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MassDevelopment Bonds Support Regis College UpgradeOctober 16, 2008
MassDevelopment today announced it has issued almost $95 million in low-cost tax-exempt bond financing to four local institutions of higher education, including Regis College.
Brandeis University in Waltham will use proceeds from a $47,500,000 bond issue to construct the 50,000-square-foot second phase of its new science complex, a parking garage and 200-bed residence hall. New England Conservatory of Music (NEC) in Boston will use a $22,650,000 bond issue to undertake restoration, repair and infrastructure upgrades to 325,000-square-feet of existing space in four primary campus buildings. Lasell College in Newton plans to use a $14,665,000 bond issue to construct two new residence halls totaling 60,000-square-feet. Regis College in Weston will use $10,000,000 in tax-exempt bond proceeds to construct new athletic fields and renovate existing athletic, library and academic facilities.
“The proceeds from the Mass Development bonds will enable us to upgrade our athletic facilities to meet the needs of our expanding student body and to continue to invest in the technology and facilities required of a competitive higher educational environment today,” said Regis College President Mary Jane England, M.D. “Improvements to Regis’ athletic facilities will include an NCAA 400 meter track, in-filled synthetic turf athletic field, softball field, tennis courts and practice fields, and are scheduled for completion in 2010.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. During FY 2007, MassDevelopment financed or managed 211 projects statewide representing the investment of more than $2 billion in the Massachusetts economy.
“Institutions of higher education are a critical driver of our economy,” commented Robert L. Culver, MassDevelopment president/CEO. “Colleges and universities employ thousands statewide, invest hundreds of millions in local economies through purchasing and capital expenditures, and educate and train our future business leaders. Providing lower-cost financing to help them meet their development goals makes fiscal sense.”
Press Release: September 16, 2008
Contact: Marjorie Arons-Barron, (617) 423-7770; email@example.com
Founded in 1927 by the Congregation of the Sisters of St. Joseph of Boston, Regis College, a coeducational Catholic institution, comprises a School of Liberal Arts and Science and a School of Nursing and Health Professions. The College enrolls approximately 1,600 undergraduate and graduate students, and employs 80 faculty at its 132-acre campus.