MassDevelopment Gives Tax-Exempt Bonds to Three Newton Colleges
NEC member MassDevelopment has issued over $179 million in tax-exempt bonds for Boston College, William James College and Lasell University. The bonds will help the universities make changes to their campuses and handle certain outstanding debts.
Boston College and William James College have pledged to use the proceeds from the bonds to make renovations to their respective campuses. Specifically, Boston College intends to use about $101.9 million to demolish Cushing Hall and replace it with a new 157,000 square-foot science facility named the Schiller Institute for Integrated Science and Society. Both William James and Lassell University intend to use the funds to refinance existing debt.
MassDevelopment has financed or managed 341 projects across Massachusetts in FY 2020 as a state quasi-public economic development agency.
MassDevelopment president and CEO Dan Rivera, in speaking of these bonds, said “MassDevelopment is proud to help these great schools maintain their quality and competitiveness by improving their educational experience and saving money by refinancing with lower interest rates, which is especially important after the economic impacts of the global pandemic”.
The New England Council celebrates MassDevelopment’s commitment to local economic growth and development.