An Amherst-based nonprofit educational consortium has been issued a state bond to buy a 12-acre parcel of land in Hatfield and construct a 34,664-square-foot library annex to store printed materials for its member schools.

The $10 million MassDevelopment bond was granted to Five Colleges Inc., which was founded in 1966 as a cultural partnership of Amherst College, Hampshire College, Mount Holyoke College, Smith College and the University of Massachusetts Amherst.

“Our libraries have been collaborating since 1951 to increase student, faculty and staff access to print and electronic materials,” Neal Abraham, Five Colleges executive director, said in a statement. “They collaborated on the first shared off-campus shelving facility beginning in 2002, which now holds nearly 600,000 volumes. The new Library Annex will provide shelving for up to 2.5 million additional volumes, securing flexible library planning at our five institutions for the next decade or more.”

Citizens Funding Corp. purchased the bond.