The following is a press release from MassDevelopment
LEAGUE SCHOOL OF GREATER BOSTON BUILDS CLASSROOM, RESIDENTIAL SPACE WITH $10 MILLION MASSDEVELOPMENT BOND
MassDevelopment has issued a $10 million tax-exempt bond on behalf of The League School of Greater Boston, the first school in Massachusetts to serve children with autism. The League School, located in Walpole, will use bond proceeds to build a 20,000-square-foot addition to an existing building that will house classroom and office space. The School will also build a 4,500-square-foot addition to its residence hall, consolidating all its beds in one location. Proceeds will also refinance previous debt, which had financed construction of the school building. Middlesex Savings Bank purchased the bond.
“The League School balances innovation and proven programs to help its students, and we’re pleased this low-cost financing will help the School expand both its mission and reach to children and adolescents with autism,” said MassDevelopment President and CEO Marty Jones.
Founded in 1966, The League School is also one of the first schools in the country devoted exclusively to children and young adults with autism spectrum disorder and Asperger’s syndrome. The School serves 85 students from 7 to 21 years old, with nearly 20 residential students who live in school residences in Norwood and next to the main building in Walpole.
“MassDevelopment's involvement has allowed League School to borrow funds for capital improvements to our facilities that will measurably improve our ability to educate our students,” said The League School's Executive Director, Frank Gagliardi. “These include new classrooms, tutorial rooms, a computer center, a library, a vocational center, an independent living center, larger music and art classrooms, and individual offices for staff and administrators as well as individual bedrooms for every student in our residences - the positive impact on their learning (and their lives) will be significant.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2011, MassDevelopment financed or managed more than 300 projects generating investment of $3.8 billion in the Massachusetts economy. These projects are projected to create more than 10,000 jobs (2,547 permanent and 8,129 construction), and build or rehabilitate more than 1,000 residential units.