The Andover Townsman
---- — MassDevelopment has issued a $23,750,000 tax-exempt bond on behalf of Merrimack Valley YMCA for the expansion of its Andover facility.
The Y will use bond proceeds to double the size of its Andover facility for new health and wellness programs, equipment, furnishings and HVAC upgrades. The Y will also use bond proceeds to refinance previous debt. Enterprise Bank purchased the bond.
The Y expects to create 30 jobs as a result of the project along with 96 construction jobs.
In a video blog on the Merrimack Valley YMCA’s website, President and CEO Stephen Ives said the bond is an important step in the construction of the project.
“It’s been a crazy, but fun time for our YMCA over the last few weeks,” Ives said. “We closed on our financing deal and lots of activity has started.
“There will be a flurry of activity both at the branch and in the community as we go through permitting and ultimately break ground in the fall.”
Ives said the YMCA will be active all summer in the community phase getting hundreds, if not thousands, to participate in the project.
The expanded Andover facility will offer a new pool and renovated filtration system to the existing pool, fitness and group exercise studios, a new child development space for preschool and school children, an active learning center for seniors, and a youth and teen learning center focused on science, technology, engineering and math.
The goal is for the project to be open and ready for use sometime in 2015.
“MassDevelopment is pleased to help one of the oldest providers of social services in Massachusetts expand its presence in the Merrimack Valley,” MassDevelopment President and CEO Marty Jones said in a press release. “New space for programming will help the Y enhance its work on youth development, healthy living and social responsibility.”
Established in 1880, the Merrimack Valley Y has 30,000 members, including more than 8,000 served in Andover.
“The Merrimack Valley YMCA is proud to be working with MassDevelopment and Enterprise Bank, as well as our donors, to make this investment in the future of our YMCA in Andover,” Ives said in the release.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofit groups, financial institutions and communities to stimulate economic growth across the commonwealth. During fiscal year 2012, MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion in the Massachusetts economy.