MassDevelopment Annual Report 2003

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800.445.8030 I MASSDEVELOPMENT.COM
MASSDEVELOPMENT
Building the Massachusetts Economy Piece by Piece.
2003 ANNUAL REPORT
Breaking new ground.
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,
Robert L. Beal Chairman
David T. Slatery Interim Executive Director
Michael P. Hogan President/CEO (19952003)
h i g h l i g h t s
This year, M a ssDe velopment h
all the piec
Were building a name by helping to build more housing.

How much are we involved in creating new housing? A full one-third of our business is dedicated to this purpose, and many of our housing projects include affordable set-asides. In the past few years, weve financed 123 housing developments, representing $858 million.
Weve made job creation a big part of our job.

Our commitment to the creation of new jobs and the expansion of existing businesses is reflected in our numbers. In FY 2003, we helped to create over 5,300 new jobs and supported nearly 26,000 existing jobs.
Were proud to be a part of Massachusetts. Its all here.

This year saw a groundbreaking, coordinated statewide effort to recruit and retain businesses in Massachusetts. Branded under the powerful message, Massachusetts. Its all here. the initiative is a collaboration among MassDevelopment, the
as
Commonwealth of Massachusetts, and other public and private organizations. Now, there is a unifying voice that shows a receptive business climate in Massachusetts.
ces for succ e ss.
g r e a t e r
b o s t o n
Its important to get a piece of the action here.

The Greater Boston region boasts some 60 higher educational institutions. MassDevelopment realizes that investing in these institutions helps to ensure the regions position as one of the nations leading centers for both education and culture.
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
That familiar shape is part of an area recognized for value.

Within a short drive of both Boston and Providence, the Southeast region has a significant advantage in attracting tourists as well as a qualified workforce. Portions of this region are ideal for new development due to lower housing, construction, and labor costs.
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
r e g i o n
This corner of Massachusetts turns to technology and faces the sea.

The Northeast region is home to many manufacturers, high-technology R&D firms, colleges, and medical institutions. One of the greatest perks for these businesses is the areas extensive transportation resources, which help lower costs and enable competitive response times.
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
r e g i o n
This is a large piece with a history of manufacturing and change.

Rich in manufacturing history, the Central region has diversified to include research and high-technology development. Today, this area benefits from improved transportation corridors and a skilled workforce within easy reach.
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.
Cycles, Inc., Sterling, MA
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
of businesses, from food processing to high-technology companies. While trying to maintain
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
H A P, I n c . , S p r i n g f i e l d , M A
and install new computer equipment at HAPs headquarters.
M Assde velopment consolidated balance sheet, fiscal year 2003

July 1, 2002 June 30, 2003
Assets Cash and Cash Equivalents Investments Loans Receivable, Net Interest Receivable Accounts Receivable and Other Assets Predevelopment Projects in Progress Financing Costs Fixed Assets, Net Total Assets $ 32,634,161 221,010,717 93,615,891 1,807,380 21,395,443 8,237,836 18,073,255 197,221,420 $593,996,103 Liabilities Accounts Payable and Accrued Expenses Bond and Notes Payable Project Escrows Other Liabilities Deferred Revenue Total Liabilities Total Equity Total Liabilities and Equity $ 24,735,520 273,579,957 7,436,851 261,262 4,285,526 $310,299,116 $283,696,987 $593,996,103
Project Type
Company/Institution/Project Location, Amount
Brownfields Site Assessment

Colvins, Inc. Waltham, $50,000
Capital Financing 501

Xaverian Brothers High School Westwood, $7,000,000
Tax-Exempt 501 (c)(3) Bond

Judge Rotenberg Educational Center, Inc. Canton, Foxborough, Randolph, $14,220,113
Development Services
100 Cambridge Street Boston, $65,200,936

The Bartlett School, Inc. Waltham, $3,000,000
G R E AT E R B O S T O N
Brownfields Redevelopment Fund Loan
R&N, LLC Malden, $300,000
Constellation Charitable Foundation Cambridge, $50,000

Dorchester Bay EDC Dorchester, $325,000
State Surplus Properties Waltham, $12,500

