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Springfield College Issues Tax-Exempt Bonds

July 10, 2003

SPRINGFIELD, Mass., July 10, 2003 -- A $25 million Springfield College bond issue will go on sale today to provide financing for a new residence hall and recently completed renovations to campus buildings. The bonds are AA rated and were sold in $5,000 denominations. The bond issue is underwritten by Advest, Inc. and insured by Radian Assurance.

Springfield College has begun construction of a $10 million suite-style residence hall to house about 200 students beginning in September 2004. The four-story brick building will be situated in a grassy area facing the college’s Townhouses student residence on Alden Street. It will include about 40 units, each with four or six single bedrooms, one or two baths, living room, kitchen, and dining area. It will be air-conditioned and each student’s room will contain telephone, cable television, and Internet connections.

In the past two years, the college completed major renovations of Wilbraham Hall, the Brennan Center, and the Office of Admissions, and completed several other improvements to campus facilities and grounds.

Wilbraham Hall, the former Standard Electric Time Building, originally built in 1914, underwent a $4 million renovation in 2001 to become a 35,000 square foot state-of-the-art academic facility. It houses Springfield College’s George I. Alden Center for Interactive Learning, School of Human Services, physician assistant program, office of YMCA relations, and departments of social science, emergency medical services management, sport management and recreation, and visual and performing arts.

The college also completed a $2 million renovation of its Brennan Center on Island Pond Road, making it the new home for its School of Social Work and Conference Center. The 18,000 square-foot building includes electronically equipped classrooms; a large, tiered auditorium-style classroom; a conference room with seating for 20; an airy, light-filled two-story lobby/lounge; and various academic and support rooms.

In January 2002, the Springfield College Office of Admissions was relocated to a newly renovated and expanded state-of-the-art facility at 258 Middlesex Avenue. The new space is conducive to receiving prospective students and their families and provides greater functionality for the admissions process and staff.

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