Plymouth Charter School Expands With MassDevelopment Bonds
March 6, 2014
FOR IMMEDIATE RELEASE
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
MassDevelopment has issued $5.6 million in tax-exempt bonds on behalf of the Rising Tide Charter Public School, a college-preparatory school in Plymouth. Rising Tide will use bond proceeds to acquire the land and buy and renovate portions of a 36,400-square-foot building at 6 Resnik Road. The School will also buy an adjoining parcel at 1 Resnik Road, allowing the upper school, currently at 57B Armstrong Road, to relocate, creating a unified campus. Webster Massachusetts Security Corporation, an affiliate of Webster Bank, purchased the bonds, which a MassDevelopment charter school loan guarantee enhanced.
“First-rate facilities provide a stable, motivating learning environment for students,” said MassDevelopment President and CEO Marty Jones. “Rising Tide’s curriculum, coupled with its community-oriented approach to education, develops bright and dedicated individuals who will solve the problems of tomorrow in their own communities. We’re pleased to leverage this low-cost financing so the School can expand.”
Rising Tide will renovate 10,000 square feet of unused space at 6 Resnik Road to create more classrooms and other educational facilities. In 2015, the School plans to increase its student body size with the addition of a twelfth grade and will graduate its first senior class.
Rising Tide Charter Public School provides a strong academic program rooted in the history of Plymouth. The School was founded in 1998, after receiving its first charter from the Commonwealth of Massachusetts, and operates today on its fourth charter. The School enrolls more than 500 students from 19 communities. Rising Tide graduates capable and prepared young adults who have already sown within themselves a sense of place and belonging that will be the bounty of the future.
MassDevelopment’s charter school guarantee program helps charter schools by issuing guarantees on a portion of a loan or bond made to a school to improve its facility. With its own resources, grants from the U.S. Department of Education, and private sources to provide loan guarantees for Massachusetts charter schools, MassDevelopment has a fund of more than $21 million for this guarantee program.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2013, MassDevelopment financed or managed 350 projects generating investment of more than $2.4 billion in the Massachusetts economy. These projects are projected to create more than 7,000 jobs and build or rehabilitate 800 residential units.