Brandon Residential Treatment Center Natick, $6,955,000

Wayside Youth & Family Support Network, Inc. Framingham, $450,000

Gordon, Frederick M. - 1 Forbes Street Chelsea, $50,000
State Surplus Properties Foxborough, $25,000

Massachusetts College of Pharmacy and Health Services Boston, $35,000,000

Just a Start Corporation Cambridge, $25,000

Humphreys Street Studios, LLC Boston, $43,000
TeleCom City Everett, Malden, Medford, $35,000

Neville Communities, Inc. Cambridge, $11,470,000

Just A Start Corporation Somerville, $125,000

Madison Park Development Corporation Boston, $425,000
Export Accounts Receivable Insurance

North American Imex Newtonville, $100,000

Chestnut Hill School Chestnut Hill, $10,000,000

Jamaica Plain Neighborhood Development Corporation Jamaica Plain, $75,000

Combined Resources Company115 Homes Avenue Roxbury, $133,000
Predevelopment Assistance
The Boston Foundation Boston, $100,000

Hockomock Area YMCA Foxborough, $2,600,000

Nuestra Comunidad Development Corporation Boston, $217,500

Mini-Fenway Park, Inc. Quincy, $17,000
Qualified Zone Academy Bond

The MATCH School Foundation, Inc. Boston, $665,000

Combined Jewish Philanthropies Boston, $16,175,000

Urban Edge Housing Corporation Boston, $450,000

Beaver Country Day School Chestnut Hill, $10,000,000
Real Estate Loan

Interfaith Social Services, Inc. Quincy, $300,000

Charles River School Dover, $3,000,000

Dorchester Bay EDC Dorchester, $75,000

Bentley College Waltham, $2,000,000
Real Estate Loan

Fensgate Associates, LP Boston, $769,000

Urban Edge Development Corporation Boston, $1,768,000

R&N, LLC Malden, $45,000

Lesley University Cambridge, $2,000,000
Real Estate Loan

Fensgate Associates, LP Boston, $106,000

Lasell Village, Inc. Newton, $10,750,000

Urban Edge Housing Corporation Boston, $25,000

Lesley University Cambridge, $3,000,000
Real Estate Loan

Carter Street, LLC Chelsea, $2,150,000

Walnut Hill School Natick, $7,000,000

Jamaica Plain Neighborhood Development Council Jamaica Plain, $15,000

YMCA of Greater Boston Boston, $2,000,000

Curry College Milton, $9,500,000

NFI Massachusetts, Inc./ North American Family Institute, Inc. Newton, $212,411

Caritas Communities, Inc. Allston, Arlington, Braintree, Dorchester, Everett, Medford, Quincy, Roxbury, $5,455,000
151 Martine Street Fall River, $497,505

Brockton Area Multi-Services, Inc. East Bridgewater, $1,125,000

City of Lawrence Lawrence, $100,000
Tax-Exempt Industrial Development Bond

Crosstown Associates, LLC Boston, $43,420,000
Town of Hanson Hanson, $10,500,000

Parents Cooperative of Nantucket, Inc. Nantucket, $1,600,000

Nashoba Brooks School of Concord Concord, $3,000,000
TechDollars
Andover Newton Theological School Newton, $59,821
Town of Provincetown - MacMillian Pier Provincetown, $25,000

Five Star Surgical, Inc. New Bedford, $1,357,200

Marine Biological Laboratory Newbury, $950,000

NORPEL New Bedford, $500,000

J&J Marine Fabricating, Inc. Somerset, $1,956,600

Gordon College Wenham, $975,000
SOUTHEAST
White Development Corporation Yarmouth, $150,000

Natural Pharmaceuticals, Inc. Fall River, $150,000
TechDollars
St. Joseph Manor Health Care, Inc. Brockton, $35,000

Middlesex School Concord, $2,000,000

Marmelo, Jose Acushnet, $70,000
Guarantee
Brockton Area Multi-Services, Inc. Bridgewater, $250,000
TechDollars
Community Nurse & Hospice Care, Inc. Fairhaven, $43,438

