The Massachusetts Development Finance Agency has won the 2013 award for excellence from the Council of Development Finance Agencies, a national association.

"Their work as a state agency is cutting edge, innovative and an example of best practices in our industry," Toby Rittner, president and chief executive of the Columbus, Ohio, organization, said in a statement.

MassDevelopment, the state's finance and development arm, will receive its award on Aug. 8 in Washngton.

"We're thrilled that CDFA has recognized our work stimulating the Massachusetts economy with this coveted award," said agency president and CEO Marty Jones. "MassDevelopment is proud of our programs for tax-exempt bonds, loans and community development."

MassDevelopment recently issued $126 million in tax-exempt bonds on behalf of Williams College to finish construction of a library and media center, renovate an outdoor athletic complex, and relocate and renovate Kellogg House, the site of the school's Center for Environmental Studies and Zilkha Center for Environmental Initiatives.

Williams also plans an addition to Kellogg House, a natural gas-fired engine generator for electricity and steam heat for the campus, and other upgrades and capital improvements on campus. Bond proceeds will also refund previous debt.

The agency also issued a $40 million tax-exempt bond on behalf of Winsor School of Boston, an independent school for girls. Winsor plans to construct a 130,000-square-foot performing arts and health and wellness center.

MassDevelopment financed or managed 280 projects generating investment of more than $2.3 billion during fiscal 2012, the most recent year such data was available.

The agency began in 1998 when the state legislature merged the Massachusetts Government Land Bank with the Massachusetts Industrial Finance Agency.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.