October 8, 2008
Worcester Groups Get $22.5M In Bonds
Two Worcester non-profits have received a total of $22.5 million in bonds from MassDevelopment.
Seven Hills Foundation Inc. will use an $18.5 million tax-exempt bond to buy land and equipment and carry out capital improvement projects at several of its facilities in the state. The foundation's officials estimate the projects will result in the creation of 50 new jobs.
The Guild of St. Agnes will use its $4 million bond to buy land and build a 20,000-square-foot child care center on Granite Street in Worcester.
MassDevelopment bonds are provided by private sector banks. Interest on the bonds is exempt from federal taxes, which allows borrowers to receive very low rates.
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