Mystic Valley Regional Charter School to Build Athletics Facility, Fields with Help from $8 Million MassDevelopment Bond
August 25, 2010
MassDevelopment has issued an $8 million tax-exempt bond on behalf of Mystic Valley Regional Charter School in Malden, which educates more than 1,000 students from Malden, Medford, Melrose, Everett, Stoneham, and Wakefield on its elementary and high school campuses. The School plans to use bond proceeds to build 25,000 square feet of athletics space. Mystic Valley Regional Charter School currently leases land throughout Malden for practices and games, and the more modern, larger facility will allow teams to play in a single central location. Salem Five Cents Savings Bank purchased the bond.
â€œMystic Valley Regional Charter School has a strong foundation of academic and athletic success, and the construction of a new athletics facility builds on that track record,â€ said MassDevelopment President and CEO Robert L. Culver. â€œThis low-cost financing will help students cultivate sound minds and sound bodies.â€
Founded in 1998, Mystic Valley Regional Charter School serves kindergarten through 12th grade. Ninety-eight percent of the last graduating class was accepted to college. In 2009 Newsweek ranked it the 94th â€œBest High School in Americaâ€ and U.S. News and World Report named it the 10th best International Baccalaureate high school in the country and in 2010 Newsweek ranked Mystic Valley among the top five high schools in Massachusetts. During the 2009-2010 season, Mystic Valley teams won two conference championships, made several state tournament appearances, and fielded individual athletes who received all-star and MVP recognitions for their achievements.
â€œThanks to obtaining financing through MassDevelopment the school will be able to move forward with its plans and Mystic Valley's students and children from throughout the community will be able to utilize a top flight facility,â€ said Rick Veilleux, Mystic Valley's Business Manager.
Mystic Valley's Treasurer, Fran Brown, added, â€œWe have managed our budget and have been prudent which has allowed us to move forward in a very strategic and deliberate manner so as not to jeopardize the stability of the school or the education of our children.â€
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.