MassDevelopment Bond Supports Cardinal Spellman Fitness Center Construction, Academic Building Renovations
November 9, 2010
MassDevelopment has issued a $3 million tax-exempt bond on behalf of Cardinal Spellman High School in Brockton, which serves 700 students from 40 surrounding communities in grades 9 through 12. The School plans to use bond proceeds to build a 5,000-square-foot addition to the main campus gymnasium, which will house a new fitness center. The fitness center includes new workout areas, office space, and a hall of fame. The bond will also support construction, renovations, and other improvements to facilities on the main campus for use as science laboratories and classrooms. Century Bank & Trust Company purchased the bonds.
â€œCardinal Spellman is working to build sound bodies and sound minds for high school students in this critical Gateway City,â€ said MassDevelopment President and CEO Robert L. Culver. â€œHelping this respected educational institution grow complements our ongoing economic-development work in Brockton.â€
Founded in 1958 by Boston Archbishop Richard Cardinal Cushing, Cardinal Spellman offers a college preparatory program with honors and advanced placement courses. The School is accredited by the New England Association of Schools and Colleges.
â€Cardinal Spellman High School greatly appreciates this opportunity to begin work to update our facilities in order to provide a 21st-century education for all of our students,â€ said President of Cardinal Spellman High School Dr. John McEwan.
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2009, MassDevelopment financed or managed 229 projects statewide representing the investment of nearly $1.2 billion in the Massachusetts economy.