MassDevelopment FY2002 Annual Report

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MassDevelopment's annual report for Fiscal Year July 2001- June 2002.

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MassDevelopment FY2002 Annual Report

  1. 1. Robert L. Beal, Chairman Michael P. Hogan, President/CEO FINANCIAL HIGHLIGHTS Total Projects: 448 $1,715,979,021
  2. 2. FY 2002 was a record year for MassDevelopment. The agency financed $1.7 billion in projects – the expand their operations, and contribute to growth in their communities. Additionally, through largest amount ever in our history. MassDevelopment’s efforts, over 6,200 units of new housing have been started over the last two years. We focused on a number of important initiatives: statewide housing creation, redevelopment of state None of our mission is possible without the participation of our many partners – businesses, community surplus properties, manufacturing expansion financing, and recruitment and retention of businesses. leaders, and elected officials – who work closely with us to bolster economic development across the state. A special thanks to Governor Jane Swift for her support and direction this past year. All these initiatives point to MassDevelopment’s strength as Massachusetts’ Economic Development Authority. Our ability to get things done comes from building relationships with key We thank all of you for your assistance and look forward to working with you in 2003. constituents. We create housing by working with local community leaders. We assist in recruiting and Sincerely, retaining businesses in the state by working with industry groups. We redevelop surplus state properties by partnering with developers. MassDevelopment’s efforts focus on job creation and retention. Over the past two years, MassDevelopment has assisted in creating or retaining nearly 50,000 jobs across the state of Massachusetts, investing Robert L. Beal Michael P. Hogan close to $3 billion in projects. We provide access to capital that enables businesses to buy new equipment, Chairman, MassDevelopment Board of Directors President/CEO, MassDevelopment
  3. 3. In the last two years, MassDevelopment has financed 135 projects with a housing component representing over $730 million in spending. 100 CAMBRIDGE STREET MassDevelopment is managing the rehabilitation and renovation new residential condominiums on Cambridge and Bowdoin Streets of 100 Cambridge Street in Boston (the former Saltonstall State of which 25% will be affordable, and the creation of an additional Office Building). The building, once occupied by 2,000 state 34,539 square feet of retail space on Cambridge Street. workers, was abandoned over three years ago after asbestos The rehabilitation plan uses no public capital dollars; instead, fibers were discovered in dust throughout the building. MassDevelopment will issue approximately $196 million in The project includes the rehabilitation of the existing 22-story tax-exempt and taxable bonds, while also providing $20 million tower to include public and private tenants, construction of 75 in mezzanine debt financing. 100 Cambridge Street, Boston, MA Greater Bost
  4. 4. Chelsea Neighborhood Housing Services - Tudor Garage Howard Precision Products 100 Cambridge Street Chelsea, $11,400 Framingham, $250,000 Boston, $195,450,000 Cumar, Inc. Howard Precision Products Suffolk University Chelsea, $39,500 Framingham, $68,000 Boston, $67,000,000 Codman Square NDC - Norfolk Street EX-IM BANK UMBRELLA POLICY Boston Renaissance Charter School Dorchester, $22,500 Pier 7, Inc. Boston, $24,700,000 Boston, $40,000 PROJECT TYPE Combined Resources Company - Homes Avenue WGBH Educational Foundation Company/Institution/Project Dorchester, $40,300 Flexcon Industries Brighton, $144,270,000 Location, Amount Randolph, $1,000,000 Mystic Valley Development Commission - Parcel 525 Marino Foundation for Integrative Medicine BROWNFIELDS REDEVELOPMENT FUND LOAN Everett, $50,000 MORTGAGE INSURANCE GUARANTEE Cambridge, $2,300,000 Hope in Dorchester, LP Wayside Youth & Family Support Network, Inc. Boston, $150,000 Wayside Youth & Family Support Network, Inc. Framingham, $300,000 Ursuline Academy Framingham, $50,000 Dedham, $6,200,000 Rollins Square Realty Trust PERMANENT LOAN Boston, $1,000,000 Casey Properties Boston Renaissance Charter School Justice Resource Institute Framingham, $46,000 Boston, $3,714,305 Framingham, Marlborough, Swansea, WSQ Limited Partnership