Old Colony Montessori School to Expand with Help From $1.04 Million MassDevelopment Bond
November 18, 2010
MassDevelopment has issued a $1.04 million tax-exempt bond on behalf of Old Colony Montessori School, which plans to use bond proceeds to add space for its existing classes and expand its enrichment programming. The second-oldest Association Montessori International-certified school in the country, the Hingham-based Old Colony Montessori will create two jobs as a result of this project. Over the next two years, the School will expand classroom space for its fourth Children’s House Program, designed for younger students, and multi-purpose space for enrichment programs like art, music and foreign language instruction. Rockland Trust Company purchased the bonds. The financing is also enhanced by a $109,000 MassDevelopment mortgage insurance guarantee.
“Old Colony Montessori is a school committed to creative, optimal learning environments and giving back to the South Shore,” said MassDevelopment President and CEO Robert L. Culver. “We’re pleased that teachers will reach more students with this nurturing form of instruction.”
Founded in 1963 by a group of parents, Old Colony Montessori serves more than 110 students from over 70 families. Each Montessori classroom is prepared with carefully designed materials to take advantage of a child's natural desire to learn. Classrooms typically consist of 18 to 22 students.
“MassDevelopment’s involvement in this project has allowed OCMS to achieve an important milestone in its ongoing efforts to provide the highest quality Montessori experience for its students and their families.” said Carlos Perez, President of OCMS’s Board of Trustees. “MassDevelopment provides a unique opportunity for small non-profit organizations like ours to get them most out of limited resources, particularly in the current economic climate.”
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.