3 Newton Colleges Receive Over 179M In MassDevelopment Bonds

NEWTON, MA — MassDevelopment has issued a total of $179,645,000 in tax-exempt bonds to three higher education institutions in Newton, including Boston College, Lasell University, and William James College, according to a news release from MassDevelopment.

The three schools, which enroll a combined total of about 17,740 students, will use the bonds to add new buildings to their campuses, renovate and improve existing facilities, and refinance previously issued debt. They also expect to create 75 new jobs over the next three years.

“The Baker-Polito Administration is pleased that MassDevelopment is able to provide low-cost financing to three of Newton’s higher education institutions as they embark on new additions and improvements to their campuses and facilities,” said Housing and Economic Development Secretary and Chair of MassDevelopment's Board of Directors Mike Kennealy in a statement. “These colleges and universities are major contributors to the Newton community and our Commonwealth’s economy.”

According to MassDevelopment, Boston College plans to use $101,960,000 in bond proceeds to demolish Cushing Hall and replace it with a new 157,000-square-foot science facility to be the home of the Schiller Institute for Integrated Science and Society. The school will also use bond proceeds to upgrade and expand its Central Heating Plant and demolish the William J. Flynn Recreation Complex, which will be replaced with tennis and basketball courts, a new quadrangle lawn, surface parking, and subsurface storm-water detention.

Lasell University plans to use $54.8 million to refinance debt, including a $10 million tax-exempt bond issued by MassDevelopment in 2015 to help the school build a new academic center and renovate a Victorian house for the president of the university.

William James College plans to use $22,885,000 to update its main campus building and refinance previously issued debt, including an $18.4 million tax-exempt bond issued by MassDevelopment in 2016 to help purchase and renovate the school's building at One Wells Ave.

“Boston College, Lasell University and William James College are vital members of the Newton community,” said Newton Mayor Ruthanne Fuller in a statement. “Their students are part of the fabric of Newton and their educators and staff not just work here but also often live and recreate here. All three enrich our understanding of the world, make Newton a better community, support our small businesses, and bring creative minds and new ideas into our midst.

"As Mayor of Newton, I am so grateful that MassDevelopment is investing in their futures,” she continued.

MassDevelopment is the state's development finance agency and works with businesses, nonprofits, banks, and communities to stimulate economic growth. For more information, click here.