St. Sebastian’s School to Build Math and Science Buildings With Help From $10 Million MassDevelopment Bond
January 5, 2011
MassDevelopment has issued a $10 million tax-exempt bond on behalf of St. Sebastian's School Fund, Inc., a nonprofit supporting organization of St. Sebastian's School in Needham. The School will use bond proceeds to build math and science buildings that will connect to the existing facility. The 23,000-square-foot science building will have eight science labs and four prep rooms, and the 8,000-square-foot math building will have five classrooms on the first floor and an expanded library on the second floor. The math building will also serve as the connection between the science and existing school facilities. Eastern Bank purchased the bonds.
“Enhancing St. Sebastian's capacity to deliver high-quality math and science education will improve the training of students in these critical fields,” said MassDevelopment President and CEO Robert L. Culver. “This tax-exempt financing has helped many schools across the Commonwealth as they expand facilities and services, and we're pleased to support St. Sebastian's vital construction project.”
Founded in 1941, St. Sebastian's School is a Catholic independent day school for 364 young men in grades seven through 12. The School has 65 faculty members and is accredited by the New England Association of Schools and Colleges. With an average class size of 11 students, the School prides itself on a rigorous program in academics, athletics, and the arts.
“This new project will enable St. Sebastian's School to continue in its ongoing effort and commitment to provide the highest quality educational experience to our students,” said St. Sebastian's Headmaster Bill Burke. “The expansion of our math, science and library facilities is an acknowledgement of the ever changing educational needs of our students at St. Sebastian's.”
MassDevelopment, the state's finance and development authority, works with businesses, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2010, MassDevelopment financed or managed 238 projects in 104 communities across the state generating investment of nearly $1.4 billion in the Massachusetts economy.