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Lasell Receives MassDevelopment Bond to Build New Academic Center

November 19, 2015

MassDevelopment has issued a $10 million tax-exempt bond on behalf of Lasell College, which will use bond proceeds to build and furnish a new, modern academic center that creatively combines it with a current structure; and renovate and furnish a Victorian house that will serve as the president's residence. The new academic center will include 21 classrooms designed for Lasell's unique connected learning educational philosophy, five science labs, student group meeting rooms, a math lab, helpdesk and bookstore/café along with faculty offices.

To create space for the new academic center, the College will use bond proceeds to remove the existing Wass Hall academic building to make way for green space. In addition, the College will use bond proceeds to renovate and furnish the nearby Wolfe Hall, which it will integrate with the new academic center. The College expects the projects will create six jobs and support 108 construction jobs. Citizens Bank purchased the bond.

"The new academic center at Lasell College will offer students a breadth of educational resources, such as state-of-the-art laboratories and meeting spaces," said MassDevelopment President and CEO Marty Jones. "MassDevelopment is pleased to support the College as it renovates and enhances its campus."

Lasell's Chief Financial Officer, Michael Hoyle, said the new building will enhance the College's ability to support its connected learning teaching philosophy.

"This new contemporary academic building will allow Lasell College's students and faculty to continue to advance their respective study in their fields in an atmosphere where they can blend practice and theory into academic action," said Hoyle.

Lasell College, founded in 1851, is an independent nonprofit liberal arts college with its main campus on 53 acres in Newton. The College emphasizes teaching and lifelong learning, engaging students to foster active citizenship and social responsibility. Lasell College is accredited by the New England Association of Schools and Colleges and offers bachelor's and master's degree programs. More than 1,700 undergraduates attend Lasell, representing 29 states and 17 foreign countries. Approximately 80 percent of the College's undergraduates reside on campus.

MassDevelopment, the state's finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.