MassDevelopment today announced the issuance of a $7 million tax-exempt bond for May Institute, based in Randolph, MA. The human services provider is using bond proceeds to purchase, renovate and equip a community residential building for children and adolescents with autism at 37-39 Adams Drive in Randolph. Proceeds will also finance additional renovations to one of the Institute’s state-of-the-art special education schools, housed at the organization’s headquarters at 41 Pacella Park Drive. This brings May Institute’s total amount of bond financing in the past decade to $23.5 million.
“We are proud to have the opportunity to financially back an organization that has given so much to others in need,” said Robert L. Culver, MassDevelopment president/CEO. “This bond will enable May Institute to continue its mission of providing quality educational, behavioral and rehabilitative programs to children and adults.”
May Institute is an award-winning nonprofit organization with a 50-year history of serving individuals with autism and other developmental disabilities, brain injury, mental illness, and behavioral healthcare needs. The Institute serves over 25,000 individuals and their families annually at nearly 200 service locations in the Northeast, Mid-Atlantic, Southeast, Midwest, and on the West Coast.
“This financing will enable us to enhance our current infrastructure, realize our goal of supporting more families through the expansion of our Randolph special education school, and hire 35 new staff members,” said Michael Milczarek, chief financial officer at May Institute. “We are truly excited about this endeavor.”
MassDevelopment, the state’s finance and development authority, works with businesses, financial institutions and local officials to stimulate economic growth across the Commonwealth. Between FY2004 and FY2006, MassDevelopment financed or managed 589 projects statewide representing an investment of more than $4 billion in the Massachusetts economy. These projects are supporting the creation of 5,505 housing units and more than 23,000 jobs: 12,381 permanent and 10,679 construction-related.