Shore Country Day School has received $12.5 million in tax-exempt bonds to help build a new arts center for its Beverly campus.
The funding came from MassDevelopment, the state’s finance and development agency that works with businesses and nonprofits to help stimulate economic growth. The bonds were purchased by East Boston Savings Bank, which helped facilitate the loan.
“Arts in schools help develop critical thinking, strengthen problem-solving, and refine creativity in students,” said Marty Jones, MassDevelopment’s president, in a statement.
Work has already begun on the new $15 million arts center, which will be known as the Center for Creativity. The 30,000-square-feet facility will be used for drama, music, arts, and technology programs. It will include a 375-seat theater and is expected to open in September 2013.
The center will include foreign language labs, an innovation lab, and community space for students. It is being designed by OLSON LEWIS + Architects of Manchester-by-the-Sea. A virtual tour can viewed at shoreschool.org.
The funds will also be used to build classrooms and offices, and a parking lot.
“When we looked at the future of teaching, we said we need a building that will allow us to complete the balance between academics, athletics, and the arts,” Lawrence A. Griffin, head of Shore Country Day School, said in a statement.
The school serves 440 students in prekindergarten through grade 9.