Trending developments vol 3, issue 1


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Trending developments vol 3, issue 1

  1. 1. Trending Developments FALL RIVER OFFICE OF ECONOMIC DEVELOPMENT Volume 3, Issue 1 FROED Board of Directors: Officers Mayor William A Flanagan, Chairman/Ex-officio Paul S. Medeiros, President James M. Karam, Vice President Frank Marchione, Treasurer Alan F. Macomber, Clerk At-Large Members Joseph Baptista Paul C. Burke Francisco Cabral Nicholas M. Christ Mark Cordeiro Larry Couto Carlos A. DaCunha Jerry Donovan Bruce Fernandes Alfredo M. Franco Craig A. Jesiolowski Stephen R. Karam Michael Lund Joseph A. Marshall George Matouk, Jr. Joan Menard Kenneth R. Rezendes Anthony Riccitelli Joseph Ruggeiro, Sr. James P. Sabra Len Sullivan Ex-Officio Members Daniel Abraham Joseph D. Camara Carl Garcia Craig A. Jesiolowski Atty. William G. Kenney Meg Mayo-Brown John J. Sbrega Corporate Counsel Atty. James W. Clarkin Non-Voting Members Robert A. Mellion FROED Staff: Kenneth Fiola, Jr., Esq. Executive Vice President Stephen Parr, Director of Finance Janet A. Misturado, Director of Administration Louise A. Methot, Financial Services Representative Maria R. Doherty, Network Administrator Lynn M. Oliveira, Economic Development Coordinator January 2014 New HD Zone Expected to Spur Development in Fall River In 2012, the Massachusetts Legislature enacted the Housing Development Incentive Program (HDIP) to provide Gateway Cities with a development tool to increase residential growth, expand diversity of housing stock, support economic development, and promote neighborhood stabilization. The program utilizes two tax incentives for developers to substantially rehabilitate properties for lease or sale as multi-unit market rate housing. First, the program allows the gateway city to provide the developer with a real estate tax exemption on the increased property value associated with the improvements. Second, state tax credits for Qualified Substantial Rehabilitation Expenditures (QSREs), which are awarded through an application process. HDIP applies to projects where there is substantial rehabilitation of an existing property that will result in a multi-unit housing development, containing a maximum of 50 market rate units and a minimum of 80% market rate units. Limited new construction on an existing building as well as rebuilding following the demolition of an existing building are also eligible for HDIP incentives. Construction costs must be $30,000 per unit or greater. Subject to local approval, a gateway city that establishes a Housing Development (HD) Zone can negotiate and execute an HD Tax Increment Exemption Agreement with the project developer of no less than 10% and no more than 100% of the increment on market rate units in a Certified HD Tax Credit to the developer. Further, DHCD may award state HD Tax Credit to the developers of a Certified HD Project not to exceed 10% of the QSREs of the market rate units. Mayor Flanagan supports this initiative moving forward in the City of Fall River noting, “The creation (Continued on page 2) Inside this issue: Medical Marijuana 2 Fall River by the Numbers 3 Business Financing 3 Workshop Klear Vu EDIP Award 4 CWT Professional Building 4 Fall River Office of Economic Development One Government Center Fall River, MA 02722 Phone: (508) 324-2620 Fax: (508) 677-2840 Looking for a job? Visit then select the “Current Employment Opportunities” tab. Next click “Job Search” and this will launch an interactive job search database.
  2. 2. Trending Developments Medical Marijuana Moves Forward In Massachusetts HD Zone in Fall River (Continued from page 1) DHCD. It is important that the city improve its of an HD Zone here in Fall housing stock so as to River will not only spur attract young professioneconomic development als into the city and also and investment in the City, accommodate empty but it will also lead to the nesters that are looking to rehabilitation and modern- downsize into modern ization of buildings in our rental units complete with community. Both objecthe amenities that they tives will help to create have become accustomed jobs and revenue for Fall to. Moving forward it is River.” imperative that Fall River In December 2013 the Fall properly balance its housRiver Office of Economic ing needs and encourage Development submitted an the development of market rate units.” HDIP application for a Waterfront/Downtown Individual projects within Market Rate Housing the HD Zone can seek Zone, which was approved certification through a by the Massachusetts De- three step process that partment of Housing and includes preliminary cerCommunity Development tification, conditional cer(DHCD) thus establishing tification, including exethe HD Zone. cuted HD Tax Increment State Representative Carole Fiola, who testified on behalf of the establishment of the HD Zone at a public hearing, is a strong supporter of the initiative noting, “I am pleased that the City of Fall River’s application to support the development of market rate housing within the city has been approved by Exemption Agreement and request for HD Tax Credits and final certification with QSREs. Developers interested in applying for HDIP Tax Incentives should contact the Fall River Office of Economic Development at 508-324-2620. In a ballot question posed to Massachusetts voters in November 2012, it was voted to allow qualifying patients with a debilitating medical condition to obtain and possess marijuana for medical use, beginning January 1, 2013. On May 8, 2013 the Public Health Council unanimously approved regulations for the same. register up to 35 nonprofit RMDs across the state with at least one but no more than five dispensaries per county. During the first phase of the RMD application process DPH received 181 applications across the state including 9 applications for Bristol County. From those 181 applications, 100 applicants were invited to complete the second phase application The Massachusetts including 7 of the 9 Department of Public applicants from Bristol Health (DPH) is County. DPH anticipates currently in the process the Phase 2 review will of creating the necessary be complete in early 2014 infrastructure to at which time a list of implement the law, applicants who will including online regisreceive a provisional tration for patients and license will be made caregivers and registeravailable to the public. ing non-profit Registered Marijuana Dispen- On Monday, January 13, saries (RMDs). 2013 DPH named Karen van Unen Executive The RMD competitive Director of the Medical application process is Marijuana program. Van currently underway and Unen is a board member is expected to be comand past president of the pleted in early 2014. The law allows DPH to (Continued on page 4) Page 2
