MassDevelopment Issues $3.3 Million in Bonds, Guarantees Loan for Hill View Montessori Foundation

November 9, 2009

FOR IMMEDIATE RELEASE

Contact:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086

MassDevelopment announced today that the Agency has issued $3.3 million in tax-exempt bonds, along with a $412,500 Mortgage Insurance Guaranty, for Hill View Montessori Foundation, the real estate affiliate of Hill View Montessori Charter Public School in Haverhill. The School plans to use bond proceeds to purchase and renovate a 51,000-square foot building on Foundation Avenue that will serve as its new location.

“An investment in education represents an investment in the future of the Commonwealth, and we’re pleased that this low-cost financing is making it possible for Hill View Montessori Charter Public School to acquire a facility that suits the needs of its students, parents, and teachers,” said Robert L. Culver, MassDevelopment President and CEO.

Hill View Montessori Charter Public School is a public charter school that serves students in kindergarten through eighth grade with a tuition-free, public, Montessori education. The school enrolls students through a public lottery. Students from other towns and cities are eligible to apply, but Haverhill residents receive preference.

MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions, and local officials to stimulate economic growth across the Commonwealth. During FY2008, MassDevelopment financed or managed 265 projects statewide representing an investment of more than $3 billion in the Massachusetts economy. These projects are supporting the creation of 4,001 housing units and more than 10,384 jobs: 5,424 permanent and 4,960 construction-related.