SPRINGFIELD, Mass. (WWLP) – Springfield College is receiving a $106,675,000 tax-exempt bond from MassDevelopment to help fund several building and renovation projects.

One of the projects is a new environmentally friendly and sustainable 76,000-square-foot health sciences building, which will be using $45,095,000 from the proceeds. The rest of the funding will be used for renovations to classrooms, residence halls, administrative buildings, and the existing health sciences building; improve a steam plant facility; upgrade walking and running paths and outdoor seating; build an academic quad and campus pavilion; and refinance previously issued debt. 

“This major investment represents Springfield College’s commitment to its students, staff, and the entire Greater Springfield community,” said MassDevelopment President and CEO Dan Rivera. “MassDevelopment is proud to lend a helping hand to support construction of a new health sciences building and significant upgrades to the college’s campus and academic facilities.”

“A big thank you to MassDevelopment President and CEO Dan Rivera, who once a mayor always a mayor, understands that these types of investments into our community are essential to maintain and move forward on capital projects while not hindering an institution’s bottom line,” said Springfield Mayor Domenic J. Sarno. “I am very appreciative of MassDevelopment’s continued support, belief and investment in our Springfield, especially to Springfield College over these past years. This public private partnership continues to greatly enhance the campus of Springfield College which in turn has increased overall quality of life to the surrounding neighborhood. In addition, and just as important, these improvements and various upgrades of the amenities and facilities the College has to offer benefits our residents, especially our students and their families.” 

Mass Development has helped fund Springfield College projects before including a $63 million tax-exempt bond in 2016 to help the college renovate and expand the 56,258-square-foot Babson Library into the Learning Commons, and a $13.8 million tax-exempt bond to help the college refinance additions and upgrades to various educational and related facilities in 2021.