Shore Country Day School Beverly, $4,500,000

Boxer Realty Redevelopment, LLC Brockton, $1,000,000
Mortgage Insurance Guarantee

Sure Shift Transmissions Brockton, $56,000
Term Working Capital

Dermody Cleaners, Inc. Taunton, $298,000
Construction to Permanent Real Estate Loan

Action, Inc. Gloucester, $400,000

Montello Properties, LLC Brockton, $90,000
Cedars Holdings, Inc. Dartmouth, $15,000
NORTHEAST
Gavriel, Cathy Lawrence, $80,250
Salem State College Assistance Corporation Salem, $880,000

Montello Properties, LLC Brockton, $42,400
Real Estate Loan

LifeStream, Inc. New Bedford, $92,500

Lynn Economic Opportunity, Inc. Lynn, $1,260,000

The National Marine Life Center, Inc. Bourne, $38,000
Real Estate Loan

White Development Corporation Yarmouth, $250,000

Gloucester Maritime Heritage Center Gloucester, $100,000

Little Sprouts Child Enrichment Center, Inc. Methuen, $300,000

Borden & Remington Corporation Fall River, $15,603
Revolving Seafood Loan

Sam & Ben Fisheries, Inc. Harwich, $252,000

Station Place, LLC Gloucester, $150,000
Lawrence Airport Enterprise Commission Lawrence, $50,000

Business Forms, Inc. Whitman, $35,207

Clarke, Mark Vineyard Haven, $97,920

Essex Capital Partners Salisbury - 425 Lafayette Road Salisbury, $43,290
State Surplus Properties Lexington, $12,500

Lone Star Development, Inc. Whitman, $50,000

Clarke, Mark Vineyard Haven, $20,000

YWCA of Greater Lawrence Lawrence, $2,300
Equipment Loan
Allied Cold Storage Corporation Gloucester, $500,000

Brownfields Recovery Corporation 20 Townsend Road Attleboro, $50,000

Linnell, Timothy D. & Kathryn G. Chatham, $50,000

Cambodian American League of Lowell, Inc. Lowell, $1,695

AMD Telemedicine Lowell, $500,000

Russo, Michael A. Orleans, $68,000

Amesbury for Parking, LLC - 77 Merrimack Street Amesbury, $34,250

Niton, LLC Billerica, $1,300,000

Nash Road Realty Corporation New Bedford, $14,250

Weekes, Robert L. & Westwater, Elizabeth Mashpee, $40,000

Town of Amesbury Amesbury, $13,285
Guarantee
Cedars Mediterranean Foods, Inc. Haverhill, $500,000

Northborough Recovery Services, LLC Carver, $50,000

Judge Rotenberg Educational Center, Inc. Attleborough, Mansfield, Norton, Rehoboth, Stoughton, $2,779,927

Rolling Meadow Farm Lawrence, $50,000
Lease Revenue
Cape Anne Fisheries Center (4 Tenants) Gloucester, $416,000

Town of Hanson - 19 Hawkes Avenue Hanson, $35,000

Marine Biological Laboratory Falmouth, Woods Hole, $4,050,000

Teen Challenge International Brockton, $1,400,000

Salem Harbor CDC Salem, $11,500
Lease Revenue
Jodrey State Pier Fisheries Freezer Building Gloucester, $206,000

Corporate Fulfillment Systems, Inc. Norton, $650,500

South Shore YMCA Hanover, Sandwich, $5,500,000

Boston North Technology Park, LLC Amesbury, $43,500
Lease Revenue
Jodrey State Pier Office Building Gloucester, $28,000
Development Loan
Attleboro Redevelopment Authority Attleboro, $92,475

Cardinal Cushing Centers, Inc. Hanover, Hanson, Pembroke, Whitman, $8,000,000

Bridge Road Trust Salisbury, $10,500
Lease Revenue
Jodrey State Pier Dockage (54 Tenants) Gloucester, $208,000
Kerr Mill - South Coast Research & Technology Park Fall River, $5,301,655

Hockomock Area YMCA Franklin, North Attleborough, $6,695,000

DC Development & Construction, LLC Haverhill, $8,400
Lease Revenue
Jodrey State Pier Parking Gloucester, $3,000