Great Barrington, $6,500,000 Cambridge, $193,000 Codman Square NDC - Talbot/Bernard Homes PREDEVELOPMENT ASSISTANCE Mattapan, $431,000 Massachusetts Horticultural Society - Garden Under Glass Newton Country Day School of the Sacred Heart BROWNFIELDS SITE ASSESSMENT Boston, $75,000 Newton, $3,000,000 Allston-Brighton CDC - 81 Hano Street Paul Buonfiglio - 144 Broadway Boston, $250,000 Revere, $6,000 Victory Programs Lasell College Boston, $25,000 Newton, $7,000,000 Casa Esperanza, Inc. - Dunmore Place Windale Developers, Inc. - Washington Commons Boston, $42,000 Roxbury, $21,500 The Hemenway, Inc. Fessenden School, The Framingham, $47,000 Newton, $17,000,000 Dorchester Bay EDC - Bowdoin Geneva Somerville Community Corporation - Linden Street Housing Boston, $9,550 Somerville, $136,000 Quincy 2000 Corporation New Jewish High School Quincy, $10,000 Waltham, $15,000,000 Jamaica Plain NDC - Catherine Gallagher Coop CAPITAL FINANCING 501 Boston, $173,250 Boston Symphony Orchestra Hebrew Rehabilitation Center for Aged Babson College Boston, $5,500,000 Waltham, $100,000 Wellesley, $36,000,000 Urban Edge Housing Corporation - Webb Building Boston, $38,000 Park School, The Brandeis University Rivers School, The Brookline, $3,000,000 Waltham, $50,000 Weston, $14,000,000 Brownfields Recovery Corporation - Coastal Oil, North Boston, $50,000 Lesley College REAL ESTATE MORTGAGE LOANS Tufts New England Medical Center, Inc. Cambridge, $1,000,000 65 Bay Street, LLC Boston, $1,200,000 Brownfields Recovery Corporation - Coastal Oil, South Dorchester, $3,037,500 Boston, $50,000 Bentley College TAX-EXEMPT INDUSTRIAL DEVELOPMENT BONDS Waltham, $1,000,000 Cerebral Palsy of Massachusetts ACME Book Binding, Inc. Allston-Brighton CDC - 81 Hano Street Quincy, $1,800,000 Charlestown, $3,100,000 Boston, $34,000 DEVELOPMENT LOAN Dudley Economic Empowerment Partners, Inc. Dudley Economic Empowerment Partners, Inc. Palmer Manufacturing Co., Inc. Dorchester Bay EDC - Sister Clara Coop Roxbury, $200,000 Roxbury, $1,850,000 Malden, $1,430,000 Boston, $430,895 DEVELOPMENT SERVICES SMALL BUSINESS TURNAROUND ASSISTANCE TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND REFUNDING Hope in Dorchester, LP 100 Cambridge Street Barros Electric, Inc. Canton/Cedar Realty, LLC Boston, $160,000 Boston, $20,000,000 Foxborough, $5,000 Canton, $2,850,000 Dorchester Bay EDC - Fenwick Gardens State Surplus Properties TAXABLE 501 (C)(3) BOND Jet-A-Way, Inc. on Region Boston, $13,785 Lakeville, Lyman, Waltham, $250,000 Babson College Roxbury, $4,000,000 Wellesley, $32,000,000 Urban Edge Housing Corporation - Amory Parcels Brandeis University TECHDOLLARS Boston, $46,500 Waltham, $25,000 TAX-EXEMPT 501 (C)(3) BONDS Walnut Hill School Belmont Hill School Natick, $250,000 Urban Edge Housing Corporation - 41 Amory Street ECONOMIC STIMULUS Belmont, $12,375,000 Boston, $45,500 Jewish Vocational Services WORKING CAPITAL CO-GUARANTEE EXPORT Boston, $200,000 Belmont Day School Practical Engineering, Inc. WaterMark Development & Construction - Belmont, $11,000,000 Framingham, $78,750 65 Cornwall Street South Shore Tri-Town Development Corporation Boston, $30,500 Weymouth, $200,000 Boston University Boston, $250,200,000 TOTAL PROJECTS – 80 Cruz Development - Modern Electroplating EQUIPMENT LOANS $904,305,650 Boston, Roxbury, $50,000 James J. Derba, Inc. Chelsea, $33,915
  5. 5. Plymouth Redevelopment Authority - Boston Rack & Wire Justice Resource Institute Former Revere Copper & Brass Lakeville, $4,971 Framingham, Marlborough, Swansea, Plymouth, $13,960 Great Barrington, $6,500,000 Tire Derived Products Northborough Recovery Services, LLC Middleborough, $25,000 Seven Hills Foundation Somerset, $50,000 Lowell, Fitchburg, Worcester, Leicester, Dracut, Boxford, Sherburne Commons, Inc. Pembroke, Hyannis, Haverhill, Danvers, Billerica, Weir Economic Revitalization Corporation - Nantucket, $25,000 Plymouth, Leominster, Salem, Warren, Wakefield, Saugus, Robertson Mill Methuen, Chelmsford, North Andover, Roslindale, New PROJECT TYPE Taunton, $20,000 Martha’s Vineyard Aquatic Center, Inc. Bedford, Auburn, Grafton, $15,195,000 Company/Institution/Project Oak Bluffs, $25,000 Location, Amount PRIDE, Inc. Massachusetts Golf Association Taunton, $10,000 Town of Wareham - 314 Onset Avenue Norton, $1,600,000 BROWNFIELDS REDEVELOPMENT FUND LOAN Onset, $15,000 M275 – LLC Town of Wareham - 314 Onset Avenue PRIDE, Inc. Fall River, $440,000 Wareham, $1,750 Plymouth Redevelopment