  3. 3. Trending Developments Fall River by the Numbers... SAT Performance for FY 2012 Durfee High New Bedford School High School MA # of Test Takers 219 247 Reading Score 458 446 506 Writing Score 447 424 500 Math Score 472 443 523 Total Score 1,377 1,313 1,529 (Figures above based on averages for each of the categories indicated) *Figures based on UMass Dartmouth Urban Initiative College Access Report and data from Start spreading the news! It makes sound business sense to locate or expand operations in Fall River! The “Real Scoop” on Business Financing February 12th Would you like to get the “Real Scoop” on what it takes for your company to get lender or bank financing? Come to a workshop where you’ll hear from two local businesses about what it was like for them to obtain loans including: the Good, the Bad & the Ugly. The two businesses will include a machine shop and a metal craft kitchenware company. Then you will be able to talk with a panel of industry experts who have over 75 years experience on what are the key elements of a winning loan application. Experts will include Nancy Gibeau, Vice President at BDC Capital; Steve Parr, Director of Finance at FROED; Joe Lopes, Loan Officer at Mass Growth Capital Corp. and Itamar Chalif, Vice President at Rockland Trust Bank. This workshop will be appropriate for both existing businesses and start ups. This FREE event will be held on Wednesday, February 12, 2014 from 4:00 – 6:30 p.m. at the Cherry & Webb 139 South Main Street – 4th floor, Fall River, MA and is sponsored by the Fall River Office of Economic Development. Space is limited, so please register on line at and click on event calendar or call 508-673-9783 x 10. Metered parking is available on South Main Street. Additional parking is available for a nominal fee at the Pearl Street garage, which is one block from the building on the corner of Pearl and Anawan Streets. Date Topic March 12, 2014 Customer Service April 9, 2014 Wordpress 101 April 23, 2014 Wordpress 201 May 7, 2014 TBD May 21, 2014 Advanced Google Page 3 Funded in part through a cooperative agreement with the U. S. Small Business Administration. Please find a schedule of upcoming workshops below:
  4. 4. One Government Center Phone: 508-324-2620 Fax: 508-677-2840 Keeping Fall River working in Fall River. FALL RIVER OFFICE OF ECONOMIC DEVELOPMENT Medical Marijuana Klear Vu: Benefits of Expanding in Fall River Since the 1960s, Klear Vu Corporation has been the (Continued from Page 2) leading manufacturer of chair pads and rocker sets Massachusetts Public in the United States. The Health Association and Klear Vu Corporation has been serving as a consultant on the imple- prides itself not only on mentation of the medical producing function and marijuana program since fashion for the home, but also for making/finishing its approval. The its products in the USA. appointment of van UnKlear Vu was located for en is a positive sign that many years on Alden Street the program is moving here in Fall River before forward and will likely moving to 600 Airport stay on target with reRoad. gard to the awarding of licenses. In addition to moving into a formerly vacant building in the Fall River Industrial For additional inforPark, Klear Vu retained its mation about the DPH 75 full time employees and medical marijuana program, please visit the plans to hire an additional 16 new employees over the state website at http:// next five year. This tion to expansion and gov/departments/dph/ growth within the City of programs/hcq/medicalFall River led to Klear Vu marijuana. receiving an Economic Development Incentive Program (EDIP) Investment Tax Credit (ITC) in the amount of $60,000. Attorney Kenneth Fiola, Jr., Executive Vice President of the Fall River Office of Economic Development (FROED) was pleased to learn of the ITC award for Klear Vu noting, “Klear Vu has been a great corporate citizen here in the City of Fall River and their recent investment and expansion within the City demonstrates their commitment to our community.” For additional information regarding EDIP, please contact FROED at 508-324-2620. Offices with a View The CWT Professional Building located at 139 South Main Street is the home of the former Cherry & Webb Department Store. The space has since been converted to retail and office space. Current tenants include Drewbi Salon, Café Arpeggio, UMass Dartmouth, and McDonald Law Offices among others. Conveniently located across from the new courthouse this space offers convenience and value. Now available: Two water view offices consisting of 2,250 sq. ft and 3,700 sq ft. A convenient downtown location and beautiful views make this space ideal for professionals looking to expand or relocate. Anyone interested in visiting the available space or learning more about the CWT Professional Building should contact FROED at 508-324-2620. Mission statement of the Fall River Office of Economic Development: Incorporated in 1978 as a 501(c)(4) corporation to promote the prosperity and general welfare of the citizens of Fall River through the stimulation of economic strength and expansion of new and existing business. For more information please visit our website: Page 4