Nittany Holdings, LLC Ipswich, $90,000

Chelmsford Alliance for Education, Inc. Chelmsford, $2,700,000

Gateway Park, LLC - Art Museum Worcester, $33,500

Jabez, LLC Boxborough, $45,000

Chelmsford Alliance for Education, Inc. Chelmsford, $300,000

Gordon College Wenham, $37,500,000

Fitchburg Publishing Company Devens, $16,000

Cycles, Inc. Sterling, $273,500
254 Broadway, LLC Methuen, $25,000

NFI Massachusetts, Inc./ North American Family Institute, Inc. Beverly, Haverhill, Stoneham, $1,530,498

Circle B Barn Company Lancaster, $11,318

Genesis Club, Inc. Worcester, $100,000
Housing Support, Inc. Haverhill, $25,000
Tax-Exempt 501 (c)(3) Bond Refunding

Glen Urquhart School Beverly, $1,140,000

Quality Wholesale Door Grafton, $17,264

W.H.Y. M.E., Inc. Worcester, $210,000
Methuen Assisted Living, LP Methuen, $25,000
Tax-Exempt For-Profit Housing

San Giorgio I, LLC Georgetown, $23,000,000

Gandor, Sam Fitchburg, $15,570
City of Marlborough Marlborough, $50,000
Real Estate Loan

Allied Cold Storage Corporation Gloucester, $500,000

Twelve Summer Street, LP Manchester, $1,980,000

Cado Products, Inc. Fitchburg, $19,400
City of Worcester Worcester Airport Industrial Research Park Worcester, $25,000
Real Estate Loan

Gloucester Maritime Heritage Center Gloucester, $250,000

Andover Coated Products, Inc. Newburyport, $7,000,000

525 Water Street Realty Trust - Hopfmann Property Clinton, $9,781
Real Estate Loan

British American Club Fitchburg, $25,000
Real Estate Loan

Class, Inc. Lowell, $1,400,000

Dynamic Machine Works, Inc. Billerica, $3,000,000

St. Marks School Southborough, $11,000,000
Real Estate Loan

Page Moore Realty Trust Ayer, $300,000
Real Estate Loan

Class, Inc. Lowell, $250,000
Tax-Exempt Industrial Development Bond Refunding

Bagel Boy, Inc. Lawrence, $2,900,000
Development Loan
Devens Development, LLC Devens, $1,856,250
Real Estate Loan

Gateway Park, LLC Worcester, $1,650,000
Real Estate Loan

Station Place, LLC Gloucester, $350,000
Devens Infrastructure Investment Devens, $4,100,000
Real Estate Loan

Enon Microwave, Inc. Topsfield, $352,750

Middle East Bakery, Inc. Lawrence, $2,900,000
Real Estate Loan

Gateway Park, LLC Worcester, $750,000
Lyman School for Boys Westborough, $100,000
Small Business Turnaround Assistance

F&M Tool and Die Company, Inc. Leominster, $25,000

Robertson, Andrew C. Rockport, $15,000

Riverside Specialty Foods, Inc. Lawrence, $900,000
Environmental Refunding
The Newark Group, Inc. Fitchburg, $12,000,000

Universal Window and Door Marlborough, $25,000

Mia Bambini, Inc. Lawrence, $15,000

William F. Rogers, Inc. Peabody, $1,825,000
Equipment Loan
Jordan Enterprises, Inc. Marlborough, $145,000

Trustees of the Lawrence Academy at Groton Groton, $10,000,000

North Shore Heritage Associates, Inc. Beverly, Danvers, Gloucester, Lynn, Peabody, Salem, $5,000,000
Land Sale
Three Residential Units Devens, $489,000

Anna Maria College Paxton, $7,000,000
CENTRAL
Cordis Mills, LLC Millbury, $500,000

Willow Hill School Sudbury, $3,920,000
Land Sale
Business Service Center Devens, $3,000,000

Clark University Worcester, $30,000,000

Central Catholic High School Lawrence, $9,500,000

British American Club Fitchburg, $40,000
Land Sale
131 Barnum Road/Guilford Transportation Devens, $125,000