Authority - Taunton, $600,000 Former Revere Copper & Brass BROWNFIELDS SITE ASSESSMENT CAPITAL FINANCING 501 Plymouth, $25,000 TAX-EXEMPT ENVIRONMENTAL BOND REFUNDING Algar Construction Corporation Advanced Technology & Manufacturing Center SEMASS Partnership Brockton, $18,574 Fall River, $3,681,000 J&J Fabricating - J&J Marine Rochester, $292,050,000 Somerset, $25,000 Fleming Realty Corporation - Main Street DEVELOPMENT SERVICES TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND Fall River, $28,650 Kerr Mill - South Coast Research & Technology Park The Tisbury Inn Liberty Bakery Kitchen, Inc. Fall River, $5,301,655 Vineyard Haven, $25,000 Brockton, $2,100,000 Falmouth Economic Development & Industrial Corporation 151 Martine Street REAL ESTATE MORTGAGE LOAN Fall River/Bay Village Limited Partnership Falmouth, $7,500 Fall River, $14,126,183 The Robbins Company Fall River, $11,300,000 Attleboro, $562,276 Town of Freetown Town of Hanson - Plymouth County Hospital WIDAX Freetown, $22,761 Hanson Growthways, Inc. Hyannis, $1,288,000 Brockton, $204,800 Auto & Truck Repair Specialists State Surplus Properties Pavestone Company, LP Mashpee, $10,000 Lakeville, Lyman, Waltham, $250,000 Growthways, Inc. Middleborough, $2,350,000 Brockton, $218,230 Town of Provincetown - MacMillan Pier Horner Millwork Corp. Provincetown, $18,200,000 Fargo III Realty Trust Somerset, $3,300,000 Brockton, $200,000 DEVELOPMENT LOAN Lot 70B Investment Company, LLC Attleboro Redevelopment Authority Aquaculture Research Corporation Taunton, $4,320,000 Attleboro, $173,200 Dennis, $143,502 TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND REFUNDING Attleboro Redevelopment Authority Cooperative Production, Inc. Whaler’s Cove Limited Partnership Attleboro, $92,475 Dighton, $220,000 New Bedford, $12,750,000 ECONOMIC STIMULUS REVOLVING SEAFOOD LOAN TECHDOLLARS New Bedford Economic Development Council Baler, Andrew K. & Shauna Hynes-Baler Cooperative Production, Inc. New Bedford, $1,000,000 Dennis, $125,000 Dighton, $52,000 EX-IM BANK UMBRELLA POLICY SAI Fisheries, Inc. Community Nurse & Hospice Care, Inc. Westerbeke Corporation New Bedford, $100,000 Fairhaven, $12,235 Taunton, $750,000 Rose, Shawn LifeStream, Inc. South Coast Research & Technology GUARANTEE Wellfleet, $50,000 New Bedford, $43,000 Algarve Realty, Inc. Park, Fall River, MA Brockton, $92,500 Expedition Fishing Co., Inc. Community Counseling of Bristol County, Inc. Southeastern Fairhaven, $100,000 Taunton, $200,000 Brockton Family Life Center, Inc. Brockton, $110,000 MISB, Inc. TOTAL PROJECTS – 62 New Bedford, $100,000 PREDEVELOPMENT ASSISTANCE $400,709,129 Town of Barnstable - Hyannis Downtown SMALL BUSINESS TURNAROUND ASSISTANCE Barnstable, $25,000 B&J Manufacturing Taunton, $15,000 Thornton W. Burgess Society East Sandwich, $9,907 TAX-EXEMPT 501 (C)(3) BOND Bay Farm Montessori Academy, Inc. Duxbury, $405,000
  6. 6. MassDevelopment is currently managing 6,500 acres of real estate throughout Massachusetts. SOUTH COAST RESEARCH & TECHNOLOGY PARK 151 Martine Street Supported by a $4 million appropriation from the Legislature, MassDevelopment provided $3,681,000 through its Capital MassDevelopment is working with the City of Fall River to redevelop Financing 501 program in addition to a $50,000 Brownfields Site and revitalize the 33-acre Kerr Mill site that was the scene of a Assessment and $500,000 Brownfields Remediation Loan for devastating fire in 1987. The development includes four new environmental cleanup. development parcels, a public park, subdivision road, and public utility and infrastructure improvements. The goal is to develop a 275 Martine Street center for both education and technology entities. MassDevelopment also awarded a $50,000 Brownfields Site Assessment and loaned $440,000 in Brownfields Remediation Construction of the 67,081 square foot Advanced Technology & money to investigate and clean up the building adjacent to Manufacturing Center was completed in August of 2001. The the Advanced Technology & Manufacturing Center, creating an building is anchored by the University of Massachusetts additional 44,900 square feet of rental space. Dartmouth and contains office and flexible laboratory space, as well as over 24,000 square feet available for lease. Two additional South Coast Research & Technology Park, Fall River, MA lots were developed in the Park with utilities and support Region infrastructure, both of which are available for sale.
