Springfield Day Nursery Corporation, also known as Square One, has received a $6 million tax-exempt bond from MassDevelopment to assist in the purchase of a 1.53-acre property located at 947 Main St. in Springfield, MA. This will be the site for their new 26,000-square-foot early-education center to replace their previous location that was destroyed by a tornado in 2011.
Construction on the new building began in June of this year and is expected to be completed by spring of next year. The tax-exempt bond was purchased by PB Partners Inc., an affiliate of PeoplesBank, which helped Square One secure lower financing costs for the project. In addition to this funding source, New Market Tax Credits and state and city grant awards are also contributing towards the project’s success through a capital campaign.
Dan O’Connell, acting president and CEO of MassDevelopment stated that they are proud to partner with PeoplesBank on providing tax-exempt bond financing for Square One’s rebuilding efforts at their former location in Springfield’s South End neighborhood.