You, Inc. Baldwinville, $9,500,000

Melrose YMCA Melrose, Stoneham, $4,016,000

New Garden Park, LLC Worcester, $350,000
Land Sale
Verizon Communications - 23 Buena Vista Devens, $325,000

Roman Catholic Bishop of Worcester Worcester, $3,300,000

New England Homes for the Deaf, Inc. Danvers, $6,250,000

Josephs, Robert & Jundanian, Lee Uxbridge, $50,000
Lease Revenue
Devens Leasing (30 Tenants) Devens, $896,321

Masonic Nursing Home, Inc. Charlton, $44,065,000

Phillips Academy Andover, $60,000,000

LaMountain, Peter Oxford, $12,250

Colorio Realty Trust Grafton, $220,000

W.H.Y. M.E., Inc. Worcester, $750,000

Louisa May Alcott Memorial Association Concord, $1,100,000

Davids Service Center Worcester, $19,825

Joy of Music Program Worcester, $137,500

NFI Massachusetts, Inc./ North American Family Institute, Inc. Fitchburg, $257,091

YMCA of the North Shore Beverly, Gloucester, Ipswich, Salem, $6,100,000

New Garden Park, LLC Worcester, $27,000

Gateway Park, LLC Worcester, $500,000

Cordis Mills, LLC Millbury, $9,850,000

Cycles, Inc./Cycles 2003 Realty Trust Sterling, $4,580,000

Riverside Auto & Cycle Holyoke, $8,000
Equipment Loan
D. Edward Wells Federal Credit Union Springfield, $49,000

Lower Pioneer Valley Educational Collaborative Agawam, Chicopee, East Longmeadow, Longmeadow, Ludlow, Southwick, Wilbraham, $4,300,000

Affordable Interior Systems, Inc. Hudson, $2,425,000

Pittsfield Economic Development Authority Pittsfield, $124,217

D.E.B. Realty Co., Inc. East Longmeadow, $100,000

American International College Springfield, $6,000,000

FIBA Technologies, Inc. Millbury, $6,500,000

City of Westfield - Multimodal Facility Westfield, $50,000

Hampden Hampshire Housing Partnership Springfield, $60,000

Norman Rockwell Museum Stockbridge, $1,862,000

Hardigg Industries, Inc./Hardigg Properties, LLC Devens, $4,000,000

Yvon, Thomas Belchertown, $16,000

Sunshine Art Studios, Inc. Agawam, $211,500

YWCA of Western Massachusetts, Inc. Springfield, $2,500,000
TechDollars
ARC of North Central, Inc. Fitchburg, $80,000

Springfield Redevelopment Authority Springfield, $214,500

Universal Plastics Corporation Chicopee, $95,000

Goodwill Industries of the Springfield/Hartford Area, Inc. Springfield, $2,227,500

The Trustees of Hampshire College Amherst, $2,950,000

Goodwill Industries of the Springfield/Hartford Area, Inc. Springfield, $247,500
WEST
Girls, Inc. of Holyoke Holyoke, $10,700

The Pros Choice, Inc. Ludlow, $180,000

Western New England College Springfield, $9,920,000

Media Education Foundation Northampton, $70,000

Gleason and Sitterly Development, LLP Springfield, $25,000

Media Education Foundation Northampton, $630,000

Berkshire Humane Society Pittsfield, $3,000,000
Downtown, Inc. Pittsfield, $25,000

Terrien Transportation, Inc. Holyoke, $31,000
Adams - Greylock Glen Adams, $2,000,000

White Oak School Westfield, $2,200,000
Geriatric Authority of Holyoke Holyoke, $26,000

Paper City Group, LLC Holyoke, $10,000
Adams - Jones Block Adams, $3,077,874

Lenox Library Lenox, $1,970,000
New North Citizens Council Springfield, $25,000

LaFlamme, Roger Springfield, $30,000
Adams - Visitor Center Adams, $3,228,942

Sunshine Art Studios, Inc. Agawam, $2,115,000
Mental Health and Substance Abuse Services of the Berkshires North Adams, $7,500

