Brighton, February 5th, 2010 - The Kennedy Day School will now be able to begin planning and construction on a more modernized and updated facility to serve the needs of children with special educational needs throughout eastern Massachusetts.
Renovations will be financed with an $11 million bond issue by the Massachusetts Health and Educational Facilities Authority (HEFA) that closed today. The HEFA financing provides a very low cost of capital, with an interest rate of 5 percent and Century Bank has agreed to purchase the tax-exempt bonds.
"The Kennedy Day School serves a special population of children with multiple, complex disabling conditions who need a unique combination of integrated special education, therapy and medical services," said Paul DellaRocco, Franciscan Hospital for Children President and CEO. "As technology and adaptive devices improve the quality of life for these children, the need for physical space to accommodate both has grown too. The renovation will provide bigger classrooms and wider hallways that will allow us to both optimize the staff to student ratio and accept more students from surrounding communities."
"The bonds HEFA is issuing will allow us to refinance some of our debt and improve the quality of education for children, which is an investment in many lifetimes. While the financial needs of the hospital are still great, we're pleased to be able to grow our educational offerings in these challenging economic times," said DellaRocco.
"Our mission is to cost-effectively finance projects for nonprofits to save them money, so they can focus on what they do best, providing for others in the community," said Benson T. Caswell, HEFA Executive Director. "The Kennedy Day School is vital to the education of Massachusetts' children with disabilities. We are very proud of the role we are playing in helping the school provide the best possible service to this important population."
"I can think of few more deserving institutions of a HEFA bond than the Kennedy Day School at Franciscan Hospital for Children," said state Senator Steven A. Tolman, D-Brighton. "I know from personal experience that the staff at the Kennedy School provides a world class education to each and every child who comes to the school. Franciscan and the Kennedy school operate on a shoestring budget and despite this they still manage to care for children in desperate need. Today, the hospital and school's facilities are in need of attention, and these funds will go a long way toward improving Franciscan's infrastructure. I am overjoyed that HEFA has decided to award this money to the school and know that the money will be well used and that the amazing work done at Franciscan's will continue for another 60 years, and beyond."
"Franciscan Hospital for Children's Kennedy Day School ensures that every child receives the education they deserve in a stimulating environment," said state Representative Kevin G. Honan, D-Brighton. "I am constantly inspired by the extraordinary work that goes on in this loving and nurturing school. This bond issue through HEFA will allow the school to continue its mission of enriching the lives of these children."
The Kennedy Day School serves over 70 boys and girls from 35 communities whose educational needs are most appropriately met outside their home school districts. Students have special needs in the areas of communication, mobility, motor control, vision, hearing, perceptual and cognitive skills and complex fragile health concerns.
The Kennedy Day School is onsite at Franciscan Hospital for Children, located in Brighton. Franciscan Hospital for Children is the leading pediatric rehabilitation center in New England. The hospital offers medical, behavioral and educational services for children with complex issues requiring interdisciplinary care. For more information on the hospital visit www.franciscanhospital.org.
HEFA supports Massachusetts' nonprofits by financing equipment, construction, renovations, and refinancing debt. Last year, HEFA financed 63 projects for hospitals and other nonprofit organizations across the Commonwealth totaling more than $3.2 billion.
HEFA is fully self-funded, receiving no tax-payer dollars. HEFA provides funding for health care, higher education and cultural institutions, research and human service facilities, as well as energy procurement services available to all nonprofit and state and municipal facilities through its PowerOptions® Program.