MassDevelopment has issued a $13,480,059 tax-exempt lease on behalf of Medical Academic and Scientific Community Organization that will allow the organization to improve its Longwood Medical Area shuttle services.
MASCO will use the money to buy passenger buses and vans for its shuttle service that serves workers, students, and patients in Boston’s Longwood medical area.
“With this flexible, equipment-specific financing, MASCO can improve transit services for employees and students of this economic and educational hub in Boston,” MassDevelopment resident and CEO Marty Jones, said in a statement. “We are pleased to help MASCO provide efficient and economical transportation – an essential service in this area – to its members.”
MASCO offers its members shuttle services that run to and from MBTA stations, between Harvard University’s Cambridge and Longwood campuses, and to and from off-site parking.
Its members include Longwood area hospitals, such as Brigham and Women’s and Dana-Farber Cancer Institute; the Isabella Stewart Gardner Museum; and local colleges such as Harvard University Medical School, Wentworth Institute of Technology, and Massachusetts College of Art and Design.
“MASCO is committed to providing safe, comfortable and timely transportation to our riders, who represent 14 medical and academic institutions in the Longwood area” Marilyn-Swartz-Lloyd, president and CEO of MASCO, said in a statement. “They are hard-working, mission-driven employees, and with the help of MassDevelopment, we are looking forward to giving our riders the very best in transportation.”
MASCO also offers its members area planning and development; parking and transportation; collaborative purchasing; telecommunications; and child care.
The lease, purchased by J.P. Morgan Chase Bank, acts as installment loans, according to MassDevelopment, the state’s finance and development agency. An investor lends funds to the borrower to purchase equipment, and the borrower agrees to make periodic fixed-rate payments.
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