development

EDC bond helps YMCA project

Posted 11/4/11

WESTERLY – The renovation of the Westerly-Pawcatuck YMCA has begun with the help of a $5.45 million tax-exempt bond floated for the project by the R.I. Economic Development Corporation.

The renovation project will include a modernization and expansion of the Y’s teen center, children’s area wellness center and a new modern locker room.

The state-backed bonds have been purchased by Washington Trust and will finance the cost of construction and equipment. A large portion of the debt is expected to be paid back through income from new members, an EDC announcement of the project said.

The project is scheduled tom be finished by September 2012 and create 44 jobs.

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