SPRINGFIELD — MassDevelopment has issued a $106,675,000 tax-exempt bond on behalf of Springfield College, which will use proceeds to fund several capital projects.
The college will use $45,095,000 to build and equip a new environmentally friendly and sustainable, 76,000-square-foot health sciences building; this portion of the financing received the Green Bond designation by Kestrel Verifiers, which are approved verifiers accredited by the Climate Bonds Initiative.
The college will use the remaining proceeds to build an academic quad and campus pavilion; renovate classrooms, residence halls, administrative buildings, and the existing health sciences building; improve a steam-plant facility; upgrade walking and running paths and outdoor seating; and refinance previously issued debt. The bond was sold through a public offering underwritten by Hilltop Securities Inc.
“Institutions of higher education are important drivers of our state and local economies as they bring jobs, opportunities, and additional activity to communities across the Commonwealth,” said Housing and Economic Development Secretary Mike Kennealy, who serves as chair of MassDevelopment’s board of directors. “MassDevelopment is a valuable partner to those colleges and universities looking to modernize infrastructure and remain competitive hubs of innovation and intellectual exploration.”
MassDevelopment President and CEO Dan Rivera added that “this major investment represents Springfield College’s commitment to its students, staff, and the entire Greater Springfield community. MassDevelopment is proud to lend a helping hand to support construction of a new health sciences building and significant upgrades to the college’s campus and academic facilities.”
Springfield Mayor Domenic Sarno offered “a big thank you to MassDevelopment President and CEO Dan Rivera, who — once a mayor, always a mayor — understands that these types of investments into our community are essential to maintain and move forward on capital projects while not hindering an institution’s bottom line. I am very appreciative of MassDevelopment’s continued support, belief, and investment in our Springfield, especially to Springfield College over these past years. This public-private partnership continues to greatly enhance the campus of Springfield College, which in turn has increased overall quality of life to the surrounding neighborhood. In addition, and just as important, these improvements and various upgrades of the amenities and facilities the college has to offer benefits our residents, especially our students and their families.”