  7. 7. MassDevelopment loaned $420 million to finance manufacturer expansions and equipment upgrades in FY 2002. LAWRENCE RIVERFRONT INDUSTRIAL PARK RIVERSIDE SPECIALTY FOODS MassDevelopment closed on three tax-exempt industrial development Riverside Specialty Foods is a manufacturer and distributor of bonds totaling $6.7 million for Bagel Boy, Inc.; Riverside Specialty salads, dips, and sauces under the brand name of Joseph’s Foods, Inc.; and Middle East Bakery, Inc. Bond proceeds were used Mediterranean Cuisine. Its sales and marketing activities are to purchase three acres of land; acquire and renovate a 76,800 coordinated with Middle East Bakery. square foot manufacturing facility in the Lawrence Riverfront MIDDLE EAST BAKERY Industrial Park; and purchase manufacturing equipment. Once Middle East Bakery started off as a neighborhood bakery in Lowell completed, the property will be owned by a newly formed realty with a small local clientele. In 1978, the company moved to trust consisting of the three companies. Methuen where it expanded its line of products. In addition to the BAGEL BOY manufacture and distribution of pita breads of all types, including Bagel Boy has become New England’s largest supplier of private-label breads, the company added muffins, pancakes, pre-packaged bagels. The company has agreements to supply pizza dough, pizza shells, tortillas, and ethnic variety products. every major supermarket chain within the six New England states, Middle East Bakery distributes to every major supermarket and has been awarded a contract to make bagels for one of the chain in New England on a daily basis, as well as to numerous Bagel Boy, Lawrence, MA nation’s leading premium bakery producers, Pepperidge Farms. institutional accounts. Northeastern
  8. 8. Lynn EDIC - 614-624 Washington Street EQUIPMENT LOAN Seven Hills Foundation Lynn, $23,500 Little Enterprises, Inc. Lowell, Fitchburg, Worcester, Leicester, Dracut, Boxford, Ipswich, $500,000 Pembroke, Hyannis, Haverhill, Danvers, Billerica, Lynn EDIC - 217 Broad Street Plymouth, Leominster, Salem, Warren, Wakefield, Saugus, Lynn, $23,500 LEASE REVENUE Methuen, Chelmsford, North Andover, Roslindale, New Cape Ann Seafood Center (Four Tenants) Bedford, Auburn, Grafton, $15,195,000 Methuen Assisted Living, LP Gloucester, $323,219 Methuen, $50,000 Merrimack College Jodrey State Pier (61 Tenants) North Andover, $1,300,000 PROJECT TYPE 85 Merrimack, LLC - 85 Merrimack Street Gloucester, $225,614 Company/Institution/Project Newburyport, $35,500 Greater Lynn Senior Services Location, Amount PREDEVELOPMENT ASSISTANCE Peabody, Lynn, $672,800 Edward Molin - 1-7 Titcomb Street Town of Amesbury - 25 Cedar Street BROWNFIELDS REDEVELOPMENT FUND LOAN Newburyport, $2,350 Amesbury, $25,000 TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND Winn Pondview Limited Partnership Kensington Chelmsford, LLC Lowell, $292,000 Edward Molin - 9-11 Titcomb Street Agawam Assisted Living - Country Road Chelmsford, $16,750,000 Newburyport, $15,600 Ipswich, $25,000 Newburydom Limited Partnership Good Harbor Fillet Company Newburyport, $30,000 Edward Molin - 49-57 Merrimack Street Cathy Gavriel - 341 Merrimack Street Gloucester, $6,350,000 Newburyport, $22,000 Lawrence, $22,500 BROWNFIELDS SITE ASSESSMENT Bagel Boy, Inc. Town of Amesbury - 36 High Street Kevin Lamphear - 3 Cherry Street Advanced Textile Services, Inc. Lawrence, $2,900,000 Amesbury, $71,186 Newburyport, $12,800 Lawrence, $15,000 Middle East Bakery, Inc. Town of Amesbury - 19 Pond Street Ron Guertin - 1 Newburyport Turnpike Girls, Inc. - 88 Broad Street Lawrence, $2,900,000 Amesbury, $100,000 Newburyport, $100,000 Lynn, $25,000 Riverside Specialty Foods, Inc. Captain Dusty’s Ice Cream - 642 Hale Street Newburyport, LLC - Carr Island Site LynnArts, Inc. - Exchange Street Lawrence, $900,000 Beverly, $40,700 