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POSTAGE
PAID
BROCKTON, MA PERMIT NO. 497
MASSDEVELOPMENT
BOARD OF DIRECTORS
Robert L. Beal, Chairman President, The Beal Companies David F. Squire, Vice Chairman Trustee and Former Vice President, Brandeis University Lisa M. Campoli Executive Vice President, Meredith & Grew, Inc. Dix Davis Vice President, Allmerica Financial, Retired Christopher F. Egan President, Carruth Capital, LLC Robert Fox President, Bradford Development Corporation Robert E. Gray III President, Gray Media Michael P. Hogan President/CEO, MassDevelopment (19952003) David T. Slatery Interim Executive Director, MassDevelopment Eric Kriss Secretary, Executive Office for Administration and Finance Benaree Pratt Wiley President/CEO, The Partnership Barbara B. Berke Director, Department of Business and Technology
In a year of economic uncertainty, MassDevelopment was the perfect fit for many companies and nonprofit organizations, developers and financial institutions all looking to our innovative products and services to help them succeed. Our ability to get things done comes from building relationships with key constituents, and our efforts are producing tangible results. As the states economic development authority, we have financed nearly 400 projects and have invested more than $860 million this fiscal year. By providing capital for businesses to buy new equipment, expand or renovate facilities, and upgrade processes, we have contributed to the creation of over 5,300 jobs and the retention of nearly 26,000 jobs. Additionally, MassDevelopment has assisted in the development of nearly 3,900 housing units. We have accomplished much this year, but we could not have done it without partners like you. Together, we have helped to strengthen the Massachusetts economy. We thank you for your assistance and look forward to working with you in 2004.
Sincerely,
h i g h l i g h t s
as
Commonwealth of Massachusetts, and other public and private organizations. Now, there is a unifying voice that shows a receptive business climate in Massachusetts.
g r e a t e r
b o s t o n
Curry College - This private liberal arts college was founded in 1879. To enhance the residential experience of its
approximately 1,400 undergraduate, 1,500 continuing education, and 200 graduate students, Curry College utilized $9,500,000 in tax-exempt bond proceeds from MassDevelopment to construct a 46,700 square foot, 171-bed south campus residence hall. A portion of those funds was used to acquire furniture, fixtures, and equipment for the new apartment-style dormitory. The project represents Curry Colleges fifth bond issuance through MassDevelopment.
C u r r y C o l l e g e , M i lt o n , M A
s o u t h e a s t
r e g i o n
Cardinal Cushing Centers, Inc. - Cardinal Cushing Centers provide caring and innovative approaches to
education for thousands of children with special needs. The Cardinal Cushing Center in Hanover is embarking on an extensive building campaign designed to provide cutting-edge residential living space for students.
C ardinal Cushing Center, Hanover, MA
MassDevelopment approved an $8,000,000 501 (c)(3) tax-exempt bond to fund several projects, including the purchase of a residence for a new adult living facility, the refinancing of existing bank debt, the construction of a water treatment plant, the acquisition and installation of new security and sprinkler systems, and the construction of seven new residential structures. Cardinal Cushing Centers, Inc. also utilized a $25,000 MassDevelopment predevelopment loan to fund up-front development costs.
n o r t h e a s t
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Station Place, LLC - For years, the Gloucester rail station area had been a magnet for litter and blight.
MassDevelopment closed on a $350,000 real estate loan and a $150,000 Brownfields Remediation loan to Station Place, LLC. The proceeds were used to purchase a dilapidated property adjacent to the MBTA train tracks. Funds were also used to clean up environmental contamination in preparation for new construction. Plans include the development
S tat i o n P l a c e , L L C , G l o u c e s t e r , M A
of a mixed-use building with commercial tenants and eight units of rental housing, of which 20 percent will be affordable.
c e n t r a l
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Cycles, Inc. - MassDevelopment issued a $4,580,000 tax-exempt industrial development bond on behalf of Cycles,
Inc. The company is a leader in precision thermoplastic and injection molding of high-quality parts for the medical device, cosmetic and electronic industries, and is now expanding its manufacturing capabilities to reconcile increased market demand. Bond proceeds will be used to purchase and renovate a vacant 78,000 square foot building and to purchase new manufacturing equipment. We also provided a $273,500 mortgage guarantee to Banknorth.
w e s t
r e g i o n
A beautiful ride west leads to the last important piece.
The West regions bucolic atmosphere of rolling hills and green pastures also hosts a range
its rural character, this area is also seeking ways to revitalize its downtown districts.
