FOR IMMEDIATE RELEASE
MASSDEVELOPMENT AND CITIZENS BANK TEAM WITH EPIPHANY SCHOOL ON TAX-EXEMPT FINANCING
-- Sale of Tax Exempt Bonds to Help Foster School's Long Term Commitment to Educating Youth of Boston --
Boston, Mass. - June, 2004 - MassDevelopment today announced the direct sale of $3,095,000 in tax-exempt bonds to Citizens Bank as part of a refinancing of the Epiphany Schoolhouse in Dorchester. This transaction greatly reduces the mortgage costs to Epiphany School, a tuition-free middle school for students from economically disadvantaged families in Boston.
"We are happy to partner with Epiphany School to provide it with an advantageous financing arrangement," said Robert L. Culver, MassDevelopment president and CEO. "Epiphany provides an innovative and comprehensive learning community based on its pledge to 'Never Give up on a Child'. This arrangement will further enhance its ability to operate effectively, given that nearly one hundred percent of the financial resources of the school are contributed by individuals and foundations."
In June 2001, Epiphany School began construction on a new Schoolhouse near the Shawmut Avenue MBTA station in Dorchester. In January 2002, it relocated to the newly completed building, which features eight classrooms, science and technology labs, a gymnasium, a cafeteria, an art room, a faculty room, an assembly hall and offices. As Epiphany continues to grow, it has become all the more a transformational community and a model for urban middle school education.
"We appreciate the opportunity to partner with MassDevelopment and Citizens Bank to reduce our financing costs," said Peter M. Keating, Epiphany School Board president. "This partnership is a significant step forward towards Epiphany's goal to own its Schoolhouse outright, which we view as critical to creating financial sustainability for the school and establishing it as a permanent educational institution in Boston. "
"Citizens Bank is very pleased to be making a commitment to Epiphany School and the remarkable children it serves," said Bruce H. Figueroa, Director of Citizens' NonProfit Banking division. "As bankers specializing in financing non-profits, we see a wide variety of very worthwhile institutions. What makes Epiphany distinct and special is the unique and emotional bond it has developed between the students, teachers, administrators, board members and funders. When you hear the individual stories of success that Epiphany has produced, you can't help but be moved by the impact the school has had on everyone involved."
About Epiphany School
Founded in 1998, Epiphany School provides full-service, tuition-free middle school education and outreach to eighty coeducational students. These students are chosen by lottery, attend school 12 hours a day, 11 months a year, and graduate to attend a wide range of high schools. For more information, please dial (617) 326-0425, or visit the school's web site at www.epiphanyschool.com.
About MassDevelopment
MassDevelopment, the state's economic development authority, works with businesses and local officials to provide the financial tools and real estate expertise needed to stimulate economic growth in Massachusetts. In fiscal year 2003, MassDevelopment financed $860 million in projects statewide, resulting in the creation of over 5,300 jobs, the retention of nearly 26,000 jobs, and 4,000 new housing starts.
CONTACTS:
Adam Bickelman
MassDevelopment
617-330-2086
Janet Hookailo
MassDevelopment
617-330-2018
Peter Keating
Epiphany School
617-227-8970
MASSDEVELOPMENT AND CITIZENS BANK TEAM WITH EPIPHANY SCHOOL ON TAX-EXEMPT FINANCING
-- Sale of Tax Exempt Bonds to Help Foster School's Long Term Commitment to Educating Youth of Boston --
Boston, Mass. - June, 2004 - MassDevelopment today announced the direct sale of $3,095,000 in tax-exempt bonds to Citizens Bank as part of a refinancing of the Epiphany Schoolhouse in Dorchester. This transaction greatly reduces the mortgage costs to Epiphany School, a tuition-free middle school for students from economically disadvantaged families in Boston.
"We are happy to partner with Epiphany School to provide it with an advantageous financing arrangement," said Robert L. Culver, MassDevelopment president and CEO. "Epiphany provides an innovative and comprehensive learning community based on its pledge to 'Never Give up on a Child'. This arrangement will further enhance its ability to operate effectively, given that nearly one hundred percent of the financial resources of the school are contributed by individuals and foundations."
In June 2001, Epiphany School began construction on a new Schoolhouse near the Shawmut Avenue MBTA station in Dorchester. In January 2002, it relocated to the newly completed building, which features eight classrooms, science and technology labs, a gymnasium, a cafeteria, an art room, a faculty room, an assembly hall and offices. As Epiphany continues to grow, it has become all the more a transformational community and a model for urban middle school education.
"We appreciate the opportunity to partner with MassDevelopment and Citizens Bank to reduce our financing costs," said Peter M. Keating, Epiphany School Board president. "This partnership is a significant step forward towards Epiphany's goal to own its Schoolhouse outright, which we view as critical to creating financial sustainability for the school and establishing it as a permanent educational institution in Boston. "
"Citizens Bank is very pleased to be making a commitment to Epiphany School and the remarkable children it serves," said Bruce H. Figueroa, Director of Citizens' NonProfit Banking division. "As bankers specializing in financing non-profits, we see a wide variety of very worthwhile institutions. What makes Epiphany distinct and special is the unique and emotional bond it has developed between the students, teachers, administrators, board members and funders. When you hear the individual stories of success that Epiphany has produced, you can't help but be moved by the impact the school has had on everyone involved."
About Epiphany School
Founded in 1998, Epiphany School provides full-service, tuition-free middle school education and outreach to eighty coeducational students. These students are chosen by lottery, attend school 12 hours a day, 11 months a year, and graduate to attend a wide range of high schools. For more information, please dial (617) 326-0425, or visit the school's web site at www.epiphanyschool.com.
About MassDevelopment
MassDevelopment, the state's economic development authority, works with businesses and local officials to provide the financial tools and real estate expertise needed to stimulate economic growth in Massachusetts. In fiscal year 2003, MassDevelopment financed $860 million in projects statewide, resulting in the creation of over 5,300 jobs, the retention of nearly 26,000 jobs, and 4,000 new housing starts.
CONTACTS:
Adam Bickelman
MassDevelopment
617-330-2086
Janet Hookailo
MassDevelopment
617-330-2018
Peter Keating
Epiphany School
617-227-8970
