MassDevelopment has issued more than $13.7 million in bonds intended to help two Cape Cod charter schools move into new facilities.

Sturgis Public Charter School will use $9.75 million in bond proceeds to build a 46,000-square-foot, two-story academic building to meet growing demand to attend the International Baccalaureate high school. In a statement, Sturgis said it expects the project to create 50 jobs. TD Bank and The Property & Casualty Initiative purchased the bonds.

Cape Cod Lighthouse Charter School will use $3.96 million in bond proceeds to buy the former Regal Harwich Cinemas and convert it to an academic facility. The renovation project includes dividing the theaters on the first floor into roughly 18 classrooms, a main office, a large multi-purpose common space, and bathrooms. Eastern Bank purchased the bonds.

Both financing packages include Qualified School Construction Bonds, created by the American Recovery and Reinvestment Act of 2009 with a 100 percent federal subsidy. The Massachusetts School Building Authority allocated bond authority to MassDevelopment to issue these bonds for school construction, renovation and rehabilitation projects.

"The commonwealth relies on a highly educated workforce, so the offerings of schools like Sturgis and Cape Cod Lighthouse become more critical than ever to grow our economy," said MassDevelopment President and CEO Marty Jones. "I thank the Massachusetts congressional delegation and the Massachusetts School Building Authority for backing low-cost, innovative financing options for school construction."

MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions and communities to stimulate economic growth across the commonwealth.