MassDevelopment Issues $1.25 Million Tax-Exempt Bond to Support the Merger of Nantucket New School and Strong Wings

January 7, 2010

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086
Gage Dobbins, Parents Cooperative of Nantucket, 508-228-8769

MassDevelopment has issued $1.25 million in tax-exempt bonds on behalf of the Parents Cooperative of Nantucket, which manages the Nantucket New School and Strong Wings, a Nantucket nonprofit. They are using bond proceeds to support previous construction and improvements at the organization's facilities on Nobadeer Farm Road.

“We're pleased to help Parents Cooperative of Nantucket continue its delivery of quality classroom education while at the same time maintaining Strong Wing's programs that encourage Nantucket's children to go outside, be active, and see what the island has to offer,” said MassDevelopment President and CEO Robert L. Culver.

Nantucket New School, a co-educational day school that serves 165 students in pre-kindergarten through eighth grade, was founded in 1985 by six island families. The School recently completed a merger with Strong Wings that allows the Cooperative to administer programs for island youths. Parents Cooperative of Nantucket manages both the School and Strong Wings, and will continue to offer the nonprofit's environmental and adventure-based education programs. Strong Wings provides outdoor education and team-building programs to students in each of the Nantucket schools during the academic year. Students can also enjoy outdoor education by participating in Strong Wing programs during the summer when school is out of session.

“The merger of the School and Strong Wings will strengthen both organizations, both financially and programmatically, and will assist each organization in effectively carrying out its stated mission,” said David Provost, head of school and executive director of Parents Cooperative of Nantucket.

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. These projects are supporting the creation of 1,488 new housing units and 8,232 jobs: 3,362 permanent and 4,870 construction-related.