MassDevelopment Issues $9.5 Million Bond for Food Bank Construction Project
MassDevelopment has issued a $9.5 million tax-exempt bond on behalf of the Food Bank of Western Massachusetts Inc., which will use proceeds to build and equip a 63,000-square-foot building at 25 Carew St. within the Chicopee River Business Park in Chicopee that will serve as the Food Bank’s new headquarters beginning in the summer of 2023. Since 1986, the Food Bank has been operating from a 30,000-square-foot facility at 97 North Hatfield Road in Hatfield. Relocating to the new building will more than double the organization’s available space to store and distribute healthy food, increasing its capacity to serve community members facing food insecurity. PeoplesBank purchased the bond, which will complement funds raised for the project through New Markets Tax Credit equity and the organization’s capital campaign.