MassDevelopment

Worcester Academy Renovates Halls, Gym With $20 Million MassDevelopment Bond

August 6, 2013


Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
Neil Isakson, Worcester Academy, 508-754-5302 x135 & 774-239-8157 (cell)

MassDevelopment has provided a $20,266,630 tax-exempt bond on behalf of Worcester Academy, an independent preparatory school situated on a historic campus in the city of Worcester that serves 650 students in grades 6 through 12 and postgraduates. The Academy will use bond proceeds to renovate the interiors and exteriors of Walker Hall and the Megaron – a student gathering center since 1905 -, restore the exterior of Daniels Gymnasium, and perform various other campus renovations. The school will also refinance previous debt. United Bank purchased the bond.

“Worcester Academy offers a unique community approach to innovative and intensive education preparing students as learners and global leaders,” said MassDevelopment President and CEO Marty Jones. “This low-cost financing helps the school renovate and better fulfill its mission.”

Founded in 1834, Worcester Academy operates as an independent coeducational day and boarding school on 67 acres of land in Worcester. Located in the heart of Worcester, the Academy is deeply connected to the Union Hill neighborhood and enriches its students with the experience of working closely within the community. With state-of-the-art facilities and a challenging curriculum that includes performing arts and athletics, students develop 21st century skills needed to navigate the challenges and opportunities in college and beyond.

“I hope that the entire Worcester community shares my excitement about these projects,” said Worcester Academy Head of School Ronald M. Cino. “When they are completed in advance of the 2014-2015 school year, Worcester Academy will have achieved many important strategic goals, and, at the same time, will have strengthened its longstanding commitment to the neighborhood in partnership with the city of Worcester and other public and private stakeholders.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy. These projects are projected to create more than 12,000 jobs and build or rehabilitate 900 residential units.