Worcester Academy has received $20.3 million in tax-exempt bonds from MassDevelopment to be used for renovations and restorations.
According to MassDevelopment, the state’s finance and development agency, the bond proceeds will be used to renovate the interiors and exteriors of the Megaron — which has been a student gathering center since 1905 — and Walker Hall, restore the exterior of Daniels Gymnasium, and perform various other campus renovations.
Worcester Academy is an independent preparatory school that was founded in 1834. It serves 650 students in grades 6 through 12 and postgraduates.
“I hope that the entire Worcester community shares my excitement about these projects,” said Worcester Academy Head of School Ronald M. Cino. “When they are completed in advance of the 2014-2015 school year, Worcester Academy will have achieved many important strategic goals, and, at the same time, will have strengthened its longstanding commitment to the neighborhood in partnership with the city of Worcester and other public and private stakeholders.”
The school also plans to refinance previous debt, and United Bank purchased the bond, MassDevelopment said.