Newburyport, $34,000 Lynn, $25,000 TECHDOLLARS Richard Kohn, 9-11 Brick Kiln Road Piper Properties, Inc. - 27 Water Street YWCA of Newburyport - 13 Market Street United Cerebral Palsy Association of North Shore Billerica, $18,500 Newburyport, $50,000 Newburyport, $19,600 Lynn, $25,000 Gloucester Maritime Heritage Center Kersten Realty Corporation Redmen Realty Trust - 90-94 Washington Street Landmark School Gloucester, $41,500 Peabody, $42,200 Salem, $25,000 Pride’s Crossing, $230,000 ACME Apparel Goldberg Brothers Real Estate, LLC - REAL ESTATE MORTGAGE LOAN Gloucester, $48,300 50 Grove Street 87 Russell Street Realty Trust TOTAL PROJECTS – 132 Salem, $22,200 Haverhill, $1,002,500 $93,948,873 Cape Ann Housing Opportunity, Inc. - 147 Essex Street Gloucester, $50,000 Redmen Realty Trust - 90-94 Washington Street Multigrains, Inc. Salem, $5,000 Lawrence, $2,389,216 Fort Point, LLC - 58-60 Commercial Street Gloucester, $28,200 Fraser Pontiac, Inc. - 114 Bridge Street The Ashby Trust Salisbury, $24,325 Methuen, $250,000 City of Haverhill - 46 South Main Street Haverhill, $49,350 Pilgrim Block Higginson Block Realty Trust Woburn, $48,500 Salem, $683,750 North Shore Housing Trust - 25 Green Street Ipswich, $8,800 CAPITAL FINANCING 501 Salem Renewal LLC Middlesex School Salem, $500,000 Adamson Industries Corporation - Farley Street Concord, $3,000,000 Lawrence, $7,150 REVOLVING SEAFOOD LOAN Landmark School Balboni’s Lobster, Inc. Mental Health Resources Plus, Inc. - 40 Park Street Prides Crossing, $5,800,000 Beverly, $50,000 Region Lawrence, $5,000 Gordon College TAX-EXEMPT 501 (C)(3) BOND Nunez, LLC - 31 Merrimack Street Wenham, $2,525,000 Merrimack College Lawrence, $24,000 Andover, $11,465,000 DEVELOPMENT SERVICES Cathy Gavriel - 341 Merrimack Street Cape Ann Seafood Center Andover School of Montessori, Inc. Lawrence, $13,900 Gloucester, $6,970,613 Andover, $2,800,000 Marfy Auto Sales - 31 Merrimack Street Lawrence Airport Enterprise Commission Fenn School, The Lawrence, $13,500 Lawrence, $2,400,000 Concord, $4,300,000 Lawrence Riverfront Industrial Park, City of Lowell - 700 Varnum Street Lowell, $5,500 Lawrence, MA
  9. 9. SF Properties LAND SALE 18 Phoenix Park, LLC Worcester, $25,500 Guild of Saint Agnes Shirley, $1,800,000 Devens, $150,000 Clean-Start Redevelopment Company - 28 Southgate Southborough Auto Tech, Inc. Worcester, $13,800 American Superconductor Southborough, $300,000 Devens, $202,435 Clean-Start Redevelopment Company - 36 Southgate Pernat Family Health Services, Inc. Worcester, $3,500 American Superconductor Worcester, $40,000 Devens, $50,000 PROJECT TYPE Clean-Start Redevelopment Company - 25 Southgate TAX-EXEMPT 501 (C)(3) BOND Company/Institution/Project Worcester, $30,200 Pharm-Eco Justice Resource Institute Location, Amount Devens, $10,466 Framingham, Marlborough, Swansea, Clean-Start Redevelopment Company - 17 Southgate Great Barrington, $6,500,000 BROWNFIELDS REDEVELOPMENT FUND LOAN Worcester, $26,400 LEASE REVENUE Cordis Mills, LLC Devens Leasing (27 Tenants) Levi Heywood Memorial Library Association Millbury, $500,000 Abrasive Blasting and Coating Company Devens, $984,044 Gardner, $1,500,000 Worcester, $30,570 Lincoln D. Realty Corporation PREDEVELOPMENT ASSISTANCE Seven Hills Foundation Clinton, $35,000 The Buyer’s Market VOA Ayer Assisted Living, Inc. Lowell, Fitchburg, Worcester, Leicester, Dracut, Boxford, Worcester, $18,100 Ayer, $25,000 Pembroke, Hyannis, Haverhill, Danvers, Billerica, BROWNFIELDS SITE ASSESSMENT Plymouth, Leominster, Salem, Warren, Wakefield, Saugus, Lincoln D. Realty Corporation - 280 High Street BUILDING SALE You Inc. - Cottage Hill Academy Methuen, Chelmsford, North Andover, Roslindale, New Clinton, $6,475 Guilford Intermodal, Inc. Baldwinville, $25,000 Bedford, Auburn, Grafton, $15,195,000 Devens, $2,250,000 Prescott Trust - 55 Prescott