Daily News: May 16, 2013

KeyCorp Underwrites, Buys $8MM in Bonds for School Expansion

KeyBank’s Business Banking has underwritten and Key Government Finance has purchased $8.16 million in bonds issued by the Cleveland-Cuyahoga County Port Authority to finance a campus expansion and improvement project at Beaumont School in Cleveland Heights.

The project includes construction of a new science and technology building and facility upgrades to enhance access for people with disabilities.

“We are always proud to provide financial support for projects that enhance educational facilities like Beaumont School, particularly when it means making science and technology more accessible to young women,” said Amy Gross, senior vice president of Key Government Finance. “We are also pleased to be involved in any project that contributes to the local economy and creates jobs in Key’s hometown of Cleveland.”

Beaumont is a private, non-profit Catholic high school, sponsored by the Ursuline Sisters of Cleveland that serves more than 370 girls in grades 9-12. It has been in Cleveland Heights more than 70 years, but has roots that stretch back to 1850. It is the oldest school in the Cleveland Diocese.

The total cost of the Beaumont project is $9.5 million and is expected to create 10 jobs. The school has agreed to the Port’s inclusion policy, which includes a 20% goal for participation by businesses that are minority owned or female owned.