BOSTON–MassDevelopment has issued a $52.8 million tax-exempt bond for Williams College, which will use bond proceeds to build and equip its science center; build a library storage facility; improve its utility systems; install micro steam boilers and standby diesel generators; update building interiors; buy furniture; and improve accessibility, the agency said in a statement.
In 2016, MassDevelopment issued two tax-exempt bonds totaling $104.6 million that Williams College used to demolish its science center, build two science buildings, and renovate two science buildings. In 2013 and 2011, MassDevelopment provided $126 million and $89 million respectively in tax-exempt bond financing for Williams to build a new library and media center; renovate existing academic and athletic facilities; and repair and renew various elements of its campus.
“Williams College engages its students in critical thinking from a global perspective and continues to be a national leader in higher education,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “This bond will allow Williams to renovate its existing buildings and expand with new science facilities in order to continue to provide high-quality education to its world-class student body.”
Established in 1793, Williams is a private, coeducational, liberal arts college with graduate programs in the history of art and in development economics. There are three academic divisions (languages and the arts, social sciences, and science and mathematics), 25 departments, 35 majors, and concentrations and special programs. Williams is consistently ranked among the top liberal arts colleges in the nation, and its faculty is noted for the quality of its undergraduate teaching. Virtually all faculty members engage in research activities that complement their commitment to teaching, and encourage active participation of students in that research.
“This funding will support much needed storm water infrastructure improvements that are critical for the college and the town of Williamstown. It will also support expanding the Library Shelving Facility, which will create more capacity for the library while providing local storage of art for the college’s art museum that is currently stored in Connecticut,” said Williams College Vice President of Finance and Administration Fred Puddester. “With the help of MassDevelopment, we were able to access the tax-exempt market and receive attractive interest rates.”
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2016, MassDevelopment financed or managed 352 projects generating investment of more than $4 billion in the Massachusetts economy. These projects are projected to create about 8,200 jobs and build or rehabilitate about 4,200 residential units.