Street Lincoln D. Realty Corporation - 280 High Street The Bridge of Central Massachusetts, Inc. Fitchburg, $12,225 Media News Clinton, $25,000 Southbridge, Worcester, Westborough, $5,000,000 Devens, $1,500,000 Bent Mill, LLC Guild of St. Agnes Assumption College Gardner, $33,300 CONSTRUCTION TO PERMANENT LOAN Devens, $25,000 Worcester, $47,005,000 Page Moore Realty Trust Clean-Start Redevelopment Company - One Zina Road Ayer, $450,000 Town of Douglas - Douglas Woods Industrial Park College of the Holy Cross Hudson, $42,500 Douglas, $25,000 Worcester, $30,000,000 DEVELOPMENT LOAN Clean-Start Redevelopment Company - Chapel Mill Lincoln D. Realty Corporation United Cooperative Farmers, Inc. TAX-EXEMPT ENVIRONMENTAL BOND Leicester, $34,530 Clinton, $30,000 Fitchburg, $25,000 Wheelabrator Millbury, Inc. Millbury, $10,000,000 K & M Realty Trust - 140 Adams Street YWCA of Central Massachusetts ARC of North Central, Inc. Leominster, $6,545 Westborough, $425,000 Fitchburg, $25,000 TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND Catania Spagna Corporation Advocates, Inc. DEVELOPMENT SERVICES Town of Lancaster Ayer, $3,250,000 Marlborough, $6,100 Devens Infrastructure Investment Lancaster, $25,000 Devens, $7,747,988 The Newark Group, Inc. Biker’s Break H. T. Machine Company, Inc. Fitchburg, $10,000,000 Oxford, $7,815 ECONOMIC STIMULUS Webster, $5,000 Nichols & Stone Co. Cold Chain Technologies, Inc. Clean-Start Redevelopment Company - Gardner, $700,000 Worcester Center for Performing Arts Holliston, $3,300,000 626 South Main Street Worcester, $25,000 Webster, $21,700 EMERGING TECHNOLOGY FUND GUARANTEE Dimitria Delights CenTech Associates LLC JAML Realty Trust - 99 Water Street North Grafton, $1,700,000 254 Broadway, LLC - 254 Broadway Grafton, $500,000 Worcester, $25,000 Worcester, $50,000 TECHDOLLARS EMERGING TECHNOLOGY FUND LOAN St. Peter-Marian Central Catholic Montachusett Opportunity Council, Inc. Abrasive Blasting and Coating Company CenTech Associates LLC Junior Senior High School Fitchburg, $45,000 Worcester, $25,000 Grafton, $1,000,000 Worcester, $25,000 YWCA of Central Massachusetts Central Paul Giorgio and Louis DiNatale - Winter Street Biomedical Research Models, Inc. REAL ESTATE MORTGAGE LOAN Westborough, $35,000 Worcester, $19,000 Worcester, $140,000 Turnpike Rod & Gun Club Ashburnham, $80,000 TERM WORKING CAPITAL LOAN Ralphco, Inc. - 93 Grand Street EQUIPMENT LOAN North Central Human Services, Inc. Worcester, $50,000 Dunn & Company Sterling Holdings Partnership Gardner, $150,000 Clinton, $291,667 Clinton, $157,500 Ralphco, Inc. - 95 Grand Street WORKING CAPITAL CO-GUARANTEE EXPORT Worcester, $47,245 Southbridge Photo Lab ARC of North Central, Inc. Advanced Vacuum Systems, Inc. Southbridge, $92,127 Fitchburg, $90,000 Ayer, $225,000 Ralphco, Inc. - 44 Grand Street Worcester, $13,970 GUARANTEE ARC of North Central, Inc. North Central Human Services, Inc. Fitchburg, $630,000 TOTAL PROJECTS – 103 Gardner, $75,000 $155,805,219 Advent Realty Trust Holliston, $864,517
  10. 10. MassDevelopment contributed close to $33 million to health and human service providers in FY 2002. ARC OF NORTH CENTRAL ARC of North Central was established in 1952 as a nonprofit offices for staff and program space for severely disabled clients. organization providing services to the developmentally disabled. Physical therapy, speech therapy, life skills training, and social ARC of North Central serves over 700 individuals located in 27 and recreational activities will be offered. communities throughout central Massachusetts. Programs ARC of North Central previously received two Predevelopment include vocational training, job placement, alternative day Awards from MassDevelopment totaling $50,000 that were used programs, elderly services, family support services, recreation, to hire an architect to develop a reuse strategy and preliminary transportation, and referral services. plans. ARC also used an $80,000 TechDollars loan to purchase MassDevelopment recently approved $720,000 in construction a new phone system, acquire and install a new computer system, financing for ARC of North Central to renovate the former Park and upgrade Internet access to DSL. The five-year loan carries Snow Building located on Main Street in downtown Fitchburg. a fixed interest rate. The 9,000 square foot building will be converted into modern ARC of North Central, Inc., Fitchburg, MA Region
