By Christopher Scott, cscott@lowellsun.com
LOWELL -- Lowell Middlesex Academy Charter School has purchased the well-known downtown building it had been leasing, the Pollard Exchange, from Daniel Mulhern for $2.6 million.
The purchase gives the school, which was chartered by and is operated in affiliation with Middlesex Community College, a permanent home at 55-67 Middle St.
But it also removes from city tax rolls a building that this fiscal year will generate more than $40,000. In recent weeks, city councilors have expressed frustration about downtown buildings going tax-exempt.
The deal was finalized last Friday.
"We are very excited about this purchase," said Margaret McDevitt, the school's chief administrator. "The additional space will allow us to increase our offerings to our students and our commitment to serving our population of at-risk students in a facility we can call home."
The Pollard also houses, and will continue to house, Allegiance Hospice Care, and in the near future, Middlesex Community College. Jay Linnehan, MCC's executive vice president, said the acquisition is a "win-win" for MCC and the charter school. Linnehan said the property will complement the college's existing health and science programs across the street.
Mulhern could not be reached for comment.
The deal was financed by MassDevelopment, which issued $2.61 million in bonds on behalf of the charter school. The bonds were purchased by Enterprise Bank & Trust Company. The project is expected to create five new jobs.
The school transitioned 10 years ago from a high school dropout recovery program to a charter high school serving 150 students, ages 16 to 21. It serves students who have left their district high school before graduation or who face significant risk of dropping out.
This story appeared in the Lowell Sun on Thursday, March 11, 2010.