MassDevelopment has issued a $17.7 million tax-exempt bond on behalf of the American Antiquarian Society (AAS), a scholarly society and independent research library in Worcester.

The AAS will use the bond proceeds to expand and upgrade its facilities through the purchase of the property at 4 Regent St. in Worcester for office, meeting and storage space. The AAS will demolish existing structures and make improvements at 90 Park Ave. for parking, while also reconfiguring its existing facility at 185 Salisbury St. by relocating its conservation laboratory, HVAC systems and other service equipment while creating new seminar, meeting and exhibition areas. The AAS will also use bond proceeds to refinance past debt, and United Bank purchased the bond.

“The AAS preserves some of the most significant artifacts and printed material from American history, from tea from the Boston Tea Party to the preeminent collection of the works of James Fenimore Cooper,” MassDevelopment President and CEO Marty Jones said in a statement. “The organization provides Massachusetts residents with an incredible cultural resource, and we are pleased this bond will help AAS update its facilities and better serve visitors to New England’s second-largest city today and in the future.”

“With the help of MassDevelopment, we can update and expand our main library building and ensure that we continue to preserve and share the nation’s many diverse stories with the American people,” AAS President Ellen S. Dunlap said in a statement.