EDC approves $5M for YMCA capital project

PROVIDENCE – The R.I. Economic Development Corporation gave final approval for up to $5 million in bond financing for the YMCA on Tuesday.

The tax-exempt bonds will finance the construction of a new indoor facility at the YMCA of Pawtucket’s MacColl field site in Lincoln.

The project will expand the organization’s programs and is expected to add 38 new, full-time employees to its current 120 positions within one year after the project is completed.

The new 51,800-square-foot facility will “become the cornerstone of [the] campus.” The center will offer a youth after-school program, teen rock climbing center, indoor swimming pool, gym and fitness center, and a water-spray park for children.

The project also outlines upgrading two existing buildings on the site in order to expand its capacity for pre-school early learning and teen programming. Other site improvements include expanded parking, and trail and habitat development of the 125-acre site.

“The R.I. EDC is pleased to work with a local, community-based nonprofit like the YMCA of Pawtucket to help finance a capital project that will expand much-needed learning programs for children and teens and create nearly 40 new jobs,” said R.I. EDC Executive Director Keith W. Stokes.

The R.I. EDC will serve as the conduit issuer on the bonds since the R.I. Industrial Revenue Facilities Corporation is statutorily prohibited from issuing bonds to nonprofit organizations, it said. All credit risk is assumed by the bond purchaser.