Old Colony Y to Purchase Building Thanks to $4.6 Million MassDevelopment Bond
June 2, 2011
MassDevelopment has issued a $4.6 million tax-exempt bond on behalf of the Old Colony Y, which acquired its previously leased facility in Stoughton. The Old Colony Y, which employs more than 1,400 people in Massachusetts, has leased the building since March 2009 for its fitness programs and family services. This transaction represents the third bond deal between MassDevelopment and the Old Colony Y. Rockland Trust Company, a long time community partner of the Y, purchased the most recent bond.
“This low-cost financing will help Old Colony Y secure its future so that it can focus on what it does best: offering innovative programs to Southeastern Massachusetts young people and their families,” said MassDevelopment President and CEO Marty Jones. “For nearly 125 years, Old Colony Y has been an integral part of the community, and this bond will allow its good work to continue far into the future.”
Established in 1887, the Old Colony Y is a nonprofit charitable organization dedicated to strengthening the foundations of community by offering programs and services that develop strong spirit, mind, and body. The organization serves more than 111,100 people annually in 31 communities in Southeastern Massachusetts with programs for all ages and abilities. The Old Colony Y is the second largest YMCA in Massachusetts and maintains general offices in Brockton.
“The Stoughton facility offers a wonderful platform for the family strengthening programs and services we offer through the Y. We are excited about further developing our future plans in Stoughton, and look forward to building even deeper ties within the community,” said Vincent J. Marturano, President and CEO of the Old Colony Y.
MassDevelopment, the state’s finance and development authority, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities statewide generating investment of nearly $1.4 billion in the Massachusetts economy.