MassDevelopment

YMCA of Central Massachusetts to Revamp Branches with MassDevelopment Bond

July 23, 2015


FOR IMMEDIATE RELEASE

Contacts:
Kelsey Abbruzzese, MassDevelopment, 617-330-2086 & 617-448-9077 (cell)
kabbruzzese@massdevelopment.com

Michael Strand, YMCA of Central Massachusetts, 508-755-6101 ext. 253
mstrand@ymcaofcm.org

 

MassDevelopment has issued a $22,745,000 tax-exempt bond on behalf of the YMCA of Central Massachusetts, which will use bond proceeds to expand and upgrade its five branch locations. 

The plans for each branch include:

  • Boroughs Family Branch (Westborough)
    • Add a 14,000-square-foot aquatic center 
    • Renovate and improve various wellness areas, teen centers, locker rooms, lobby areas, and computer lab space
  • Camp Lowe (Lancaster)
    • Build a 3,000-square-foot amphitheater
    • Upgrade the septic system
  • Central Community Branch (Worcester)
    • Renovate and improve various wellness areas, teen centers, locker rooms, lobby areas, and computer lab space
  • Greendale Family Branch (North Worcester)
    • Build a 2,000-square-foot splash pad play area
    • Renovate and improve various wellness areas, teen centers, locker rooms, lobby areas, and computer lab space
  • Montachusett Community Branch (Fitchburg)
    • Renovate and improve various wellness areas, teen centers, locker rooms, lobby areas, and computer lab space

Bond proceeds also refunded a prior MassDevelopment bond. The project is expected to create 26 jobs and support 47 construction jobs. TD Bank purchased the bond. 

“Through their array of health, wellness, and development programs, YMCA branches across the Commonwealth touch and improve the lives of countless residents and families,” said MassDevelopment President and CEO Marty Jones. “MassDevelopment is pleased to help the YMCA of Central Massachusetts and other clubs across Massachusetts expand and improve its facilities to better serve its clients.” 

MassDevelopment also recently issued bonds for the YMCA of Greater Boston, YMCA of Greater Springfield, Old Colony YMCA, YMCA Southcoast, and Malden YMCA.

The YMCA of Central Massachusetts, a nonprofit human services organization, strengthens the foundations of community through youth development, healthy living, and social responsibility. Its four full-service branches serve nearly 30,000 members across 57 cities and towns. The organization also offers programs at more than 15 other sites and at the YMCA’s three rural summer day camps. Collaboration with more than 100 other partners extends its reach to nearly 50,000 individuals annually. 

“Our organization serves more than 25,000 residents of Central Massachusetts and impacts the lives of another 25,000 through collaborations and partnerships – and these services will be enhanced thanks to the brick-and-mortar improvements MassDevelopment has made possible,” said Michael Strand, Vice President of Administration and CFO of the YMCA of Central Massachusetts. “MassDevelopment truly fills a need of nonprofit organizations like ours that have limited resources to raise capital and upgrade our facilities.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2014, MassDevelopment financed or managed 314 projects generating investment of more than $2.9 billion in the Massachusetts economy. These projects are projected to create more than 6,300 jobs and build or rehabilitate more than 1,600 residential units.