Tom Koch, the mayor of Quincy, Massachusetts, is trying to buy the campus that Eastern Nazarene College abandoned when it shuttered last year.
With 27 acres in a historic, tree-lined neighborhood close to the coast, the site would be perfect for the Boston suburb to expand its reach — and ensure no commercial developers get their hands on the land.
The problem? Quincy would have to borrow $22.5 million from the municipal bond market at a time when its budget is already strained.
The former Eastern Nazarene College campus in Quincy, Massachusetts.
Photographer: Cassandra Klos/Bloomberg
Weighed down by $1.5 billion of debt, Quincy’s borrowing has made it one of the most ...
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