  11. 11. MassDevelopment invested over $523 million in higher education across the Commonwealth in FY 2002. SMITH COLLEGE Smith College is a private liberal arts college for women founded Smith College is using $40,240,000 in tax-exempt bond proceeds in 1871 by Sophia Smith. The college first opened in the fall of from MassDevelopment for major improvements to its 125-acre 1875 with 14 students and six faculty members. Today, it is campus. The college finished constructing a 352-space parking primarily an undergraduate, residential college offering a broad garage, and is currently constructing a 52,000 square foot academic program to approximately 2,830 undergraduate and campus center along with renovating and adding to other 475 graduate students. Smith College admits both men and campus buildings. Smith recently refinanced the bonds to reduce women to its graduate program, but remains committed to education interest rate costs. for women at the undergraduate level. Smith College, Northampton, MA Western
  12. 12. Colonial Theater Association EQUIPMENT LOAN SBDC - Springfield Public Market Pittsfield, $6,500 Freadman Steel, Inc. Springfield, $25,000 Pittsfield, $445,000 George Apkin & Sons, Inc. NES Realty, Inc. - Robert Hughes Charter School Pittsfield, $25,000 Maurice Casey, Inc. Springfield, $25,000 Westfield, $182,450 Mahaiwe Harvest Land Trust Maurice Casey, Inc. Pittsfield, $5,000 GUARANTEE Westfield, $25,000 School Street Properties, Inc. PROJECT TYPE Morris Professional Childcare Services Springfield, $42,500 REAL ESTATE MORTGAGE LOAN Company/Institution/Project Springfield, $5,000 Amherst Cinema Center, Inc. Location, Amount NORTHERN BERKSHIRE MICRO LOAN PROGRAM Amherst, $300,000 Transworld Sales, Inc. Steepleview Realty BRIDGE LOAN Springfield, $10,000 Adams, $20,000 Morris Professional Childcare Services Massachusetts Museum of Contemporary Art, Inc. Springfield, $76,500 North Adams, $200,000 Western Massachusetts Regional Library System The Silvia Inn Whately, $5,000 Adams, $10,000 School Street Properties, Inc. BROWNFIELDS SITE ASSESSMENT Springfield, $382,500 Town of Adams - Jones Block Keen Development Corporation - General Cable Site MORTGAGE INSURANCE GUARANTEE Adams, $50,000 Williamstown, $20,000 Pioneer Packaging, Inc. TAX-EXEMPT 501 (C)(3) BOND Chicopee, $382,500 Justice Resource Institute Northern Berkshire Industrial Park CAPITAL FINANCING 501 Framingham, Marlborough, Swansea, Development Corporation Hampshire College Progressive Tool Corporation Great Barrington, $6,500,000 Adams, $50,000 Amherst, $2,075,000 Southwick, $75,000 Berkshire School, Inc. Town of Adams - Plunkett Hospital Property CONSTRUCTION TO PERMANENT LOAN School Street Properties, Inc. Sheffield, $10,500,000 Adams, $50,000 School Street Properties, Inc. Springfield, $40,000 Springfield, $360,000 Loomis Communities, Inc. Town of Adams - DuTeau’s Auto Body PREDEVELOPMENT ASSISTANCE South Hadley, $20,130,000 Adams, $50,000 DEVELOPMENT LOAN Firehouse Café The Community Builders, Inc. Adams, $25,000 TAX-EXEMPT 501 (C)(3) BOND REFUNDING Town of Adams - Visitors’ Center Northampton, $250,000 Smith College Adams, $50,000 Susan B. Anthony Birthplace Corporation Northampton, $35,015,000 Maurice Casey, Inc. Adams, $25,000 Amherst Cinema