The following are highlights from the FY2012 audited Financial Statements.
2012 marked an extraordinary year in the history of the school. MSPP signed a 15-year lease with an option to purchase at its new campus in Newton, MA in March 2012. After signing the lease, the school immediately began an $8.3 million renovation project for classroom and office space. To fund the project, MSPP obtained $4.5 million in tax-exempt financing. Here are the details of the financing which closed in April 2012:
$3.5 million tax-exempt bond
- Amortizes over 10 years
- Five year fixed rate of 3.28%
- The bonds are secured by all unrestricted assets of MSPP.
$1.0 million tax-exempt lease
- Amortizes over five years
- Five year fixed rate of 2.45%
- The lease is secured by the equipment financed by the lease.
The move to our new campus was actually more cost-effective than making incremental changes and moves over the next five years. The cost of renovating our new campus was only $10 more per student than the cost of doing a series of incremental changes over the next five years to our old space.
For detailed information about our financial statements, please call Patrick Capobianco, Vice President of Finance & Operations, at 617-327-6777.