Massachusetts Office of International Trade and Investment
International Economic Development Tour of Massachusetts
MassDevelopment: Who we are
• Massachusetts’ finance and development
  authority
  – 175 employees in 12 regional offices
...
MassDevelopment Finance

• MassDevelopment issues bonds to:
  – Manufacturers
  – Affordable rental housing projects
  – N...
Sample of Finance Products
Bond Program:
• Tax Exempt Bonds
• Tax Exempt Letters of Credit
• Mortgage Insurance Guarantees...
Devens, Massachusetts

• Nationally acclaimed model of Army Base reuse and
  winner of numerous national development award...
Fort Devens

• From 1917 to 1996 a 10,000 acre Army base
• Base closed in 1996: 7,000 jobs lost (2,900
  civilian jobs) wi...
Devens Redevelopment
• MassDevelopment owns 4,400 acres, 2,300 available
  commercial development and 2,100 acres preserve...
Devens Unified Fast Track Permitting
•    Devens development regulations guided by Reuse Plan principles
•    Devens pre-p...
Why Choose Devens
 –   Lower business costs
 –   Large land sites with full utility infrastructure
 –   On site training
 ...
Devens Smart Growth Principles
• Greater development densities to reduce land
  consumption and preserve open space
• Adop...
Where Devens is Today
• $2.2 billion public/private investment
   – 6.75 million SF of permitted new development
• 75+ bus...
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Devens Then & Now: A Model of Army Base Reuse

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Presented to the attendees of the Massachusetts Office of International Trade & Investment's international economic development tour of Massachusetts. An overview of the redevelopment of Devens, formerly Fort Devens.

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Devens Then & Now: A Model of Army Base Reuse

  1. 1. Massachusetts Office of International Trade and Investment International Economic Development Tour of Massachusetts
  2. 2. MassDevelopment: Who we are • Massachusetts’ finance and development authority – 175 employees in 12 regional offices • Provide financial and technical assistance to foster business growth across Massachusetts • MassDevelopment’s work: – Real estate development and consultation – Lending Department: Industrial development bonds and loans 2
  3. 3. MassDevelopment Finance • MassDevelopment issues bonds to: – Manufacturers – Affordable rental housing projects – Nonprofits • MassDevelopment issues loans for: – Real estate acquisition and improvements – Equipment purchases – Emerging technology development – Other special purpose businesses – Brownfield cleanups 3
  4. 4. Sample of Finance Products Bond Program: • Tax Exempt Bonds • Tax Exempt Letters of Credit • Mortgage Insurance Guarantees Loan Program: • Real Estate loans up to $5 million • TechDollars: 100% loan for tech. equipment • Seafood processing loans • Export loans: 100% loan for businesses involved in international trade Kelly Arvidson: VP, Business Development 4
  5. 5. Devens, Massachusetts • Nationally acclaimed model of Army Base reuse and winner of numerous national development awards 5
  6. 6. Fort Devens • From 1917 to 1996 a 10,000 acre Army base • Base closed in 1996: 7,000 jobs lost (2,900 civilian jobs) with an annual payroll of $178 million • MassDevelopment asked to manage Devens’ redevelopment planning and conversion from Army base to mixed use community • Reuse Plan balances economic sustainability with social and environmental needs 6
  7. 7. Devens Redevelopment • MassDevelopment owns 4,400 acres, 2,300 available commercial development and 2,100 acres preserved as open space • Devens’ designation as a State Economic Target Area, Federal Enterprise Zone, and Foreign Trade Zone create economic incentive opportunities • Devens has a supportive business environment: full- time staff assistance, new utility infrastructure, fast track permitting, and financing assistance for many development projects • Targeted industries include: energy technology, biotech, medical device, defense technology. Sectors expected to lead Massachusetts’ future economic growth 7
  8. 8. Devens Unified Fast Track Permitting • Devens development regulations guided by Reuse Plan principles • Devens pre-permitted for state environmental permits • Staff ensures proposed projects are consistent with Reuse Plan • One local Commission issues all permits via a single application • A through review and vote is guaranteed within 75 days • Devens has become a model for statewide permitting reform which includes Gateway cities Company Project size Application Date of Permit submitted Decision Issued Evergreen Solar 475,000 SF 7/5/07 8/14/07 41 days American 380,000 SF 6/8/00 7/25/00 49 days Superconductor Bristol-Myers Squibb 1,500,000 SF 9/6/06 10/25/06 49 days 8
  9. 9. Why Choose Devens – Lower business costs – Large land sites with full utility infrastructure – On site training – Center for industry clusters – Diversity of skilled workforce – Region is a manufacturing stronghold – Business amenities: golf, restaurants, hotels, etc… – Lower living costs – Wide range of housing opportunities – Excellent local schools and Parker Charter School 9
  10. 10. Devens Smart Growth Principles • Greater development densities to reduce land consumption and preserve open space • Adoption of innovative technologies • Development located on brownfield sites • Green construction methods for energy and material cost savings • Housing designed to meet a diverse population: from affordable starter to executive • Public transportation availability • Pedestrian friendly 10
  11. 11. Where Devens is Today • $2.2 billion public/private investment – 6.75 million SF of permitted new development • 75+ businesses have located at Devens – Johnson Mathey, Netstal, Anheuser Busch InBev, Bristol- Myers Squibb, Proctor & Gamble/Gillette, Kraft Foods, American Superconductor, Evergreen Solar • Job creation exceeds civilian job loss (2,900) when base closed – More then 3,500 jobs generating $220 million annual payroll • Better paying jobs – Devens average of $51,279 versus MA average of $48,916 and U.S. average of $39,354 11
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