BOSTON–MassDevelopment has issued a $29.7 million tax-exempt bond for Merrimack College in North Andover and Andover, MA.
Merrimack is using bond proceeds to build, furnish and equip two academic buildings and three student residential buildings; to renovate, furnish, and equip its O’Reilly Hall and McQuade Library; and to make various renovations to other campus buildings.
The College is also using proceeds to build a new eight-lane, 400-meter track and turf field, along with a 2,500-seat grandstand with space for press boxes, concessions, public restrooms, and locker rooms; and to make improvements to other athletic fields.
“Merrimack College is committed to its students’ intellectual, social, and ethical development, and is one of many institutions that make Massachusetts a national leader in higher education,” said MassDevelopment Executive Vice President of Finance Programs Laura Canter. “We are pleased to provide this bond to help Merrimack expand its academic, residential, and athletic reach.”
Founded in 1947, Merrimack is an independent, Catholic college that offers more than 90 academic programs ranging from undergraduate degree, including bachelor’s degree completion programs, to master’s degree programs. The college provides cooperative education programs for all majors in addition to study abroad programs, internships, and career services. Current enrollment includes 3,360 full-time undergraduate and 500 full-time graduate students representing 34 states and 36 countries. Students can participate in more than 60 student clubs and activities as well as 24 men’s and women’s NCAA Division II sports and Division I ice hockey. Additionally, the college serves the regional community with credit and non-credit academic programs, lectures, seminars, concerts and theatrical events.
“The College is very pleased with securing this new capital funding to continue its transformation of the campus and further its mission and vision in accordance with our Agenda for Distinction,” Merrimack College Senior Vice President and Chief Financial Officer Basil Stewart.
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.