For more than 30 years, MEDCO has worked with a number of nonprofits that provide essential services to Maryland citizens and communities. MEDCO’s involvement with nonprofits directly fulfills its legislative purpose to promote the health, safety, right of gainful employment and welfare of residents of the State using its bond financing powers.
In 2010, The Baltimore Museum of Art began a major renovation to improve the galleries for several areas of its world-renowned art collection, create a more welcoming environment for visitors, and upgrade critical infrastructure. MEDCO’s financing ability and development experience allowed us to accomplish these goals and advance our mission to create an environment that inspires creativity, encourages learning, and fosters human understanding through appreciation for the arts.
– Christine Dietze, Deputy Director for Finance & Administration,
The Baltimore Museum of Art
MEDCO at Work
Project Name: YMCA in Central Maryland
Project Size/Type: $18 million non-recourse, tax-exempt revenue bond
Project Description: Financing, acquisition, construction, and capital improvements
Benefit: Development and improvements to one of the State’s leading cultural nonprofits
The Y in Central Maryland (also known as the YMCA of Central Maryland) is a charitable organization committed to providing family-oriented, affordable, high-quality programs focused on youth development, healthy living and social responsibility. The nonprofit approached MEDCO for financing with the knowledge that MEDCO had a reputation as an experienced statewide bond issuer with a streamlined process to efficiently reach closing.
On December 29, 2011, MEDCO issued $18 million in non-recourse, tax-exempt revenue bonds allowing the Y in Central Maryland to acquire land for new facilities and improve existing facilities throughout the State. Bond proceeds facilitated the development of a new Y Family Center in Towson and the expansion of the existing Ward Y Family Center in Abingdon. The new Y Family Center offers the Towson community a gymnasium, health and wellness center, 25-yard lap pool, family fun pool, modern locker room facilities, aerobic fitness rooms and community and activity meeting spaces. The improvements to Ward Y Family Center in Abingdon included a new 10,000-square-foot aquatic center, a 4,000-square-foot multi-purpose space expansion as well as equipment upgrades.
Through MEDCO’s tax-exempt financing, the Y in Central Maryland was able to construct and enhance facilities in multiple counties, thus allowing it to expand its mission to serve all Marylanders.
For more information, contact Amy Velich at (410) 625-0051.