HAP, Inc. - Founded in 1972, HAP, Inc. is one of the largest and most experienced regional housing agencies
working to revitalize neighborhoods by restoring vacant and abandoned buildings. HAP, Inc. provides affordable rental and homeownership opportunities to qualified residents. Recent developments include the 33-unit Quadrangle Court project in Springfield and the construction of 14 affordable condominium units in Belchertown. MassDevelopment issued a $1,100,000 tax-exempt bond for the purchase of a building in Springfield for administrative offices and program services. Prior to that, we provided a $60,000 mortgage insurance guarantee to Fleet National Bank, a $13,500 Brownfields Site Assessment award, and a $112,700 TechDollars loan to purchase
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Project Type
Company/Institution/Project Location, Amount
Development Services
100 Cambridge Street Boston, $65,200,936
G R E AT E R B O S T O N
Brownfields Redevelopment Fund Loan
R&N, LLC Malden, $300,000
Development Services
State Surplus Properties Waltham, $12,500
Development Services
State Surplus Properties Foxborough, $25,000
Development Services
TeleCom City Everett, Malden, Medford, $35,000
Predevelopment Assistance
The Boston Foundation Boston, $100,000
Development Services
151 Martine Street Fall River, $497,505
Development Services
Town of Hanson Hanson, $10,500,000
TechDollars
Andover Newton Theological School Newton, $59,821
Development Services
Town of Provincetown - MacMillian Pier Provincetown, $25,000
SOUTHEAST
Brownfields Redevelopment Fund Loan
White Development Corporation Yarmouth, $150,000
TechDollars
St. Joseph Manor Health Care, Inc. Brockton, $35,000
Guarantee
Brockton Area Multi-Services, Inc. Bridgewater, $250,000
TechDollars
Community Nurse & Hospice Care, Inc. Fairhaven, $43,438
Predevelopment Assistance
Cedars Holdings, Inc. Dartmouth, $15,000
NORTHEAST
Brownfields Redevelopment Fund Loan
Gavriel, Cathy Lawrence, $80,250
Development Services
Lawrence Airport Enterprise Commission Lawrence, $50,000
Development Services
State Surplus Properties Lexington, $12,500
Equipment Loan
Allied Cold Storage Corporation Gloucester, $500,000
Guarantee
Cedars Mediterranean Foods, Inc. Haverhill, $500,000
Lease Revenue
Cape Anne Fisheries Center (4 Tenants) Gloucester, $416,000
Lease Revenue
Jodrey State Pier Fisheries Freezer Building Gloucester, $206,000
Lease Revenue
Jodrey State Pier Office Building Gloucester, $28,000
Development Loan
Attleboro Redevelopment Authority Attleboro, $92,475
Lease Revenue
Jodrey State Pier Dockage (54 Tenants) Gloucester, $208,000
Development Services
Kerr Mill - South Coast Research & Technology Park Fall River, $5,301,655
Lease Revenue
Jodrey State Pier Parking Gloucester, $3,000
Predevelopment Assistance
254 Broadway, LLC Methuen, $25,000
Predevelopment Assistance
Housing Support, Inc. Haverhill, $25,000
Predevelopment Assistance
Methuen Assisted Living, LP Methuen, $25,000
Predevelopment Assistance
City of Marlborough Marlborough, $50,000
Predevelopment Assistance
City of Worcester Worcester Airport Industrial Research Park Worcester, $25,000
Development Loan
Devens Development, LLC Devens, $1,856,250
Development Services
Devens Infrastructure Investment Devens, $4,100,000
Development Services
Lyman School for Boys Westborough, $100,000
Environmental Refunding
The Newark Group, Inc. Fitchburg, $12,000,000
Equipment Loan
Jordan Enterprises, Inc. Marlborough, $145,000
Land Sale
Three Residential Units Devens, $489,000
CENTRAL
Brownfields Redevelopment Fund Loan
Cordis Mills, LLC Millbury, $500,000
Land Sale
Business Service Center Devens, $3,000,000
Land Sale
131 Barnum Road/Guilford Transportation Devens, $125,000
Land Sale
Verizon Communications - 23 Buena Vista Devens, $325,000
Lease Revenue
Devens Leasing (30 Tenants) Devens, $896,321
Equipment Loan
D. Edward Wells Federal Credit Union Springfield, $49,000
TechDollars
ARC of North Central, Inc. Fitchburg, $80,000
WEST
Brownfields Site Assessment
Girls, Inc. of Holyoke Holyoke, $10,700
Predevelopment Assistance
Downtown, Inc. Pittsfield, $25,000
Development Services
Adams - Greylock Glen Adams, $2,000,000
Predevelopment Assistance
Geriatric Authority of Holyoke Holyoke, $26,000
Development Services
Adams - Jones Block Adams, $3,077,874
Predevelopment Assistance
New North Citizens Council Springfield, $25,000
Development Services
Adams - Visitor Center Adams, $3,228,942
Predevelopment Assistance
Mental Health and Substance Abuse Services of the Berkshires North Adams, $7,500
Development Services
Adams - Corporate Park Adams, $100,000
Development Services
Adams - Plunkett Hospital Adams, $2,640,000
Development Services
Greenfield Tap & Dye Greenfield, $11,625,000
TechDollars
Lower Pioneer Valley Educational Collaborative East Longmeadow, $85,000
Development Services
Northampton State Hospital Northampton, $3,137,899
Development Services
General Electric, Pittsfield Pittsfield, $15,000,000
Development Services
Renfrew Center Adams, $3,000,000
Equipment Loan
Maurice Casey, Inc. Westfield, $35,000
Equipment Loan
Springfield Jewish Community Center Springfield, $150,000
Equipment Loan
The Pros Choice, Inc. Ludlow, $45,900