Williams College Gets $105M in Bonding for WCMA, Capital Projects
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The college announced on Monday that MassDevelopment has issued a $105,820,000 tax-exempt bond on behalf of the president and Trustees of Williams College.
The organization will use bond proceeds to finance several projects on the college's campus, including (1) building and equipping a new art museum and multipurpose recreation center, (2) implementing the college's energy and carbon master plan, (3) renovating and equipping dormitories and dining facilities, (4) reimbursing the college for costs incurred to build and equip the Davis Center, and (5) completing other miscellaneous capital projects. The bonds were sold through a public offering with Goldman Sachs & Co. LLC serving as lead underwriter and B of A Securities, Inc. and Samuel A. Ramirez & Co., Inc. serving as co-managers.
The new Williams College Museum of Art off Field Park is expected to cost $175 million with the college planning to raise $100 million through donations; another $25 million toward the project was gifted in April 2024 by an anonymous donor.
"From our new art museum and multipurpose recreation building, to commencing campus decarbonization efforts, the new bond issue will fund work that supports our educational mission, fuels employment and benefits the culture, economy and people of western Massachusetts," college President Maud S. Mandel said. "MassDevelopment's program is helping us manage costs while investing in academic excellence, so that Williams can remain affordable to talented students from all backgrounds."
The Davis Center will include new construction between Jeness House and Rice House off Walden Street; the new build will be located where Hardy House was, behind the Purple Pub. It replaces the Multicultural Center and will provide a home to more than 20 student affinity groups along with academic support programs.
"The college is an important part of the town and a valuable asset for our community," said Town Manager Robert Menicocci. "We are pleased to see the college's continued investment in these past and future projects which will benefit both the college and the community as a whole."
Founded in 1793, Williams College is the second-oldest institution of higher education in Massachusetts, after Harvard. The campus is home to approximately 2,100 students in undergraduate and one of the master's programs.
In 2017, MassDevelopment issued a $52.8 million tax-exempt bond to help the college build and equip its science center; build a library storage facility; improve its utility systems; install micro steam boilers and standby diesel generators; update building interiors; buy furniture; and improve accessibility. In 2016, it issued two tax-exempt bonds totaling $104.6 million to help the college demolish an existing science center; build, furnish and equip two new science buildings; and renovate two existing science buildings. In 2013 and 2011, MassDevelopment provided $126 million and $89 million respectively in tax-exempt bond financing for Williams to build a new library and media center; renovate existing academic and athletic facilities; and repair and renew various elements of its campus.
MassDevelopment, the state's development finance agency and land bank, works with businesses, nonprofits, banks, and communities to stimulate economic growth across the Commonwealth. During FY2024, MassDevelopment financed or managed 349 projects generating investment of more than $3.5 billion in the Massachusetts economy. These projects are estimated to create or support 22,426 jobs and build or preserve 1,754 housing units.
Tags: bonding, WCMA, Williams College,
