefits and more to its students.”
Shore Country Day School was founded in 1936. The School is at 545 Cabot Street in Beverly and students come from more than 45 different communities. Shore Country Day School encourages academic, personal, creative, and physical development consistent with each child’s potential. Through small classes, innovative teaching styles, and family partnerships, the School strives to create a learning experience that suits the needs of each student.
“When we looked at the future of teaching, we said we need a building that will allow us to complete the balance between academics, athletics and the arts. We are going to be able to have state-of-the-art teaching in every aspect,” said Lawrence A. Griffin, Head of Shore Country Day 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 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.