July 2, 2007
Tax-free bonds for WPI renovations
By Matthew L. Brown
The Massachusetts Development Finance Agency today announced the issuance of more than $106 million in tax-exempt bonds on behalf of Worcester Polytechnic Institute, the Groton School and Youth Opportunities Upheld (YOU) Inc. of Worcester.
The three educational organizations will use bond proceeds to construct student housing, undertake campus renovations and refinance existing debt for long-term savings.
WPI will use an $86.6 million tax-exempt bond to construct a 232-bed, suite-style residence hall in 64 student apartments. The school's expansion plans call for the construction of a 229-space parking garage, and the refunding of bonds issued in 1997.
Groton School will use $10 million in bond financing to renovate and expand public meeting space and faculty residences in the Hundred House and other campus facilities.
YOU Inc., a provider of educational support services to adolescents with emotional or behavioral challenges, will use a $9.47 million financing package to refinance existing debt and reduce its borrowing costs.
The three educational organizations will use bond proceeds to construct student housing, undertake campus renovations and refinance existing debt for long-term savings.
WPI will use an $86.6 million tax-exempt bond to construct a 232-bed, suite-style residence hall in 64 student apartments. The school's expansion plans call for the construction of a 229-space parking garage, and the refunding of bonds issued in 1997.
Groton School will use $10 million in bond financing to renovate and expand public meeting space and faculty residences in the Hundred House and other campus facilities.
YOU Inc., a provider of educational support services to adolescents with emotional or behavioral challenges, will use a $9.47 million financing package to refinance existing debt and reduce its borrowing costs.
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