Case Study: YMCA of Strafford County

In 2012 SEDC helped to structure a financing package for the YMCA of Strafford County, a community-oriented, non-profit organization. The result was the retention of 30 full-time equivalent jobs and creation of an additional 21 jobs, 60% of which are available to lower and middle income persons.

YMCA of Strafford County - staffYMCA of Strafford County (theY) could not renew its Rochester facility lease which was to expire in 2013. The Y saw this as an opportunity to expand its facility and services by signing a lease purchase on the land and building at 35 Industrial Way in Rochester. At the new location the Y could become a full-service operation offering a family wellness center, childcare classrooms to accommodate 60 children, a kids' gym, and youth programs. The cost was estimated at $1.7 million.

YMCA of Strafford County - buildingThe Y was able to obtain much of the necessary financing through its own state and local fundraising efforts, and through the sale of state tax credits. However, an additional $475,000 was required to complete the purchase. A bank which had been brought in to provide a "bridge loan" until pledged donations were actually collected by the Y, required a "risk-sharing" financing structure. SEDC provided the shortfall.

SEDC was able to secure a Community Development Block Grant on behalf of the Y for the needed amount at a low interest rate, with the sponsorship of Strafford County. Now the YMCA of Strafford County offers the first family-centered full service health and fitness center in Rochester, Farmington, Milton, Middleton, Barrington, Strafford and Barnstead. The Y has a sliding fee scale that enables people of all economic backgrounds to use its facilities.

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