The directors of the Rhode Island Economic Development Corporation gave final approval Monday for up to $5 million in tax-exempt bonds to help finance the construction of a new indoor facility at the YMCA of Pawtucket's MacColl field site in Lincoln.

The project will expand YMCA programs and create jobs, the RIDEC said. The YMCA has 120 full-time positions and employment is expected to increase to 140 when the project is completed and grow to 158 full-time employees within a year after the project is finished.

"The RIEDC is pleased to work with a local, community-based non-profit like the YMCA of Pawtucket to help finance a capital project that will expand much needed learning programs for children and teens...," said RIEDC Executive Director Keith Stokes.

Since the Rhode Island Industrial Revenue Facilities Corporation is statutorily prohibited from issuing bonds to non-profit organizations, the RIEDC will serve as the conduit issuer. The RIEDC does not assume any credit risk in the transaction. All credit risk is assumed by the bond purchaser, the RIEDC said.

The project includes construction of a 51,800 square-foot facility that will be the cornerstone of a campus that offers an after-school program, teen rock climbing center, indoor swimming pool, gym and fitness center. The YMCA will also build a water-spray park and upgrade two buildings on the site. Other improvements include expanded parking and trail and habitat development of the 125-acre site.