MassDevelopment Issues $1.97 Million in Bonds to Help Attleboro Enterprises Expand, Renovate Building
December 21, 2009
FOR IMMEDIATE RELEASE
MassDevelopment announced today that the Agency has issued $1,971,200 in tax-exempt bonds on behalf of Attleboro Enterprises, a human services provider that offers vocational, residential, and day services to individuals with cognitive and physical challenges. The organization plans to use bond proceeds to rehabilitate and expand a 12,000-square-foot commercial building that houses its vocational and day habilitation programs, which offer medical, therapeutic, and developmental supports.
“With more space for its programs, Attleboro Enterprises can expand the scope of its services for adults with developmental disabilities to address emerging issues of the individuals they serve, such as Alzheimer’s disease, autism, and other physical disabilities,” said MassDevelopment President and CEO Robert L. Culver. “This facility will offer critical services to those most in need of help.”
Bond proceeds will also help Attleboro Enterprises refinance existing debt. These bonds, purchased and funded by Webster Bank, follow a $1 million bond issue in June, proceeds of which were used to refund previous bonds that went toward the purchase and construction of three group homes. Construction on the commercial building’s addition is underway, with an anticipated completion date of April 2010.
“All of us at AEI are deeply appreciative of and thankful for our partners MassDevelopment and Webster Bank in this endeavor,” said CEO Jerry Pilkington. “With their assistance, we are building a state of the art facility that revolutionizes the manner in which services are provided for the disabled. The beneficiaries are not only those individuals in our programs today, but also those who will receive services for years to come.”
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.
Attleboro Enterprises, Inc. (AEI) is a not-for-profit human service organization that supports over 200 adults with diverse developmental challenges through three program areas. AEI operates seven residences in southeastern Massachusetts. Employment training and job placement programs offer on-site employment opportunities in North Attleboro as well as job placement in the community. Day Habilitation provides clinical, therapeutic supports and developmental skills education. All of AEI’s programs empower individuals to become contributing members of society, build positive self-esteem, and achieve individual life goals. AEI’s three-year accreditation by the Commission on Accreditation of Rehabilitation Facilities (CARF) represents the gold standard of service for its participants.