Center, Inc. Westfield, $35,000 TAX-EXEMPT ENVIRONMENTAL BOND Amherst, $20,000 Betterway.net - Adams Technology Venture Waste Management DEVELOPMENT SERVICES Adams, $25,000 Chicopee, $15,000,000 Universal Plastics Corporation Town of Adams - Greylock Glen Chicopee, $20,000 Adams, $2,000,000 Stavros Center for Independent Living TAX-EXEMPT INDUSTRIAL DEVELOPMENT BOND Amherst, $8,500 Pioneer Packaging, Inc. Discount Auto Glass Town of Adams - Jones Block Chicopee, $3,777,000 Chicopee, $27,000 Adams, $2,800,000 E.A.F., Inc. Ludlow, $25,000 TECHDOLLARS Sean’s Custom Woodworking Town of Adams - Visitors’ Center Hampden Hampshire Housing Partnership Easthampton, $5,000 Adams, $3,129,000 Cutchins Programs for Children and Families, Inc. Springfield, $112,700 Northampton, $25,000 Joseph Sokoloski Town of Adams - Corporate Park Easthampton, $41,000 Adams, $100,000 Media Education Foundation TOTAL PROJECTS - 71 Northampton, $25,000 $161,210,150 Daniel J. Bell Renfrew Center Great Barrington, $8,500 Adams, $3,000,000 Service Net Northampton, $25,000 Town of Greenfield - Greenfield Tap & Dye Greenfield Tap & Dye Greenfield, $1,500,000 Greenfield, $11,625,000 River Valley Market Northampton, $25,000 Region New England Adolescent Research Institute Northampton State Hospital Holyoke, $10,000 Northampton, $25,000,000 Colonial Theater Association Pittsfield, $50,000 D.E. Bourque & Sons, Inc. Pittsfield Economic Development Authority Holyoke, $7,000 Pittsfield, $15,000,000 Quinn’s Legacy Foundation Pittsfield, $25,000 Wall of America Foundation, Inc. ECONOMIC STIMULUS Housatonic, $25,000 Orange Economic Development and United Cerebral Palsy Association of Berkshire County Industrial Corporation Pittsfield, $25,000 501-505 Main Street - Indian Orchard Orange, $250,000 Indian Orchard, $6,500 Mahaiwe Harvest Land Trust Pittsfield, $15,000 Smith College, Northampton, MA
  13. 13. MASSDEVELOPMENT CONSOLIDATED BALANCE SHEET FISCAL YEAR 2002 July 1, 2001 – June 30, 2002 Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .Amount Cash & Bond Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $138,330,347.00 Loans Receivable, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,021,365.00 Accounts Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,298,427.00 Interest Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,404,314.00 Predevelopment Projects in Progress . . . . . . . . . . . . . . . . . 4,965,246.00 Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,960,201.00 Other Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,564,333.00 Financing Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18,767,239.00 Fixed Assets, Net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112,034,777.00 Total Assets ........................................ $590,346,249.00 Liabilities Accounts Payable & Accrued Expenses . . . . . . . . . . . $18,015,047.00 Project Escrows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,647,636.00 Bond & Notes Payable (Principal & Interest) . . . . . .283,583,359.00 Other Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299,766.00 Deferred Income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,131,652.00 Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .$315,677,460.00 Total Equity ....................................... $274,668,789.00 Total Liabilities & Equity ........................ $590,346,249.00 American Superconductor, Devens, MA Northampton State Hospital, Northampton, MA
  14. 14. 75 FEDERAL STREET I BOSTON, MA 02110 I T. 8 0 0 . 4 4 5 . 8 0 3 0 I F. 6 1 7 . 4 5 1 . 3 4 2 9 I M A S S D E V E L O P M E N T. C O M Loomis Communities, South Hadley, MA
  15. 15. PRESORTED FIRST-CLASS MAIL U.S. POSTAGE PAID BROCKTON, MA 75 FEDERAL STREET I BOSTON, MA 02110 PERMIT #497 800.445.8030 I 617.451.3429 I MASSDEVELOPMENT.COM

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