Springfield's American International College Adds to Campus with MassDevelopment Bond

March 15, 2018

FOR IMMEDIATE RELEASE

Contacts:
Meggie Quackenbush, MassDevelopment, 617-330-2011 & 857-208-2777 (cell)
mquackenbush@massdevelopment.com

Christopher Garrity, American International College, 413-205-3209
christopher.garrity@aic.edu

MassDevelopment has issued a $10,550,000 tax-exempt bond for American International College (AIC) in Springfield. AIC will use bond proceeds to renovate and add 13,753 square feet to an existing campus building that, upon completion, will house the college’s new exercise science programs and expanded occupational therapy and physical therapy offerings. AIC will also use bond proceeds to build an approximately 11,200-square-foot, eight-unit residence hall that will house 32 students, and to make various campus upgrades. CSB Colts Inc., an affiliate of Westfield Bank, purchased the bond.

“American International College has a rich history of providing quality education to the diverse population of residents living in and around Springfield,” said MassDevelopment President and CEO Lauren Liss. “MassDevelopment is pleased to provide this low-cost financing to allow the college to grow its physical therapy and exercise science programs with updated space.”

Founded in 1885, American International College is a private, co-educational, doctoral granting institution. AIC offers a liberal arts education through its schools of business, arts and sciences, education, and health sciences. The college currently enrolls 1,336 undergraduate students and 1,847 graduate students from more than 30 different countries.

“This financing gives AIC the opportunity to develop programs, provide graduate students with housing, and upgrade existing buildings on campus,” said AIC President Vince Maniaci. “The new health science facility in particular will raise the students’ educational experience, enabling them to be well equipped to practice in an evolving and complex health care system. Additionally, this new building will enhance Springfield’s State Street corridor and contribute to the city’s redevelopment.”

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2017, MassDevelopment financed or managed 377 projects generating investment of more than $4.3 billion in the Massachusetts economy. These projects are projected to create about 9,488 jobs and build or rehabilitate 1,863 residential units.