MassDevelopment

Merrimack Valley Y Renovates, Doubles Existing Space at Andover Facility with MassDevelopment Bond

July 17, 2013


Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com
Stephen Ives, Merrimack Valley YMCA, 978-725-6681

MassDevelopment has issued a $23,750,000 tax-exempt bond on behalf of Merrimack Valley YMCA Inc., one of the earliest affiliated Y associations in the country. The Y will use bond proceeds to double the size of its Andover facility for new health and wellness programs, equipment, furnishings, and HVAC upgrades. The Y will also use bond proceeds to refinance previous debt. Enterprise Bank purchased the bond. The Y expects to create 30 jobs as a result of this project along with 96 construction jobs.

“MassDevelopment is pleased to help one of the oldest providers of social services in Massachusetts expand its presence in the Merrimack Valley,” said MassDevelopment President and CEO Marty Jones. “New space for programming will help the Y enhance its work on youth development, healthy living, and social responsibility.”

Established in 1880, the Merrimack Valley Y has 30,000 members. The Andover facility, which currently serves more than 8,000, will offer a new pool and renovated filtration system to the existing pool; fitness and group exercise studios; a new child development space for preschool and school children; an active learning center for seniors; and a youth and teen learning center focused on science, technology, engineering, and math.

“The Merrimack Valley YMCA is proud to be working with MassDevelopment and Enterprise Bank, as well as our donors, to make this investment in the future of our YMCA in Andover,” said Merrimack Valley YMCA President and CEO Stephen Ives.

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.