York Street, LLC Springfield, $50,000
Adams - Corporate Park Adams, $100,000

Universal Plastics Corporation Holyoke, $1,895,000
Real Estate Loan

Eagleton School, Inc. Great Barrington, $1,181,455

Quaboag Valley Community Development Corporation Monson, $50,000
Adams - Plunkett Hospital Adams, $2,640,000

Techni-Products East Longmeadow, $2,450,000
Real Estate Loan

Eagleton School, Inc. Great Barrington, $315,000
Greenfield Tap & Dye Greenfield, $11,625,000
TechDollars
Lower Pioneer Valley Educational Collaborative East Longmeadow, $85,000

Adams - Visitor Center Adams, $90,000
Real Estate Loan

Valley CDC Florence, $270,000
Northampton State Hospital Northampton, $3,137,899
Term Working Capital

Specialty Loose Leaf, Inc. Holyoke, $200,000

Adams - Visitor Center Adams, $108,000
Real Estate Loan

Springfield Urban League Springfield, $102,563
General Electric, Pittsfield Pittsfield, $15,000,000

Liberty Gardens, Inc. Springfield, $25,000
Real Estate Loan

New Marlborough Township Volunteer Fire Co., Inc. New Marlborough, $136,000
Renfrew Center Adams, $3,000,000

Cooper Masonry Holyoke, $3,000
Real Estate Loan

Conway School of Landscape Design Conway, $200,000
Emerging Technology Fund Guarantee

Biomedical Research Models, Inc. Springfield, $250,000

Holyoke Office of Economic and Industrial Development Holyoke, $30,000

Center For Human Development, Inc. East Longmeadow, Longmeadow, Southwick, Springfield, West Springfield, $3,600,000
Equipment Loan
Maurice Casey, Inc. Westfield, $35,000

Three Kingdoms, LLC Easthampton, $6,000
Equipment Loan
Springfield Jewish Community Center Springfield, $150,000

Hampden Hampshire Housing Partnership Springfield, $1,100,000

Berry Holdings, LLC Southwick, $50,000
Equipment Loan
The Pros Choice, Inc. Ludlow, $45,900

Trustees of Deerfield Academy Deerfield, $48,500,000

Hampden Hampshire Housing Partnership Springfield, $13,500

Two State YMCA Becket, $3,500,000

MassDevelopment Annual Report 2003

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PRESORTED FIRST CLASS MAIL U.S.

75 FEDERAL STREET I BOSTON, MA 02110

Building the Massachusetts Economy Piece by Piece.

2003 ANNUAL REPORT

Breaking new ground.

Robert L. Beal Chairman

David T. Slatery Interim Executive Director

Michael P. Hogan President/CEO (19952003)

This year, M a ssDe velopment h

all the piec

Were building a name by helping to build more housing.

Weve made job creation a big part of our job.

Were proud to be a part of Massachusetts. Its all here.

ces for succ e ss.

Its important to get a piece of the action here.

That familiar shape is part of an area recognized for value.

This corner of Massachusetts turns to technology and faces the sea.

This is a large piece with a history of manufacturing and change.

Cycles, Inc., Sterling, MA

of businesses, from food processing to high-technology companies. While trying to maintain

and install new computer equipment at HAPs headquarters.

M Assde velopment consolidated balance sheet, fiscal year 2003

Brownfields Site Assessment

Capital Financing 501

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Tax-Exempt 501 (c)(3) Bond

Constellation Charitable Foundation Cambridge, $50,000

Brownfields Site Assessment

Tax-Exempt 501 (c)(3) Bond

Brownfields Redevelopment Fund Loan

Brownfields Site Assessment

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Brownfields Site Assessment

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Brownfields Site Assessment

Export Accounts Receivable Insurance

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Brownfields Site Assessment

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Brownfields Site Assessment

Qualified Zone Academy Bond

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Capital Financing 501

Real Estate Loan

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Capital Financing 501

Real Estate Loan

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Capital Financing 501

Real Estate Loan

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment

Capital Financing 501

Real Estate Loan

Tax-Exempt 501 (c)(3) Bond

Brownfields Site Assessment