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Tax-Exempt Bond Helps Springfield Early Education Center Rebuild
MassDevelopment has issued a $6-million tax-exempt bond on behalf of Springfield Day Nursery Corporation, which does business as Square One, to help the organization buy a 1.53-acre parcel at 947 Main St. in Springfield, MA, where it will build a 26,000-square-foot early-education center. The new building will be situated at the site of the organization’s former longtime location, which was destroyed by a tornado in 2011.
Construction began in June 2024 and is expected to be completed in spring 2025. The tax-exempt bond, purchased by PB Partners, Inc., an affiliate of PeoplesBank, helped Square One achieve a lower cost of capital. The project is also being supported by New Market Tax Credits, state and city grant awards and a capital campaign.
“MassDevelopment is pleased to partner with PeoplesBank on delivering tax-exempt bond financing that will help the organization rebuild and restore key programming and services at its former home in Springfield’s South End neighborhood,” said acting MassDevelopment president and CEO Dan O’Connell.
- ◦Development
- ◦Financing
