Presentation to Joint Committee on Economic Development and Emerging Technology 2 23 10
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Presentation to Joint Committee on Economic Development and Emerging Technology 2 23 10

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A presentation my MassDevelopmnet's CEO Robert L. Culver to the Joint Committee on Economic Development and Emerging Technology.

A presentation my MassDevelopmnet's CEO Robert L. Culver to the Joint Committee on Economic Development and Emerging Technology.

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    Presentation to Joint Committee on Economic Development and Emerging Technology 2 23 10 Presentation to Joint Committee on Economic Development and Emerging Technology 2 23 10 Presentation Transcript

    • The Joint Committee on Economic Development and Emerging Technologies February 23, 2010
    • MassDevelopment
      • Established by legislature in 1998 from merger of Massachusetts Industrial Finance Agency (MIFA) and Government Land Bank (GLB)
      • MIFA had lending and bond financing powers (including to non-profits). GLB had lending and real estate development powers in furtherance of job creation and elimination of blight
      • Statutory merger implemented sound public policy of leveraging MIFA’s bond financing powers to also fund GLB’s economic development mission
    • Who We Are
      • Statewide finance and development authority with an overarching mission of blight elimination and job creation. Specific powers include:
        • Redevelopment of surplus state and federal property
        • Tax- exempt bond financing for non-profits, manufacturing and housing
        • Lender to businesses and non-profits for facility expansion, equipment, emerging technologies, environmental assessment and remediation
        • Lender to agricultural and seafood industries
        • Technical and real estate assistance to municipalities
      • 173 employees in statewide offices (includes 51 employees providing municipal services at Devens)
    • Who We Are
      • During FY2009, MassDevelopment financed or managed 229 projects representing an investment of nearly $1.2 billion in the Massachusetts economy
      • These projects are supporting creation of:
        • 8,232 jobs (3,362 permanent and 4,870 construction-related)
        • 1,488 new housing units
    • Where We Are
      • Boston
      • Devens
      • Fall River
      • Lawrence
      • Springfield
      • Worcester
    • Impact of SB 2270
      • Eliminates some MassDevelopment non-profit bond financing powers for:
        • Cultural institutions
        • Secondary schools
        • Primary schools
        • Higher education
        • Human service providers
      • Loss of up to $2.3 million in recurring annual revenue that supports MDFA lending, development, and municipal services
    • MassDevelopment Supports Non-Profits
      • Financing programs for nonprofits:
        • Tax-exempt bonds
        • Real estate loans
        • Techdollars (technology upgrades)
        • Charter school loan guarantees
        • Community Service 501(c)3 loan fund
        • New Markets Tax Credits
        • Cultural Facilities Fund
        • Predevelopment loans
    • MassDevelopment Non-Profit Bond Financing FY 2007- FY 2009
      • 180 issuances
      • $4,550,257,717 in aggregate principal
      • $8,716,267 in fees to MassDevelopment’s General Fund
      • 2,921 jobs created
    • MassDevelopment General Fund and Restricted Loan Funds FY07-FY09
      • 183 loans/guarantees
      • $120,388,255 in aggregate principal
      • 3,640 new jobs created
      • 5,483 jobs retained
    • MassDevelopment General Fund Loans / Guarantees FY2007-FY2009
      • 85 loans/guarantees
      • $54,432,791 in aggregate principal
      • 1,528 new jobs created
      • 3,044 jobs retained
    • MassDevelopment Non-Profit Lending FY2007-FY2009
      • 48 loans/guarantees
      • $32,421,812 in aggregate principal
      • 178 new jobs created
      • 2,398 jobs retained
      • $45MM New Markets Tax Credits for non-profits
    • MassDevelopment Small Business Lending FY2007-FY2009
      • 135 loans/guarantees
      • $87,966,443 in aggregate principal
      • 3,462 new jobs created
      • 3,085 jobs retained
    • MassDevelopment Integrated Economic Development Program
      • Surplus / Blighted Property
        • Kerr Mill / ATMC, Fall River
        • 100 Cambridge Street, Boston
        • Northampton State Hospital, Northampton
        • Former Fort Devens, Harvard, Ayer and Shirley
        • GSA Court House, Springfield
      • Planning / Development
        • Chapter 43D Services
        • Cities and Towns Initiative / Predevelopment Services / Municipal Consulting Services
    • MDFA’s Integrated Economic Development Program Surplus/Blighted Properties Planning/Development Business support/ Investment Barrier Elimination
    • Integrated Approach in Fall River Surplus/Blighted Properties Planning/Development Business Support/ Investment Barrier Elimination - Land Assembly - Demolition - Road - Utilities - Building Construction - Planning - Asset Management - Loans - Bonds - Marketing/Sales
      • Remediation
      • Permitting
      Kerr Mill, Fall River
    • Kerr Mill -> South Coast Research and Technology Park
      • Current Status
        • 151 Martine St. fully occupied
          • UMass anchor tenant
          • Celldex Therapeutics
        • Meditech facility occupied
        • More than 500 jobs
      • MassDevelopment investment: $13.5M
    • 1550 Main Street, Springfield
      • Former federal courthouse that could have gone dark
      • Worked with City, State, Baystate, and federal government to structure deal
      • Will be fully tenanted with public/private mix
      • MassDevelopment investing $6M
    • 100 Cambridge Street
      • Abandoned sick building
      • Gutted, renovated, and now wrapped with housing/retail
      • Complex bond financing on a ground lease
      • ½ private leases
      • State gets office space, ground + contingent rent
      • MassDevelopment investment: $22M
    • Village Hill Northampton
      • Redevelopment of State Hospital site into housing and commercial spaces
      • $29 million+ project
      • MassDevelopment investment: $6.2M
    • Devens
      • Redevelopment of former army base through:
        • Cleanup and new infrastructure
        • New businesses
        • Housing
        • MassDevelopment direct investment of $10M for Evergreen Solar
    • Chapter 43D
      • Met with 94 communities
        • Provided technical assistance to 42 communities
        • Provided predevelopment/municipal consulting services to 15 communities
        • Funding 14 communities c. 43D grants
      • Committed $3M in FY09 and $850,000 in FY10 to cover 43D costs at EOHED
    • Federal and State Grants Awarded to MassDevelopment or Partner Communities Since 2007
      • $6,280,740 federal funds with 1,300 new jobs created
      • $23,659,885 in state funds with 2,001 new jobs created
      • Representative projects/communities: Otis/MMR, Devens, Lawrence, Springfield, Lee, Gloucester, Athol
    • MassDevelopment Contributions at Request of Governor or Legislature
      • $2M Greenway
      • $3.85M Chapter 43D FY08-09
      • $2M Office of Small Business and Entrepreneurship FY09-10
      • $500,000 Regional Planning Grants FY09
      • $5M new non-profit loan fund
      • $1M to WMEF and SEED
      • $3M Cultural Facilities (FY11 H2)
      • $700,000 Office of Small Business (FY11 H2)
      • $335,000 43D/EOHED (FY11 H2)
      • 800-445-8030
      • www.massdevelopment.com
      • twitter.com/MassDev