The document provides information on recent economic development initiatives and activities in Fall River, Massachusetts. It discusses the approval of a new Housing Development Incentive Program zone that is expected to spur residential and commercial development through tax incentives. It also provides an update on Massachusetts' medical marijuana program and the process of licensing dispensaries. Additionally, it highlights the expansion of a local manufacturer, Klear Vu Corporation, which received tax credits for investing and adding jobs in Fall River.

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
http://froed.org
Looking for a job?
Visit froed.org then select the “Current Employment Opportunities” tab. Next click
“Job Search” and this
will launch an
interactive job search
database.

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. 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 Boston.com
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
www.msbdc.org/semass
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
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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. 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 dedicawww.mass.gov/eohhs/
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:
www.froed.org
Page 4